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Point being why use anything other than U-6? News reporters take U3 Because it's "official".
Because people who know what they are doing A. understand and use the resolution provided by U-1 through U-6 B. pay very little attention to reporters in this context.
Here's what's scary- we still haven't fully caught up to Obama era inflation, let alone Trump inflation, and by the time we see Biden's inflation, the USD will probably be confetti!
Last edited by Taggerung; 05-29-2021 at 07:41 PM..
If anyone is expecting the Federal Reserve to combat inflation, don't hold your breath. Not only will they won't, but they can't. Inflation is the only thing this economy has got going for it- without constant inflation, the financial system would quickly spiral into a deflationary collapse- a debt based fiat monetary system cannot function in a deflationary environment, that is why the 1930s was the last time we had a proper deflation. We had sound money back then, if you had a dollar in 1930, it was made of silver. A deflation was tolerable (although painful) back then. A deflation now works be nothing less than excruciating, although it needs to happen. Degenerate, banana republic monetary tactics such as QE, debt monetization, bailouts, "stimulus," etc might be easier politically, but they will cause far more distortion and pain in the long run.
As a retired federal employee I'm looking forward to my COLA this year. It's already at 3.1% and rising. Who knows how big it may grow to by October. We got a 9.1 % raise one year when Jimmy Carter was President.
Who knows how big it may grow to by October. We got a 9.1 % raise one year when Jimmy Carter was President.
I wasn't alive yet but couldn't you get like a 10% one year CD in those days? 12% APR mortgage was a bargain?
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