Census Bureau is switching to a chained price index for its household income measures, a good idea which will probably spawn some conspiratorial takes.https://t.co/9Fchkmi8Ur pic.twitter.com/NJe0hJkFbt

— Matthew Yglesias (@mattyglesias) June 8, 2023

Ya fuckin’ nitwit, this will conceal actual inflation. Clown ass motherfucker.

Chained CPI does represent what consumers actually buy. But just because prices increase so much that someone can only afford ramen and unbuttered toast is a bad representation of anything at all useful. It thus misrepresents inflation enormously and is a terrible measure for understanding what’s actually happening in the economy.

If there were a World Dipshit Competition, it’d be a tight race between Yglesias and Welsh. I really am not sure who would win. Nor do I care, really.