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.
Like we didn’t already know …
Study From Former Treasury Secretary Finds Inflation Is Much Worse Than The Government Claims https://t.co/foI2h9a4Fg
— NotFoolinSteve (@Foolscap8) June 16, 2022
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.
Summers: inflation may be worse than official numbers show, and a massive economic contraction may be needed to rein in prices. https://t.co/5uzDLj4qR2
— August Wu (@august92618) June 10, 2022
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.
So you’re wondering why #inflation seems worse than the official numbers suggest? Most likely, you’re right. The real inflation rate IS worse. https://t.co/eyBvD0kiCi
— Samuel Gregg (@DrSamuelGregg) May 9, 2022
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.
uncooked inflation at 17% (2x the official)
uncooked unemployment at 24.5% (5x the offical),means that the misery index on offical numbers is still far too rosy. It’s much worse in reality.
I hate to bring it to you, really do. US can do better than this and it should. pic.twitter.com/Xu6UfqfLCl
— Weimar – Simon Tweets (@FreedomGeopol) June 12, 2022
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.