The US government just pulled off a staggering deception with housing data, magically erasing 25% of inflation from the past four tumultuous years. This isn’t just data revision; it’s a slap in the face to anyone relying on accurate economic indicators. The CPI, once touted as a gauge of reality, now stands exposed as a farce. According to Wolfstreet, the Census Bureau and HUD, in a pandemic-induced haze, decided to rewrite history, slashing median home prices by a jaw-dropping $36,000 in October 2022 alone. Yet, despite these Orwellian revisions, the truth persists: inflation isn’t transitory—it’s here to stay. Prices soar annually, smashing records with each passing year. It’s no wonder everyday essentials like a simple meal now cost a small fortune—nearly $40 for just two burgers and fries!
This is a weird piece. The overall price level is probably going to make a new record high every year for the rest of our lives.
The reason it feels *particularly* high right now is that for 3+ years we've had rapid YOY inflation, which is the measure the piece is dismissive of. t.co/Lbxwm1vwnO
— Joe Weisenthal (@TheStalwart) May 27, 2024
Fast food is not affordable anymore …
Almost $40 for 2 burgers and fries……
What is going on?
🚨🚨🚨 pic.twitter.com/gxKT4TphTC
— Wall Street Silver (@WallStreetSilv) May 26, 2024
Feels like for years, everyone's been trying to find The One Measure that explains why economic sentiment is so poor. For awhile, the popular theory was that Real Wage growth was negative. But then Real Wage growth turned positive, and we didn't see much of a rebound.
— Joe Weisenthal (@TheStalwart) May 27, 2024
Homebuyer conditions for US consumers plummeted to their lowest level in history this month.
The index of buying conditions for houses fell to ~30 points which is below the previous low of ~40 points in the early 1980s.
In just 4 years, conditions for buying a house have… pic.twitter.com/M4lKxKTXSp
— The Kobeissi Letter (@KobeissiLetter) May 27, 2024