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Vance mocked for saying eggs cost $4 — while standing in front of a dozen for $2.99
(www.independent.co.uk)
this post was submitted on 23 Sep 2024
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Not to mention the price spike on eggs specifically is also way less than he would like to make it appear. Yes, in 2020 dollars, a dozen eggs was $1.50. But adjusted for inflation to today's dollars, that 1.50 is actually about 2 dollars today (inflation being a much broader issue and highly affected by covid). So the price didn't jump from 1.50 to 4 dollars, an increase of 167%, nor even from 1.5 to 3 dollars, an increase of 100%. It only went up from 2 dollars to just under 3 dollars (given the signs), an increase of just under 50 percent. Considering all the avian flu outbreaks that is an entirely reasonable price hike on a high demand good.
I see the point you are trying to make, but inflation doesn't quite when that way.
Comparing the prices of the same commodities at two different points in time is literally how inflation is calculated, the increase from $1.50 to $4 is real.
Now, what the inflation-adjusted dollars are telling you is that if eggs had only increased in price commensurate with general inflation, they would have gone from $1.50 to $2. The extra $2 increase is above what a consumer would expect given the general increase in the prices of everything else. If someone (magically) had a salary that increases with inflation, they would find eggs today to be a larger fraction of their spending if they kept the same level of consumption.
Eggs are more expensive both in absolute and relative to other products. The reasons for this are complex, but due in no small part to people continuing to buy large quantities of eggs even when they were heinously expensive in the early days of the pandemic. The market absorbed that information and came to the conclusion that eggs were previously undervalued.
First, you missed the part where the actual price now is not 4 dollars? He lied. It was 3 dollars, per the sign right behind him.
Second, national inflation is calculated off a broad spectrum of goods and services providing insight into the relative buying power of tthe dollar itself, so it is not missing the point to compare based on the adjusted buying power of the dollar. It is a more accurate reflection of the true rise in cost of this individual good comparing how its rise in price has outpaced the average rise in costs across the board. It reflects the extra pressures put on the egg market from the avian flu outbreaks and possible other factors rather than the general inflation of the entire economy.
Third, if Vance's goal was to demonstrate that inflation in general had gone up tremendously and blame Harris specifically for that (despite how ridiculous that is), using eggs as a specific measure of the effect of their policies when the price hike on eggs have significantly outpaced other goods and is clearly due to non-policy related circumstances outside anyone's control is obviously disingenuous. And that was before he lied and tried to add another 30+ percent on top of the already inflated price.
Intentionally did not talk about Vance, I was merely responding to the idea that using past prices adjusted for inflation compared to current prices isn't that straightforward.
Thanks for the lecture, appreciate the tone.
Vance's comments was the context in which my comment was made. Context matters