Today was a key turning point in the inflation debate.
I have long stated that the government numbers are, for lack of a better phrase, a complete joke.
Government numbers massively understate inflation by overweighing the one area of the economy where prices aren’t rising: housing.
However, the facts show things to be different. Prices from everything from chicken/meat, gasoline to insurance are going up at rates of 5 percent, 10 percent, 15 percent or even more.
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However, with the largest exporter to the United States – China — experiencing a spike in inflation in recent months, it was foolish to think that this wouldn’t be passed on to the U.S. consumer.
Wal-Mart CEO Bill Simon put it out there in layman’s terms. He stated that while Wal-Mart could absorb costs better than most rivals, inflation is "going to be serious."
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This is the proof in the pudding. Who cares what Federal Reserve Chairman Ben Bernanke or other talking heads in the government say?
The fact that the CEO of one of the largest companies in the world says he sees inflation down the pipeline means inflation is here — and it is here to stay.
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