As Americans labor under the burden of inflation, the Biden administration keeps telling us the economy is just fine. White House press secretary Karine Jean-Pierre recently said we are “transitioning” to “steady and stable growth.” As a result, she claims the American people are in a place where they can “take on inflation.”
Americans aren’t buying it. In fact, they’re buying less of everything as rising prices squeeze their wallets. Consumer confidence has plunged to historically low levels. But as bad as things are, the worst could still be yet to come because the proposed solutions are worse than the problem.
In the first place, it’s important to understand that the impacts of inflation are far worse than the official numbers indicate. The government uses a cooked CPI formula that understates rising prices. Back in 1998, the government significantly revised the CPI metrics. Even the Bureau of Labor Statistics (BLS) admitted the changes were “sweeping.” Measured