by Benjamin Shepherd, Testosterone Pit.com:
One of the reasons we launched Inflation Survival Letter and Survival of the Fittest is our belief that the real level of inflation in the US economy is radically understated. It’s not a case of the government not knowing inflation exists; rather, it’s a case of willful ignorance.
The government has a number of incentives to misstate the true level of inflation in the economy, and the recent budget battle between President Obama and Congress is an excellent example of that.
Conservatives have long argued that overly generous entitlement programs – including Social Security – will ultimately bankrupt America. As part of the grand bargain that the White House and congressional Republicans were working towards to move past last year’s budget impasses, President Obama agreed to use an inflation calculation method called the chained consumer price index (CPI) to set annual cost of living increases for Social Security recipients in his 2015 budget proposal.
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