Quotes From: thefederalist.com
Bob Barney:
Former Treasury Secretary and longtime Democrat Larry Summers recently co-authored an important paper analyzing long-term inflation trends and statistics. The paper demonstrates that changes to the way the federal government measures inflation via the Consumer Price Index since the Carter era understate the current scope of the problem – and the challenge the Federal Reserve faces in getting inflation under control today.
Anyone old enough to remember the 1970's inflation realizes that inflation today is at least two to three times worse than under Jimmy Carter. And the answer to this discrpency is once again your government.
Two changes to the inflation measure—one a one-time methodological change, and the other a long-running trend—explain much of the apparent difference in CPI rates between the late 1970s and today. The first comes from a 1983 move by the Bureau of Labor Statistics to remove homeownership costs from the CPI measurement and replace them with a metric called owners’ equivalent rent.
For instance, in the early 1950s, food and clothing comprised roughly half of the total Consumer Price Index, as opposed to approximately 17 percent today. The shift means that more elements of the CPI come from “sticky” industries and sectors—ones less amenable to sudden price shifts. While a grocery store or clothing retailer changes its prices quite often, for instance, manufacturers of computers or other durable goods alter their prices less frequently. The fact that the latter types of sectors dominate the CPI compared to prior decades suggests that wringing inflation out of the economy will not happen overnight, nor very easily.
Summers famously predicted last February that inflation would accelerate if Democrats rammed through their $1.9 trillion “stimulus” legislation. Sure enough, it did. His newest analysis therefore bears watching, as does one ominous conclusion: that bringing inflation down to the Fed’s desired 2 percent level “will…require nearly the same amount of disinflation as achieved under [Federal Reserve] Chairman [Paul] Volcker.”
The Plain Truth is America is in trouble. <ost American's don't even realize that our demise was predicted in the Bible. Most have no idea exactly who Canada, Britain, France, and America is identified in the Bible. If they did, they would be worried.
Believe it or not, the Bible is as current and relevant today as the day when it was first written. The fact is that it is even more relevant today because much of what was predicted by the prophets was meant for today and beyond and not for the time these men were living! The hard-to-pronounce nations mentioned in the pages of prophecy written so ,long ago still exist, and you can prove it to yourself! God has given us tools to understand His predictions for our world and has had uncanny accuracy that nobody could ever duplicate without divine influence. God has rightly predicted:
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