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Summers: Inflation Reached 18% in 2022 Using the Government's Previous Formula
Alternative measures of inflation that include borrowing costs account for most of the gap between the experts’ rosy pictures and Americans’ skeptical assessment.
Most notably, as Summers and his coauthors Marijn Bolhuis, Judd Cramer, and Karl Schulz point out, in 1983 the BLS eliminated interest costs from its calculations of consumer price inflation. “We find little evidence that the United States, despite its rising partisanship, social distrust, and large reported levels of overall ‘referred pain’ differ meaningfully” in their economic perceptions from those in peer nations. Balaji Srinivasan, the venture capitalist and entrepreneur, was criticized by mainstream commentators for investing in Truflation, an attempt at independently developing a measure of inflation using real-time price data from a variety of sources.
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