“If We Were Using the same CPI We Used in 1982, the Rate Would Be Closer to 15%…the Worst Year in Inflation in US History”
Tucker Carlson had economist Peter Schiff on his show to discuss the current state of Biden’s economy.
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Tucker leads the conversation by noting that CPI rose by nearly 7% year over year in November, the highest inflation in decades. While that’s bad enough, Schiff responded by noting that CPI probably isn’t even the right measure of inflation, with the true inflation number being far, far higher. In his words:
In fact, one of the ways the Fed has been able to justify creating more inflation is because they claimed we didn’t have enough of it. But the only reason we didn’t have enough of it is because they were relying on their own highly rigged CPI.
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When they compare our inflation rates to the inflation of the 1970s, we’re not using the same CPI that we used then.
If we were using the same CPI we used in 1982, the rate would be closer to 15%, which means it’s the worst year in inflation in US history.
That’s bad news, but it gets worse. As Tucker points out, no one seems to be in trouble for this “crime,” other than the approval hit President Brandon is taking. Schiff responds by noting why:
This is the only way the government can finance all the spending. You have the Democrats now promising all sorts of stuff for nothing. We’re going to get free preschool. Everybody is going to get paid family medical leave. And no one’s going to have to pay for it. Nobody’s taxes are going up. We’re paying for it through inflation because the money to pay for all this government is being printed into existence and then it’s spent into circulation. And as it’s spent into circulation, it’s driving up prices.