Reply to May CPI 8.6%

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Classic Stagflation is in place yet many on this board ignored and chastised anyone who brought this up last fall.  This is worse than 1979 and I anticipate double digit numbers by the end of the summer.[/quote]

It’s not stagflation. You don’t know what stagflation is. [/quote]

My Masters in Economics from Stanford says otherwise.[/quote]

We don’t have a stagnant economy, so no stag, just inflation. Unemployment is very low. Economic expansion continues. Just high energy prices. [/quote]

Expansion? You seen the last 2 quarters of GDP????[/quote]

Continued job growth, income growth, nominal GDP growth, but offset in real GDP by inflation adjustment. Inflation is a real problem. No one is saying it isn’t. But otherwise the economy is still recovering from the 2020 recession. We are as close to full employment as it gets. [/quote]

You are ignorant. Real earnings are DECREASING under Biden:

https://www.bls.gov/news.release/realer.nr0.htm

Jesus, pay attention to the news please. Real earnings have gone down 3% YoY due to inflation under Biden's watch. Workers are now worse for than a year ago.  Stop conflating income with actual real earnings.  This is terrible news.

[/quote]

I said that inflation cancelled out the nominal GDP growth in Real GDP. Biden didn‘t cause inflation. It’s caused by global economic dysfunctions that have to work themselves out. But if there is global inflation, adding jobs and increasing wages and having healthy nominal GDP growth is better than not adding jobs and not increasing wages and not having nominal GDP growth. Inflation doesn’t hit everyone equally. It’s mostly in energy and cars and their downstream effects so if you don’t use a lot of energy and don’t need to buy a car, the economy is pretty good right now. [/quote]

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