The Number Nobody Pays: How Phantom Rent Runs the Economy
This morning the Bureau of Labor Statistics released July’s Consumer Price Index. Headline inflation came in at 3.4% year over year. Core CPI, excluding food and energy, hit 2.5%. Markets moved. The Federal Reserve was watching. That’s the whole story, if you stop reading here.
Joshua and Will don’t stop there. They start pulling on the one line in the report that barely got mentioned: nearly two thirds of that monthly increase came from a single category. Not gas. Not groceries. Shelter.
And shelter, it turns out, isn’t measured the way anyone actually pays for shelter. It’s measured with…
The skinny
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