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07-24-2014, 08:21 AM
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Admin
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Join Date: Dec 2011
Location: Behind the Orange Curtain in California
Posts: 37,207
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Inflation Truthers
http://www.latimes.com/business/hilt...23-column.html
Catchy name for easily debunked frightwing meme.
"The invaluable Barry Ritholtz labels them cranks, which seems pretty fair, even charitable. But even James Pethokoukis of the American Enterprise Institute is unnerved by the degree that "conspiracy theories that government is manipulating the data to hide skyrocketing prices" have moved into the mainstream of rightist thought.
Pethokoukis points his finger at Amity Shlaes of National Review, whose effort to revive the economic reputations of Calvin Coolidge and Herbert Hoover now encompasses two volumes. Earlier this month, Shlaes yoked some casual personal observations to the work of a discredited inflation truther to suggest that "inflation is higher than what the official data suggest."
And so a meme is born." LATimes
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07-24-2014, 09:33 AM
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Senior Member
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Join Date: Mar 2014
Location: NE Bamastan
Posts: 11,057
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It's from the American Boobyprize Institute, so about what one could expect from a wingnut activist stink tank group.
Sent from my SM-N900V using Tapatalk
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I'll believe corporations are people when Texas executes one.
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07-24-2014, 09:33 AM
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Area Man
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Join Date: Oct 2009
Location: The Swamp
Posts: 27,407
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The use of the word "skyrocketing" should be a red flag. We were told a month ago that gas prices were set to "skyrocket". Around here, the price of gas rose by a few cents, then went back down.
There is inflation, who among us hasn't noticed that? But "skyrocketing" is hardly the accurate descriptive term.
Dave
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"When the lie is so big and the fog so thick, the Republican trick can play out again....."-------Frank Zappa
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07-24-2014, 09:38 AM
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Area Man
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Join Date: Oct 2009
Location: The Swamp
Posts: 27,407
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Quote:
Originally Posted by bobabode
http://www.latimes.com/business/hilt...23-column.html
Catchy name for easily debunked frightwing meme.
"The invaluable Barry Ritholtz labels them cranks, which seems pretty fair, even charitable. But even James Pethokoukis of the American Enterprise Institute is unnerved by the degree that "conspiracy theories that government is manipulating the data to hide skyrocketing prices" have moved into the mainstream of rightist thought.
Pethokoukis points his finger at Amity Shlaes of National Review, whose effort to revive the economic reputations of Calvin Coolidge and Herbert Hoover now encompasses two volumes. Earlier this month, Shlaes yoked some casual personal observations to the work of a discredited inflation truther to suggest that "inflation is higher than what the official data suggest."
And so a meme is born." LATimes
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Yes, and the "real" unemployment is at 68% and 48% of Americans polled admitted to having resorted to cannibalism since Obama took office and.....................
Whatever.
Dave
__________________
"When the lie is so big and the fog so thick, the Republican trick can play out again....."-------Frank Zappa
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07-24-2014, 09:40 AM
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Reformed Know-Nothing
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Join Date: Oct 2009
Location: MoCo, MD
Posts: 25,894
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And the same GOP advocates for using a dynamic approach to calculating the CPI (which would reduce it and thereby reduce annual adjustments to entitlement programs). Can't have it both ways, methinks.
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As long as the roots are not severed, all will be well in the garden.
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07-24-2014, 09:55 AM
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Senior Member
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Join Date: Oct 2011
Location: San Diego via Vermilion Ohio and Points Between
Posts: 11,536
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Sort of like 4-2-7 not believing any sort of govermental economic indicator.
Yesterday gas was $3.81 a gallon here...a bit lower than last week but if we had real inflation gas would be around 5-6 dollars by now. Notice how with all the international crises going on that gas has actually fallen?
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Never was there a time when I did not exist, nor you, nor in the future shall any of us cease to be.
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07-24-2014, 09:59 AM
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Senior Member
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Join Date: Mar 2014
Location: NE Bamastan
Posts: 11,057
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Quote:
Originally Posted by BlueStreak
Yes, and the "real" unemployment is at 68% and 48% of Americans polled admitted to having resorted to cannibalism since Obama took office and.....................
Whatever.
Dave
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Alex Jones or Glen Beck?
Sent from my SM-N900V using Tapatalk
__________________
I'll believe corporations are people when Texas executes one.
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07-24-2014, 10:02 AM
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Reformed Know-Nothing
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Join Date: Oct 2009
Location: MoCo, MD
Posts: 25,894
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Quote:
Originally Posted by icenine
Sort of like 4-2-7 not believing any sort of govermental economic indicator.
Yesterday gas was $3.81 a gallon here...a bit lower than last week but if we had real inflation gas would be around 5-6 dollars by now. Notice how with all the international crises going on that gas has actually fallen?
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The CPI is decidedly tough to calculate. For example, there are a number of things that continue to get much better while getting cheaper (TV's, computers) and others that don't. Moreover, consumers tend to avoid things that go up disproportionately in price and substitute cheaper items (i.e., if steak goes up 50% in price while chicken goes down 20% at a given point in time, consumers eat more chicken (and actually save money in the process)). This is the basis of such dynamic scoring. Beyond all of this, my "market basket of goods" is likely quite different than yours and the one used to calculate the CPI.
Needless to say, 'Baggers are way too dense to understand this (or anything else that requires nuanced thinking).
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As long as the roots are not severed, all will be well in the garden.
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07-24-2014, 10:07 AM
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Ready
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Join Date: Oct 2013
Posts: 19,145
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Innovation-driven cost reduction is a separate phenomena from monetary inflation/deflation, and needs to be scrubbed out of the methodology for measuring it.
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07-24-2014, 10:13 AM
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Reformed Know-Nothing
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Join Date: Oct 2009
Location: MoCo, MD
Posts: 25,894
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Quote:
Originally Posted by donquixote99
Innovation-driven cost reduction is a separate phenomena from monetary inflation/deflation, and needs to be scrubbed out of the methodology for measuring it.
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Perhaps, but innovation does, in many instances, reduce the cost of living. How about substitution theory?
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