Thursday, July 17, 2008

The numbers don't lie. Well, maybe they do.

The Wall Street Journal has published another Op-Ed on the dangers of inflation, a problem that is suddenly on everyone's radar screen once again: I know that the Federal Reserve is claiming that inflation is hovering around 5.0%, but I dismiss that number because it doesn't include food or fuel prices. How can you have an accurate measure of inflation when the books are obviously being cooked? Fuel and food costs are basic necessities--everyone, rich or poor, needs them, so it would seem logical that the true measure of inflation would include those costs. The fact that the government doesn't do so means that the statistics it is providing to us are lies, plain and simple.

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