from WND:
Report confirms inflation under the Biden-Harris regime has surpassed 25%
A new report from the Epoch Times reveals the stunning conclusion from several economists: That the U.S. has been in a recession for the last two years, based on adjustments to the nation’s consumer-punishing inflation rates.
And, the report revealed, “According to Bureau of Labor Statistics data, cumulative inflation since 2019 has totaled nearly 25%.”
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The report explains that economists EJ Antoni and Peter St. Onge have written at the Brownstone Institute that, “Many have questioned the accuracy of official inflation statistics, with dozens of academic papers written on the topic and doubts voiced by sources ranging from the New York Times to former President Donald Trump.”
“This matters not only because of the political salience of rising prices, but also because official inflation numbers are used to calculate real economic growth by adjusting nominal dollars to inflation-adjusted dollars.”
They explained their goal was a “true understanding of inflation” and “true economic growth.”
They first explain the obstacles to their work: “The difficulty in measuring the size of a nation’s economy is two-fold. First, there is insufficient data to directly measure the number and size of all transactions in an economy, or to monitor all economic activity. Second, the measuring tool used (in this case, the Federal Reserve note) changes value over time. Thus, fluctuations in the nominal value of economic activity can be due to real changes in economic activity, measurement error of economic activity, or changes in the value of a currency.”
However, they identified multiple problems with the government’s process that “tend to underestimate the rise in prices over time. These shortcomings have been more pronounced over the last four years during a relatively rapid depreciation of the currency.”
Kamala Harris, the Democrat nominee for president, of course right now is trying to distance herself from the failures of the Biden-Harrius administration in which she’s play a major role, according to statements from Joe Biden.
The study concerns itself with offering “an alternative adjustment for converting nominal growth to real growth by more accurately reflecting changes in the cost of living over time.”
They explained the cost of renting or owning a home is a significant part of any inflation equation, and the government’s CPI vastly underestimates the costs of housing inflation.
Further, the burden on consumers from governmental regulations are faulty because of “perceived” benefits to consumers, perceived by government workers, “that do not actually exist.”
