Fox News
Expand
Browse All Video
Watch Live

You're watching...

Inflation? What inflation?

Details

  • Description

    Government sees no evil as consumers face rising prices

  • Duration 4:59
  • Date

Clips

Also in this playlist...

Editor's Picks

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

First the price spikes and now the price hikes to -- lay warning of higher menu prices because of rising food costs.

-- consumers are getting smacked on everything from let's check that I helped or read to airline tickets felt let the government still saying we don't have an inflation problem but.

Listen I would trust chipotle -- I would trust the government.

-- and you have to look at the two parts here to -- we you know we you have this payroll tax now is taken up this 2% opera -- that's forty bucks a month out of a paycheck but that's -- -- -- -- -- what you're seeing that airlines and certainly obamacare with the big price rises -- premiums.

That starts have come out of the picture to now all of a sudden it's not forty or fifty bucks now -- 8090 a hundred per spending week.

That he is a good number.

-- Gary -- consumer prices were up one point 7% last year that's a lot less than the 3% the year before -- evens out the government.

Says that's nothing -- did not hit him hampering the fat at all.

Well I I look I think the numbers accurate to be honest with the -- I can understand -- people think.

That inflation is skyrocketing because I think I -- the most gasoline.

And and booed when they go to the supermarket are up about one point eight you know all close -- 2%.

But they forget two things one that's not their entire budget the average budget the household for gasoline is about 5% of their total budget.

Mimic forget about the things they don't see the biggest pay the bills -- electricity is down used cars -- down ever a beverage prices are down so there's a lot of lot of other things that they pay for every day that they -- boats are that they use every day -- things don't see every day.

I choose to believe the government if you don't then you can go the whole.

-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- By even currently relatively low inflation.

If you are living off safe investment returns on CDs bank yield.

That hasn't -- that is low yielding low inflation right now so that is a terrible situation.

If you are working in a working person now is actually part releasing their wages grow a little bit faster than inflation -- -- -- it's wonderful in some ways.

I will say young people who don't have jobs who don't see their wages go up.

And are not on Social Security because they're so young and they're not data inflation adjustments they're hurting right now because of the 2% increase is a lot.

Well that Steve what we're seeing -- smaller paychecks as as -- that because of that payroll tax hike.

And rising prices that's not a good combo is that.

-- rising price but rising prices aren't the real problem because it's relatively small.

Within the zone of the really sound economics they inflation problem is.

Wages wages over the last generation have gone way down in real terms we need to -- Higher wages and then 2% inflation on the price side is no problem whatsoever.

-- taught look ahead with all the borrowing the government is doing where do you see inflation going even if you don't say it's it's very bad right now -- You see it -- well.

Well -- -- will have inflation eventually Bryant Denny probably about five years from now though.

After the current administration leaves office but we got -- look at -- rates at seven to 10% realistically.

Right now those needs are right it's all -- your wages there is a perception that there is.

Inflation it's out there but it's not it is tame it's only because you're not earning enough money eventually wore out right now.

-- doing health care premium acknowledged you wish tens.

-- makes a great point the fact that -- wages have been flat wall donors -- -- and flat quote unquote is because that would move the benefits prices -- so much faster than the complex and so we have from the things that really matter it actually -- these price.

Increases.

You know worse or harder on -- per person because of the fact.

The wages not gonna -- -- a big part of measuring quote unquote and play right but everyday spending.

That is is absolutely up and in particular bands Garrett what we're we're we're getting killed.

Kerry beat you take on what your take on cash and the extra taxes obviously don't help.

Yes sure what you have -- this -- discretionary spending is just not there so their creative feel like you there is in fact you know how does the.

Right Gary -- beat by Toby is making my point when he says every day spending that's what the person sees but what they don't see.

They forget about they forget about that there.

Rent is relatively flat they forgot about that gas bills that.

That they only pay once a month the relative right you have to go to the supermarket regularly -- you go quite gasoline.

And you and you drive by it every day even read up buying gifts you see the -- you tend to.

That inflation is more rampant than it actually is well.

I believe our viewers understand the difference my friend and I got a little depth aqaba I don't know I was spending number -- now they're getting it dead end of the day it is --

Load More