Skip to content

Raw data: Inflation in America

Published on 14 Comments on Raw data: Inflation in America

John Lanchester says today that the inflation rate, as measured by the Consumer Price Index, "has for a century described economic reality, shaped political debate and determined the fate of presidents."

Amen to that. I wish we could staple the CPI to the forehead of every adult in America.

14 thoughts on “Raw data: Inflation in America”

    1. KawSunflower

      Sorry for posting this; only looked at Kevin Drum's charts after eyestrain due to reading the Post article & missed the attribution above due to spotty vision following a workplace injury & reluctance to consider a 5th surgery as not likely a solution.

    2. Citizen99

      Stop lying (I mean, telling the truth)!! We all know that the POLLS say that inflation is SKYROCKETING because some lady on TV says she is "struggling to make ends meet." Facts don't matter; POLLS matter.

  3. rick_jones

    The Consumer Price Index. And then with no irony, Kevin posts three variations. Which would be stapled to everyone’s forehead?

    1. jeffreycmcmahon

      Is this a serious question? You do understand that an index can consist of multiple components, right?

      This is a good example of why Mr. Drum's suggestion wouldn't work, because people lack the mathematical and economic knowledge to be able to understand it.

      1. rick_jones

        That’s indeed why I posted the comment. Because “the” CPI isn’t one thing, but many. And there isn’t that much space on John and Joan Q Pibluc’s forehead.

  4. jeffreycmcmahon

    Anyway, the linked article is several thousand words written in middle-school English basically saying "let experts be experts, you idiots."

  5. mertensiana

    Nah. Prices haven't gone back down so inflation is still high according to popular wisdom.

    I still remember the beginning of the long-ago disinflation era in the early 80s,when one reporter asked people about how the newly reduced inflation was affecting them. The response was that inflation was still high because prices were still high.

    Grind your teeth all you want about this, and join the club.

    1. jte21

      Yep, most people equate inflation with "price levels". They have no concept of the fact that prices are increasing at a *slower rate* than a year or two ago. All they remember a Big Mac cost $4.00 when Trump was in office and now it's $6.00 so Biden is history's greatest monster.

      Economic illiteracy will be the end of us all, but whadya gonna do?

      1. lawnorder

        I think it must be younger people who equate inflation with price levels. Those of us who remember buying a chocolate bar for a dime are well aware that prices ratchet; they go up but they don't go down. There have been periods of high inflation when the aforementioned chocolate bar would go from fifty cents to fifty-five cents in one year, and periods of low inflation when the chocolate bar's price would be stable for two or three years before rising from a dollar to a dollar and five cents. There have been exactly no periods when the price of the chocolate bar dropped.

        Of course, if we're being honest old timers we also remember that when the chocolate bar was ten cents the minimum wage was $1.25/hr. and a really well paid tradesman made $5.00/hr.

      2. OldFlyer

        Scary poll question?

        “To get back low prices, we’d have to put 15 million out of work. Assuming you kept your job, are you okay with that? "

Comments are closed.