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Letter: Real versus reported inflation

Editor, Gazette-Journal:

I wrote to you not too long ago about the Obama Administration and the total ineptness and chicanery going on. I have another sore spot. That would be real inflation vs. reported inflation.

The government and the Federal Reserve and most economists think that 2 to 3 percent inflation is a good thing. I remember 12-15 percent inflation; so maybe 2 percent is good—relatively speaking.

However, with all due respect to the pro-inflation crowd, I can’t understand why core inflation numbers are reported without food and fuel included. Right! Who needs food and fuel?

And with all due respect to the economists, I maintain that there is only one real rule of economics. That would be the rule of supply and demand. There is no question that we are increasing the amount of U.S. dollars in the global economy at a staggering rate. Who, besides me, remembers buying a new car for $3,000 instead of $30,000? The U.S. dollar is the world’s reserve currency. ...

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