Kevin Phillips says we are paying for decades of bi-partisan deceit about inflationBreaking News
It is Phillips contention that the under-measurement of inflation has put the country at great risk. To acknowledge the reality would send interest rates sharply higher. This would directly affect the continued viability of the massive build-up of debt, both public and private, that has fueled the economy over the last two decades. In addition, if the true state of inflation were acknowledged, the government would face huge increases in pension, retirement benefits and borrowing costs, overwhelming an already debt-burdened federal budget. Ultimately of course, the market will acknowledge the truth about inflation and interest rates will climb anyway. If government statistics remain distorted, institutional trust and credibility will be just two more victims of inflation.
comments powered by Disqus
Thomas R. Cox - 7/16/2008
Since American policymakers have insisted on having both guns and butter, whether we can afford them or not, of course we have inflation--and since admitting the scope of it would undermine the appeal of such an approach, of course it is under reported. It is time to wake up and realize that we don't need to expend some 44 percent of the world's military budgets while out infrastructure, central cities, and educational systems crumble.
Rick Robins - 7/11/2008
Phillips is only stating what is obvious. The CPI is up 3% since the beginning of the year. No one who is paying the bills believes that.
Not only are inflation statistics bogus, one has to assume pretty much every statistic published by the US Government is misleading given the evidence piled up observing this current administration. Perhaps the most egregious is unemployment. Once someone is no longer receiving unemployment compensation, from what I can tell they are no longer counted as unemployed.
Much of the blame lies with a media that no longer values the truth or pursues it.
The ultimate cost is, as Phillips suggests, that the decisions made by individuals, the public and private sector are inherently flawed and we will all pay the price.
- Now it’s the University of Louisville’s turn to remove a Confederate statue
- A fortress built by Alexander the Great after he conquered Jerusalem has been discovered
- Yale students protest decision to keep Calhoun’s name
- Six maps that will make you rethink the world
- Middle Tenn. State President Wants to Strip Confederate General’s Name From Building
- The historian and cartographer Bill Rankin has developed a new way to visualize slavery
- Paula S. Fass says young Americans need required national service
- Historians are now trying to show that the gay revolution also took place in the midwest
- The Unconference Movement Grows – And Historians Are Taking the Lead
- New appeal to "Bring Back Military History"