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Biden Policies Reversed Decades of Long-Term Real Price Declines

One thing is absolutely certain: Biden didn’t inherit any inflation. The rate was 1.6% when he entered office. That low inflation had persisted for at least two decades BEFORE Biden entered office. Richard Rahn, the former chief economist at the U.S. Chamber of Commerce, recently published this table measuring prices based on the minutes one has to work to afford products:

Rahn explains:

Notice that for each commodity, the long-term price — in minutes worked — declines up to the year 2020, and then there is an increase in the labor minutes price. In case you think I selected years and commodities to fit my argument for a long-term decline in the real price of most items followed by a bump up in the last three years, select other commodities (that are widely traded with transparent prices), pick any starting year and do your own calculations. The same pattern will be apparent.

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