Reply to May CPI 8.6%

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[quote=Anonymous][quote=Anonymous]I just honestly don't think the old rules apply here with what we have been through in the last year and a half. Pandemic and now war are the reasons for so much of this trouble.

What exactly would the Republicans do? Tax cuts again? Yeah, those have worked out so well for everyone *MASSIVE EYEROLL*[/quote]

Agree that the old rules don’t fit the pandemic effects on the economy but the official economic statistics are adjusted for the pre-pandemic economy. We’ve seen that with the BLS labor data using their seasonal adjustments from pre-pandemic patterns  and then having to make big adjustments. They finally modified their adjustments but with mostly guesswork.

For CPI and all the other stats adjusted to CPI, the average basket of goods and services built into it is based on pre-pandemic consumption patterns. Yes, gas prices are up but how many people drive as much now as they did in 2019? I sure don’t. I work from home 3 or 4 days a week now vs. 0 days 3 years ago. For commuting, I filled up twice a month 3 years ago but only once a month now, so even with higher prices, I spend less money on gas now. I also spend less on lunch, business attire, auto maintenance, etc., related to commuting, so inflation really hasn’t affected me. But the economic stats assume I’m still buying as much of everything as I bought in 2019. [/quote]

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