What Inflation Obsession Misses

We’re all obsessed with the ‘basket of goods.’ But affordability goes deeper than that.

Frank Ryan | October 18, 2026

Bernie Sanders wants to break up the oligarchy and the billionaire class.  He has publicly named three people as culprits.

I too find that there are three oligarchs in our nation, but my three are significantly different from Sanders’s.  The real oligarchs causing the biggest impact on affordability and the cost of living are the federal government, state governments, and local governments. 

That’s a trifecta for sure, but with one key difference.  Bernie’s anger is aimed at the private sector, where most Americans can choose to buy or not buy.  That same decision is not available for citizens of a government oligarchy except at the state and local levels.

For instance, even Gavin Newsom understands that a wealth tax at the state level is disastrous, but he supports it at the federal level.  He fully understands, and has seen, mass migration from California to less burdensome states.  He clearly understands that a citizen can mitigate the oligarchy of the state and local government but not of the federal government. 

The affordability crisis due to government is hidden in the form of price increases due to higher taxes and fees on the products and services we buy.  When Americans talk about inflation, they usually talk about prices when we should be talking about affordability, which includes the government-imposed oligarchy costs.

What does a gallon of milk cost?  A dozen eggs?  Gasoline?  Rent?  A new automobile? That makes sense.  Inflation measures, such as the Consumer Price Index (CPI), are designed to measure changes in the prices consumers pay for a basket of goods and services, and it has been rising recently.

The real question we should be asking is, what if the price of what we choose to buy is only part of the changing cost of maintaining a household or a standard of living?

Consider something as ordinary as a steak.  If its price becomes too high, consumers have........

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