2 chapters across the catalog
The Consumer Price Index hits its highest level since 1982, with inflation reaching 7% in December. Toyota announces plans to refurbish used cars with new technology like radar, signaling that the industry does not expect the new car shortage to end soon.
Statistician John Williams of ShadowStats explains how the U.S. government altered the Consumer Price Index (CPI) calculation in the 1980s to lower reported inflation. He details how Alan Greenspan introduced "substitution," assuming that if steak becomes too expensive, consumers will buy chicken, thus maintaining their standard of living. The hosts argue this manipulation allows the government to reduce Social Security cost-of-living adjustments while ignoring the actual rise in expenses.
