It’s true. Someone has created a measurement of inflation based upon the price of bacon cheeseburgers. Who knew?
The policy pundits in Washington DC keep telling us that inflation is under control (in fact, they say we have too little inflation in our economy) so we have nothing to worry about. Really?
So some clever economist-types decided to take a look at some real-world indicators of inflation and it turned out that the cost of a bacon cheeseburger is up 5.8 percent over last year. It’s not all that surprising really since the costs of the stuff bacon cheeseburgers are made of have been surging. Ground beef is up 16.2 percent from 2013 levels. Bacon prices have jumped 8 percent, and American cheese has lept by 8.4 percent.
But how about a “Seniors Inflation Index?” In an admittedly unscientific survey, my conversations with seniors have yielded that inflation is running rampant. The costs of Food, Housing, Transportation, and Prescriptions – the main ingredients of their lives – are soaring while the earnings on their savings are paltry. It’s no surprise, then, to hear seniors lament that the folks in Washington just don’t get it.
It’s also no surprise that Reverse Mortgage loan originations are booming. When faced with the skyrocketing costs of living and earnings that aren’t keeping apace, many seniors are finding relief by harnessing the equity in their home to make ends meet.
I doubt that the Wizards of Washington are going to use my Seniors Inflation Index at their next policy meeting but it’d be nice to think that someone is paying attention to what’s happening on Main Street.