Summers: Inflation Reached 18% in 2022 Using the Government's Previous Formula
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Re: Summers: Inflation Reached 18% in 2022 Using the Government's Previous Formula
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Re: Summers: Inflation Reached 18% in 2022 Using the Government's Previous Formula
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Re: Summers: Inflation Reached 18% in 2022 Using the Government's Previous Formula
#4It's interesting that consumer sentiment apparently tracks the older formula more closely. Presumably we have data that could allow us to include "the price of money" in inflation metrics, perhaps weighed based on how much the average American borrows.
Re: Summers: Inflation Reached 18% in 2022 Using the Government's Previous Formula
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Re: Summers: Inflation Reached 18% in 2022 Using the Government's Previous Formula
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It is at least a bipartisan hobby, to go searching for any alternative numbers whenever there's good news for your opponent.
Though this is an impressive amping up: "previous" is 1983. This isn't some dastardly bit of math by the present administration. This dates back to Reagan.
Of more interest is that consumer sentiment is indeed grumpy, and that is a big deal with an election coming up. They don't really need this guy coming up with mendacious explanations for it.
Re: Summers: Inflation Reached 18% in 2022 Using the Government's Previous Formula
#7I invoice in USD and have expenses in a different currency, and while I've seen a few (~5) percent decline in the exchange rate since then, it's been nowhere near 18%.
Re: Summers: Inflation Reached 18% in 2022 Using the Government's Previous Formula
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Re: Summers: Inflation Reached 18% in 2022 Using the Government's Previous Formula
#9Short version: if you include interest rates in the inflation metric, 2022 looked bad.
Re: Summers: Inflation Reached 18% in 2022 Using the Government's Previous Formula
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