The Phaserl


Lies, Inflation, and the Minimum Wage

by Jeff Nielson, Bullion Bulls Canada:

Regular readers are familiar with the Great Inflation Lie. Lying about inflation is a device of deceit which governments use to pad numerous economic statistics, since most of these statistics only have relevance/legitimacy if fully “deflated” by the (real) prevailing rate of inflation.

The example with which readers are most familiar is that understating inflation can be used to exaggerate GDP, on a point-for-point basis. Understate the rate of inflation by 5%, and you overstate GDP by an equal 5%. It is thus through this Lie (which is getting larger every year) that the U.S. government has been able to pretend that it’s Greater Depression is actually an “economic recovery”.

However, readers have also previously seen another manifestation of the Great Inflation Lie: to hide the collapse in Western wages, which (in real dollars) have fallen by more than 50% over the past 40 years. The chart illustrates this Lie perfectly.

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