Bankruptcy

True Numbers on Inflation and Jobs

By J. Michael McBride

As previously noted, the government provided figures on inflation show that it is not an issue and running at a low rate. However, those who compile these statistics changed what items are included in the “core” inflation figures, thus making the picture look much more positive than is reality. Here is an article which provides economic figures prepared by the Center for American Progress:

“People are paying more for basics. Transportation cost 11.4% more in June 2008 than a year earlier, college tuition was up by 6.4%, fuel and utilities by 12.3%, medical care by 4.0%, and food by 6.1%. Since March 2001, food prices have risen by 24.2%, fuels and utilities by 48.1%, medical care by 35.0%, transportation by 33.5%, and college tuition by 66.9%.”

Additionally, this article/report also provides much information on job losses [“Job losses mount. The United States lost a total of 463,000 jobs in the first seven months of 2008, including 51,000 jobs in July 2008. For the past 12 months, the United States lost on average 5,600 jobs each month after gaining an average of 125,800 in the 12 months before that and 185,800 in the 12 months before then.”] and related economic information.

Here is a link to the full article:
http://www.americanprogress.org/issues/2008/08/econ_snapshot.html

Michael

Full post as published by Texas Lawyer Blog on October 31, 2008 (boomark / email).