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“Transitory” Inflation

Ben would like us all to believe that price changes are merely transitory.  How about this chart from InflationTrends showing us the amount of gas that the median weekly income could purchase from 1945 until today?

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2 Responses

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  1. Windchaser says

    Hm. Bit of a strawman, I think. I can’t recall Ben B. ever saying that *all* price changes are transitory.

    Of course you can pick a commodity that’s gotten more expensive, but by itself, that’s not inflation. Inflation is the average change in prices.

    I could just as easily put up a chart of Moore’s Law and say “look at the deflation!”. So, yeah, I understand that this is supposed to be just another data point, but it’s a cherry-picked data point.

  2. SurlyTrader says

    The cost of energy is a direct input into most products that we buy and the average american family spends over 8% of their income on gasoline directly:

    Cost of owning a home has gone down, but the cost of renting has not.
    The cost of electronics and computers have gone down, but I hardly feel that is more important than the cost of food which has increased.

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