Report shows inflation is far worse than official numbers

A new report has shown that the nation’s 40-year high inflation is actually worse than the official numbers.

The 8.6% increase last month, if it included all factors, may be higher than the inflation experienced during the Jimmy Carter era.

An understated problem

“Former Treasury Secretary and longtime Democrat Larry Summers recently co-authored an important paper analyzing long-term inflation trends and statistics,” The Federalist reported.

“The paper demonstrates that changes to the way the federal government measures inflation via the Consumer Price Index since the Carter era understate the current scope of the problem—and the challenge the Federal Reserve faces in getting inflation under control today,” it added.

Accelerated inflation

Summers also predicted last February that inflation would accelerate if the $1.9 trillion stimulus was passed. That’s exactly what has now happened.

One analysis revealed that the true inflation rate could be as high as 17%. The number, if true, shows how much the economy has dropped since the height of the Trump administration’s record levels prior to the pandemic.

It doesn’t take an economist to notice prices are spiking despite the sizes of products often shrinking.

The new scenario continues to hurt Americans who look ready to vote in November for anything that will change the inflation problems.

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