Political and economic commentator Kevin Phillips writes about "Washington's Great 'No Inflation' Hoax" in the Huffington Post (May 8, 2008). According to Phillips, the CPI (Consumer Price Index) has been distorted to underestimate and misrepresent inflation -- disguising weak (at best) U.S. economic growth and shortchanging individuals who depend on cost-of-living increases. And the "three big gainers from understatement of U.S. inflation: the federal government, wage-paying businesses and the institutions and markets of the swollen U.S. financial sector." Phillips estimates inflation at 6-9 percent versus the official government rate of 2-3 percent.
See also an earlier, related article "The Destructive Rise of Big Finance" (Huffington Post, March 31, 2008).
.... sobering ....
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