Economics 101: Consumer Price Index
Tuesday, March 16th, 2010 at
4:13 pm
11/24/08: A two-minute crash course on the consumer price index with newsweek’s Daniel Gross (Video: Lee Wang, Sarah Frank).
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Tagged with: bail • bailout • consumer • daniel • economics • economy • gross • index • out • price • retail
Filed under: Consumer Price Index (CPI)
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Except they are not measuring the price of the same item any more. They use “hedonic” measurements. It’s dishonest.
Textbook definition: “how the price of goods and services change over time”. And our government re-defined the meaning of “goods and services”. They figure the cost of housing according to what you would supposedly charge if you rented your house back to yourself (mind game). The problem with that is they forget landlords must make money from their property and would charge you more than what their costs are. They take us for fools.
I would call this recent period similar to what the 70′s economy was called “stagflation”
lol. good point.
YOU KNOW NOTHING!
hmm indeed what in the world do u guys know about economics
y the hell u gettin so worked up about it
Perhaps similar in some ways–the economy is in the crapper. But I wouldn’t call it stagflation. “Stagflation” occurs when prices rise (inflation) while production declines. In the 70s, that was caused mainly by the oil shortage. Now, we got the decline in production, but not the increase in inflation.
Mr. Gross is typical of the MSM…..ignoring that the CPI basis was changed in the past 10 years, and the calculations are rigged to give a lower CPI%. look it up on Peter Schiff’s channel. This is why magazines like Newsweek will fail….they think they write for morons. Or they have morons for writers.
The CPI is down by 4% only temporarily, with all the extra printed money in circulation expect the CPI to rise by at least 50%, and don’t listen to this propaganda network
@BeaconSway
This guy is talking about deflation you moron. Even if we assume that the current CPI is undervalued, that aggregated data still shows a fall in prices. All this would mean, assuming Schiff were correct, is that prices had increased more than most people thought, over the last decade. Thus it would now mean that prices are not as low as most economists now believe, although they have still fallen.
You could not conclude from your evidence that prices haven’t fallen.
What he and many miss is the fact that inflation is a reference to monetary inflation. Consumer prices are an indicator of monetary inflation, and a lagging one at that.
But despite the fed rigging the CPI to show that prices rise slower than they really do, prices of many goods and services are actually rising over the past two years. From my experience this includes food and energy (just not oil).
Inflation has already happened, prices will rise more dramatically soon enough.
@anoniab – why do you disable comments on all your video’s and page? Also as to your “global warming” comments … “a change from -19 degrees to -18 degrees … is getting warmer …
clessers-Not enough to make a difference as far as ice melting. It’s hardly “hotter” or noticeable – and it certainly not going to have any impact whatsoever, let alone catastrophic.
Regarding the disabling of comments, I’ve had some pretty foul comments get left on my page/videos that I prefer those who visit not have to put up with (I’m not talking about difference of opinion but the kind of language used.) I have left the option for sending personal messages.