A now-viral research paper by four renowned economists including Lawrence Summers, who served as the Secretary of the Treasury under the Obama administration, has revealed that the real inflation rate under Biden, using pre-1983 calculations, reached 18% in 2022.
Originally released in February, the National Bureau of Economic Research study is vindicating American consumers struggling under the Biden administration despite repeated MSM articles saying the economy is fine.
We show that if we make an effort to reconstruct the CPI of Okun’s era—which would have had inflation peak last year around 18%, we are able to explain 70% of the gap in consumer sentiment we saw last year. 8/N pic.twitter.com/ZuXcck68LK
— Lawrence H. Summers (@LHSummers) February 27, 2024
“The researchers also found that if the pre-1983 calculations for the Consumer Price Index (CPI) or inflation rate has not come back down under 7 percent since its peak in 2022,” reports The Gateway Pundit. “This study explains why American consumers are feeling squeezed under Joe Biden – inflation is eating up all their money.”
Below is Summers’ thread on X about the issue:
h/t: The Gateway Pundit
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