Posted on Feb 15, 2023
Bidenflation Rises To 13.7%, Hurting Americans
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Here's the nub that economists and the media overlook when discussing inflation: even though year-over-year inflation is decreasing, consumers are still intensely feeling the pinch.
Why? Prices have risen by nearly 14% in the past two years, a relatively short period, while earnings have not kept pace. Consumers are still adjusting to the new reality, and measuring inflation year-over-year fails to capture consumers’ pain.
Meanwhile, President Biden is in another world. He said he took no responsibility for the ongoing inflation in the country when he highlighted the strong January jobs report early this month.
Why? Prices have risen by nearly 14% in the past two years, a relatively short period, while earnings have not kept pace. Consumers are still adjusting to the new reality, and measuring inflation year-over-year fails to capture consumers’ pain.
Meanwhile, President Biden is in another world. He said he took no responsibility for the ongoing inflation in the country when he highlighted the strong January jobs report early this month.
Bidenflation Rises To 13.7%, Hurting Americans
Posted from tippinsights.com
Joe Biden
Economy
Food/Chow
Energy
Money
Edited 2 mo ago
Posted 1 y ago
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There are some great charts in this article. I particularly like the BLS versus TIPP charts
TIPP CPI vs. BLS CPI
The following four charts present details about the new metric.
The official year-over-year CPI increase reported by BLS is 6.4% for January 2023. Compare this to the TIPP CPI of 13.7%, a 7.3-point difference. Prices have increased by 13.7% since President Biden took office.
Food prices increased by 17.6% under President Biden's watch compared to only 10.1% as per BLS CPI, a difference of 7.5 points.
Energy prices increased 32.8% per TIPP CPI compared to 8.7% according to BLS CPI, a difference of 24.1 points.
The Core CPI is the price increase for all items, excluding food and energy. The Core TIPP CPI was 11.6% compared to 5.6% BLS CPI in the year-over-year measure, a 6.0-point difference.
Further, gasoline prices have increased by 33.0% since President Biden took office. However, the BLS CPI shows that gasoline price has risen by 1.50%, a difference of 31.5 points.
Used car prices have risen by 23.7% during President Biden's term. The BLS CPI shows that the prices have dropped by 11.6%, a difference of 35.3 points.
Inflation for air tickets under President Biden is 34.2% compared to the BLS CPI finding of 25.6%.
TIPP CPI vs. BLS CPI
The following four charts present details about the new metric.
The official year-over-year CPI increase reported by BLS is 6.4% for January 2023. Compare this to the TIPP CPI of 13.7%, a 7.3-point difference. Prices have increased by 13.7% since President Biden took office.
Food prices increased by 17.6% under President Biden's watch compared to only 10.1% as per BLS CPI, a difference of 7.5 points.
Energy prices increased 32.8% per TIPP CPI compared to 8.7% according to BLS CPI, a difference of 24.1 points.
The Core CPI is the price increase for all items, excluding food and energy. The Core TIPP CPI was 11.6% compared to 5.6% BLS CPI in the year-over-year measure, a 6.0-point difference.
Further, gasoline prices have increased by 33.0% since President Biden took office. However, the BLS CPI shows that gasoline price has risen by 1.50%, a difference of 31.5 points.
Used car prices have risen by 23.7% during President Biden's term. The BLS CPI shows that the prices have dropped by 11.6%, a difference of 35.3 points.
Inflation for air tickets under President Biden is 34.2% compared to the BLS CPI finding of 25.6%.
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