This little exchange about what is calculated in inflation ignores the real issue: inflated consumer and energy prices are driven in large part by price gouging corporations - also known as the Republican sugar daddies.

DiabloWags said:

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dajo9 said:

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In this bout of inflation, the wealthier you are, the worse you are impacted. The poorer you are, the better you have fared. The wealthy scream that inflation hurts the poor the most but that hasn't been true in this inflation episode because of rising wages at the bottom. Once again, the wealthy are looking out for themselves.

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dajo said:

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The damage being done by inflation has been overstated by the elites, the financial community, and corporate news from the beginning. The lower your income the better you have done in this inflationary cycle.

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Unfortunately, you've repeatedly made the above erroneous claims which have no basis in fact.
Your understanding of the impact of inflation and how it is measured is terribly flawed.

It's true that over the last 12 months, the lowest-income workers have seen their median wages increase an average of 6.1%

But much of those gains have been eaten up by inflation, given that Core CPI in February was 5.3%

Every MBA that I know understands that Core CPI excludes volatile items such as FOOD & ENERGY.

As a result, the middle and lower classes (many of whom commute long distances, are highly captive to fuel costs, and dont have the luxury of working from home) are NOT doing better in this inflationary cycle, as you have repeatedly claimed. Add back surging food prices, and it's pretty obvious that the poorer classes are not doing "better".

The data in this regard is overwhelming.

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Core CPI isn't the standard inflation metric. The standard is CPI and everything else has a modifier (like "Core"). The data I'm showing uses the standard inflation metric of CPI and it shows that wages at the bottom have risen more than inflation.

dajp9 said:

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Honestly, you have been deflecting since I called you out on your lie about what is included in inflation. No data. No relevant facts. I think I may have overestimated you and I should lump you in with movielover.

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I asked you to provide YOUR calculation for everyone to see.
Instead of doing so, you continue to deflect and deceive.
You've offered ZERO data.

Shocker.

dajo9 said:

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If you want to be reminded of your call to raise taxes on the middle class - just look here:
https://bearinsider.com/forums/6/topics/113773/replies/2144885

Quote:

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It's pretty obvious that the MIDDLE CLASS will wind up seeing their taxes go up since the tax burden on the bottom 50% is literally zero.

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More twisted "spin".

You conveniently left out the part where I said what happens to the taxes of the Middle Class when wealthier Californians (who pay 63% of the income taxes) MOVE OUT.

You've got to be one of the most "disingenuous" posters on this board.

You cant even demonstrate a basic understanding of inflation and who it hurts the most.
I guess your professors didnt cover that in your MBA program.
Where did you get your MBA from again?

No economist in this world has ever argued that the "poorer classes have done better during inflation"

Keep fantasizing about how the poor have done well with inflation.
Maybe Biden can use that during his 2024 campaign.

Who Suffers More From High Inflation, the Poor or the Rich? - Bloomberg

DiabloWags said:

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dajo9 said:

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If you want to be reminded of your call to raise taxes on the middle class - just look here:
https://bearinsider.com/forums/6/topics/113773/replies/2144885

Quote:

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It's pretty obvious that the MIDDLE CLASS will wind up seeing their taxes go up since the tax burden on the bottom 50% is literally zero.

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More twisted "spin".

You conveniently left out the part where I said what happens to the taxes of the Middle Class when wealthier Californians (who pay 63% of the income taxes) MOVE OUT.

You've got to be one of the most "disingenuous" posters on this board.

You cant even demonstrate a basic understanding of inflation and who it hurts the most.
I guess your professors didnt cover that in your MBA program.
Where did you get your MBA from again?

No economist in this world has ever argued that the "poorer classes have done better during inflation"

Keep fantasizing about how the poor have done well with inflation.
Maybe Biden can use that during his 2024 campaign.

Who Suffers More From High Inflation, the Poor or the Rich? - Bloomberg

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I gave you analysis from the National Bureau of Economic Research but you chose to ignore it in favor of an opinion piece from 2021 before we had any data from this round of inflation.

The one thing I forgot is that I said I would put you on ignore after March 22nd because you don't argue in good faith and you make up things about the people you are debating with. Consider it done.

In other Inflation News, Porsche announces (base) price increases for 2024 models
+8% for a GT3

The MSRP has gone up +$21,800 in literally one year (+13.5%)

$161,100 Model Yr 2022
$169,700 Model Yr 2023
$182,900 Model Yr 2024

Feel so blessed.

DiabloWags said:

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In other Inflation News, Porsche announces (base) price increases for 2024 models
+8% for a GT3

The MSRP has gone up +$21,800 in literally one year (+13.5%)

$161,100 Model Yr 2022
$169,700 Model Yr 2023
$182,900 Model Yr 2024

Feel so blessed.

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Devastating news for the minimum wage and middle class car buyers. How are the prices on yachts lately?

Eastern Oregon Bear said:

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Devastating news for the minimum wage and middle class car buyers. How are the prices on yachts lately?

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You'll have to ask Dajo.
He's in the Top 5%.

I dont even own a jet ski let alone a canoe.

For those at the bottom things went from being able to buy a running car with needing some work for 1000-1500 to 2500-3000 needing some work.

I see people financing 07 ford explorers for 650 a month payment to having it repoed 4 months later because the water pump failed . A cold vicious cycle

going4roses said:

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For those at the bottom things went from being able to buy a running car with needing some work for 1000-1500 to 2500-3000 needing some work.

I see people financing 07 ford explorers for 650 a month payment to having it repoed 4 months later because the water pump failed . A cold vicious cycle

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You can lease a brand new 2023 Explorer XLT for $478 a month for 39 months with $4500 due at signing.

2023 Ford Explorer SUV | Pricing, Leasing & Incentives

DiabloWags said:

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going4roses said:

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For those at the bottom things went from being able to buy a running car with needing some work for 1000-1500 to 2500-3000 needing some work.

I see people financing 07 ford explorers for 650 a month payment to having it repoed 4 months later because the water pump failed . A cold vicious cycle

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You can lease a brand new 2023 Explorer XLT for $478 a month for 39 months with $4500 due at signing.

2023 Ford Explorer SUV | Pricing, Leasing & Incentives

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Well, some people can.

And $4500 due at signing? if they had $4500 they'd just go buy a car.

dimitrig said:

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DiabloWags said:

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going4roses said:

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For those at the bottom things went from being able to buy a running car with needing some work for 1000-1500 to 2500-3000 needing some work.

I see people financing 07 ford explorers for 650 a month payment to having it repoed 4 months later because the water pump failed . A cold vicious cycle

---

You can lease a brand new 2023 Explorer XLT for $478 a month for 39 months with $4500 due at signing.

2023 Ford Explorer SUV | Pricing, Leasing & Incentives

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Well, some people can.

And $4500 due at signing? if they had $4500 they'd just go buy a car.

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How many cars are in decent running condition for $4500 these days?

Thank you … for all his knowledge in one area it apparently does not apply to common sense

You're funny.

I cant imagine that you and Rand Paul would ever have anything in common.

But I guess there is TikTok.

AunBear89 said:

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This little exchange about what is calculated in inflation ignores the real issue: inflated consumer and energy prices are driven in large part by price gouging corporations - also known as the Republican sugar daddies.

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Huh? You ignore reality as to what has caused our record inflation:

1. $4-6 Trillion in adding Gov't (Biden) spending, on top of added Trump pandemic spending.
2. Biden Green New Deal policies, leading to hugd energy inflation.
3.Big energy inflation led to record food inflation: transpo costs, and dramatic increases in related items like nitrogen
4. Lockdown backlash
5. Too many dollars chasing too few goods.

Conversely, why weren't these corporate gluttons jacking prices through the roof under President
Trump?

Did I.miss any huge issues?

You have missed so much that it is hard to figure out how to start. Begin by seeking information from outside your Right Wing bubble. Talking points are not ideas or facts.

It is both true that inflation was caused by excessive Trump and Biden Covid spending AND corporations taking advantage to reap huge profits

It's so good to know that the poor are doing "better" with Inflation.
I guess the poor dont own any pets.
Who knew?

$7.99 a year and a half ago.

Fertilizer prices approximately doubled between the summer of 2020 and the end of 2021. Prices have doubled twice in a few years.

UC Davis: "Both supply- and demand-side factors contributed.

"On the supply side, U.S. natural gas prices doubled between the summer of 2020 and the end of 2021, which significantly raised the cost of nitrogen production. Energy is also a component of phosphate and potash mining costs, but it is much less important in the production of these products than for nitrogen.

https://asmith.ucdavis.edu/news/story-rising-fertilizer-prices

Farm Doc Daily: "Overall, July 2022 prices are much higher than year-earlier levels (see Figure 1). Anhydrous ammonia prices have increased from $726 per ton on July 15, 2021, to $1,469 per ton on July 14, 2022, an increase of $743 per ton." Jul 19, 2022

Shhhhhh,,,, .
These price increases are "better" for the lower classes!

https://www.bloomberg.com/news/articles/2022-01-20/what-is-inflation-s-impact-americans-paying-more-for-groceries-gas-homes?accessToken=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJzb3VyY2UiOiJTdWJzY3JpYmVyR2lmdGVkQXJ0aWNsZSIsImlhdCI6MTY4MDE5NTQxNSwiZXhwIjoxNjgwODAwMjE1LCJhcnRpY2xlSWQiOiJSNjBTV1REV1JHRzMwMSIsImJjb25uZWN0SWQiOiI0QTE0NjgyRTVEQjI0RDgyOEVGOTIxMzA1M0U4NzhDMiJ9.nj2QndPlXHAvNKZroJ0e1yDUWMd1obnqL640WzkADqU

You would think that an MBA program would highlight inflation inequality

But I guess the school that Dajo attended for his MBA never covered it.





In times of economic uncertainty and recession, most households tend to hold back on buying luxury goods. But by and large, people can't cut down on necessities such as groceries and heating although wealthier consumers are better placed to stock up on these necessities when prices are cheap.

This shift of spending away from luxury items like vacations and new cars, and toward necessities, pushes inflation up for poorer families more than richer ones. This is because lower-income households dedicate a higher percentage of their income on necessities.

My data shows that this inflation gap tends to be widest in times of recession or in the early stages of economic recovery. In the aftermath of the Great Recession of 2008-2009, the gap in inflation rates between the lowest and highest income groups was close to 1 percentage point higher than it is now

Inflation inequality: Poorest Americans are hit hardest by soaring prices on necessities (theconversation.com)

Damn.... who knew?
I thought that the poor were doing "better" with inflation.

Apparently, the POOR dont own any dogs or cats.
That's why they are doing so much BETTER WITH INFLATION.

Who knew?

Validating the title of this thread, it could be worse, as seen below with inflation levels in France:

🔴🇨🇵RÉCAP - #Inflation sur 1 an :
- Viandes surgelées : +31,6%
- Mouchoirs en papier : +30,4%
- Moutarde : +27,3%
- Papier toilette : +27,4%
- Sucre : +26,7%
- Lait : + 24,7%
- Chips : +24,7%
- Huiles : + 24%
- Beurre : +24%
- Crème : + 23,8%
- ...
(Le Parisien - étude Circana)

— Brèves de presse (@Brevesdepresse) March 30, 2023

year over year price changes:
Frozen meats - Viandes surgeles : +31,6%
Tissues - Mouchoirs en papier : +30,4%
Mustard - Moutarde : +27,3%
Toilet paper - Papier toilette : +27,4%
Sugar - Sucre : +26,7%
Milk - Lait : + 24,7%
- Chips : +24,7%
Veg. oil - Huiles : + 24%
Butter - Beurre : +24%
Cream- Creme : + 23,8%

Food inflation there is driven by reckless money printing, in addition to skyrocketing energy costs. The picture is the same across Europe.

Cal88 said:

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Validating the title of this thread, it could be worse, as seen below with inflation levels in France:

🔴🇨🇵RÉCAP - #Inflation sur 1 an :
- Viandes surgelées : +31,6%
- Mouchoirs en papier : +30,4%
- Moutarde : +27,3%
- Papier toilette : +27,4%
- Sucre : +26,7%
- Lait : + 24,7%
- Chips : +24,7%
- Huiles : + 24%
- Beurre : +24%
- Crème : + 23,8%
- ...
(Le Parisien - étude Circana)

— Brèves de presse (@Brevesdepresse) March 30, 2023

year over year price changes:
Frozen meats - Viandes surgeles : +31,6%
Tissues - Mouchoirs en papier : +30,4%
Mustard - Moutarde : +27,3%
Toilet paper - Papier toilette : +27,4%
Sugar - Sucre : +26,7%
Milk - Lait : + 24,7%
- Chips : +24,7%
Veg. oil - Huiles : + 24%
Butter - Beurre : +24%
Cream- Creme : + 23,8%

Food inflation there is driven by reckless money printing, in addition to skyrocketing energy costs. The picture is the same across Europe.

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Lets be honest...its really about the price increase of Le Baguette...Hon hon hon.

Well one of the bakeries near my parents' old place that we used to go to and has been around for over 50 years has recently gone out of business. Blowing up pipelines has its consequences...

Also, the official inflation rate in France is 6.3%. Nobody buys that.

It gets better. OPEC has announced it will cut oil production, estimates are a barrel of oil will go up $10. More energy and food inflation. Build Back Btter. s/

P.S. Was it Saudia Arabia last week, or France, that sold oil using the yuan? Not good for the petro dollar. Could be significant.

(OPEC cuts oil production 500,000 barrels per day.)

BBC - Oil prices surge after surprise move to cut output

"The price of Brent Crude oil jumped by more than $5 a barrel, or 7%, to above $85 as trading began."

https://www.bbc.com/news/business-65157555

movielover said:

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(OPEC cuts oil production 500,000 barrels per day.)

BBC - Oil prices surge after surprise move to cut output

"The price of Brent Crude oil jumped by more than $5 a barrel, or 7%, to above $85 as trading began."

https://www.bbc.com/news/business-65157555

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30% lower than it's peak in 2022

INFLATION REDUC......JUST KIDDING

JUST IN: 🇺🇸 FED official says Federal Reserve will need to raise interest rates above 5% and hold them there for a while.

— Watcher.Guru (@WatcherGuru) April 4, 2023

That will chill housing a bit more.