“However, no one is admitting that CPI is an effective way to measure inflation.”
Only the 314 million Americans who face consumer prices think that it is effective.
But fine, the GDP deflator may well be better. Here are its historical rates:
2003-2013: 23%
1993-2003: 20%
1983-1993: 35%
1973-1983: 103%
1963-1973: 47%
1953-1963: 19%
“The inflation has been caused “
As the statistics show, there is no inflation, at least nothing more than has been seen for decades.
“All of that money ended up in the hands of those who needed it the least, and no trickle down has occurred to date. Nor will it ever.”
Nice to see someone else here admitting that the Republican “trickle-down” theory doesn’t work. And unfortunately the Republicans in Congress won’t allow anything else to be enacted.
“quantitative easing”
QE is exactly what Milton Friedman recommended to Japan in almost identical circumstances in the 1990s.
“This is not your 1970s style inflation although it seemed like it at first.”
There was actual DEflation at the beginning of Obama’s term, as indicated above. (It ended earlier by the GDP deflator, but it was there.)