...we have no inflation today.
We're paying a helluva lot more for everything. And every time we go to the store, we get sticker shock because the price of everything has gone up some more. But as if by magic, there is no inflation.
And if you believe that, I've got a great deal for you on some property investments in Brooklyn and south-central Florida.
If you're a tad skeptical, check out the link, to find out how the Bureau of Labor Statistics managed to turn April's 5.6% rise in the price of gasoline into a 2% decline.
You'll also find out that all those prices haven't really been soaring, because "inflation-adjusted wages for nonsupervisory workers fell by 1 percent in April compared to a year ago, the seventh consecutive [monthly] decline."
This AP Economics writer also makes a few good jokes along the way, albeit unintentionally. Take this, for example:
"A severe bout of energy-driven inflation in the 1970s did lead to a wage-price spiral as workers began demanding more pay to keep up with soaring prices. That's not expected this time thanks to the inflation-fighting credibility gained by the Federal Reserve."
Or how about this one:
"Forecasters believe crude oil prices, which briefly touched a new record this week close to $127 per barrel, will eventually start coming down....to around $100 per barrel by the end of this year."
Woohoo! Oil at only $100 a barrel! (...In some alternate universe.) Guess that means, by December, we'll all be singing, "Happy days are here again!"
Or maybe all these really-really-smart economists just think the rest of us are a bunch of drooling idiots.