The chart above should expose, in one glance, the falsehood of the banker “transitory inflation” narrative that they’ve been spouting. For months, we have heard the garbage vomited by people like Princeton economist Paul Krugman, US Central Bank Chairman Jerome Powell, US Treasury Secretary Janet Yellen and countless other members of the oligarchy that massively higher inflation rates this year is “abnormal” and “transitory” and that transitory inflation will recede back to the norm, which is not the garbage “official” annual rates of 2.0% or less that Central Bankers around the world for years but many multiples of this “official” rate. If we all calculated our individual inflation index every year, I fathom it would be well north of 10% annually for every single one of us for at least the last decade. And then all of us would realize how farcical and disingenuous is the “transitory inflation” discussion.
In any event, we can easily observe in the above chart how median incomes and federal minimum wages have miserably failed to keep up with the real soaring expenses of daily living in America for the past quarter century. In fact, I’m positive that the COLA salary increases given to you every year that are supposed to match annual inflation rates are a complete joke and fall miserably short of actually compensating you for the meteoric rises in recent history for your daily living expenses. For example, in the period of time mapped out above, the cost of rice futures has skyrocketed by 11.5Xs while the Federal minimum wage should be over $24/hour to keep up with this rising food cost but is comically at $7.25/hour. Furthermore in reality, the retail cost of rice has skyrocketed even more than 11.5Xs in price during this time, as I’ve only quoted the increase in rough rice futures prices and this price does not include the greater increases in retail prices for the common consumer during this time period.
Of course, just a few months ago, I published an article about the soaring costs of all important major global food commodities yoy, as well as the soaring costs of inputs to growing major staple crops, like fertilizers, which you can read here. So, the above reality of soaring permanent, not transitory, inflation for decades, as exposed in the above chart, should surprise no one. More than twelve years ago, I published an article about the permanent disingenuous nature of “bank speak”, and if you read that article, you know that if there were subtitles on the screen when bankers speak of “transitory inflation”, the subtitles would read “permanent massive inflation”. And if you wonder why most millemnials can no longer afford to be homeowners today, just look at the nearly tenfold increase in the price of average homes in America over the last 25 years (and even higher increases in major metropolitan regions of the US) compared to the paltry 4X increase in median income over this same time period, and it becomes self-evident why the American dream of home ownership for millennials is a dream being extinguished in a ball of flames right now.
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