While advising his Fox News viewers to talk about inflation at their Thanksgiving dinners, Glenn Beck falsely claimed that the government removed food and energy prices from its measure of inflation to hide rising prices, that a survey showed economists are “worried” about inflation, and that Social Security recipients are not receiving a cost-of-living adjustment because the government “changed the calculation.”
Beck: Government removed “food and energy” from inflation estimate so that people wouldn’t “recognize how bad things actually were.” From the November 22 edition of Fox News’ Glenn Beck:
BECK: Then, you can say things like, “Did you know that Ben Bernanke is saying that we should be worrying about deflation?” Here he is:
BERNANKE : — rates of inflation, the constraint imposed by the zero lower bound on nominal interest rates is too tight. The short-term real interest rate is too high, given the state of the economy, and the risk of deflation is higher than desirable.
BECK: Ah, yeah. OK. George Soros says the same thing. He says in “spooky dude” voice, it is — “It is the U.S. that is not in the position of Europe’s heavily indebted countries, which must pay heavy premiums over the price at which Germany can borrow. Interest rates on U.S. government bonds have been falling and are near record lows, which means the financial markets anticipate deflation, not inflation, and I’m a spooky dude.”
All right. They don’t care. And you know what? George Soros and Ben Bernanke ain’t going out and doing the shopping. Mom and Grandma are. Your wife is.
And inflation isn’t even computed like it used to be computed. The government figured it out. The government realized that people could recognize how bad things actually were, so they changed how we calculated it. So, in other words, the TV could say, “There’s no inflation,” and you’d be going, “I’m broke. How’s that happening?”
Now, they calculate inflation without adding in the price of food and energy. Oh, well, other than those going up, we’re set.
Eric Bolling recently made similar claim on Beck’s show. During the November 18 edition of Beck’s Fox News show, Fox Business host Eric Bolling stated:
BOLLING: The government will tell you, people will tell that you we don’t even have inflation. The reason for that is because the government puts out an inflation number that removes food and energy. How convenient, right? Because the only two things that we really use every day — food and energy. So you remove that and things don’t look that [inaudible] bad.
Continue reading here…