Silver Report Uncut: Inflation is Already at 1970’s Levels

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Silver Report Uncut
May 24, 2021

Consumer price inflation nowadays is running close to the high inflation readings of the late 1970s. Reported inflation statistics do not show the 1970s inflation-style inflation because they no longer include actual house prices. The old consumer price index included house prices in measuring the owner’s housing cost, whereas the present-day price index base owners’ housing cost on a non-market rent measure. In April, the median price for existing homes increased 20.3% in the past twelve months, a new record and far above the 1970s high-reading of 17.4%. More importantly, the increase in existing house prices is ten times greater than the 2% increase in non-market rents in the consumer price index.

Other tricks were also used to give the illusion of less inflation. In cases where the quality of the product are deemed by the government to be “improved” prices in the CPI, calculations are now adjusted lower to offset the higher quality. Extending this idea the Baskin Commission Report, December 4, 1996, actually used steak and chicken for its substitution example.

A big factor in our “false cost of living” is that the purchasing consumer is not given a choice when paying out-of-pocket the full price for a product declared to have quality improvements they do not want or need. An example of this is the government-mandated use of a gasoline formulation that was to improve auto emissions. It added ten cents per gallon to gasoline costs, but that cost was excluded from CPI calculations even though the person filling his or her gas tank suffered the actual out-of-pocket expense. This is also clearly seen in new phones, computers, and televisions.SHOW LESS

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