Summers: Inflation Reached 18% In 2022 Using The Government’s Previous Formulawww.forbes.com/sites/theapothecary/2024/03/23/summers-inflation-reached-18-in-2022-using-the-governments-previous-formula/?sh=327fb2b32092
3611 sats \ 14 comments \ @elvismercury 14 Apr econ
The arguments about how inflation is more complicated than CPI presented here won't be unfamiliar to any reader of SN, but this one is really well-written and interesting. And it's in Forbes, which seems important: the nutty btc obsession w/ inflation has gone mainstream enough to appear in the most Boomer-ish of all financial media.
It really is a good article; worth checking out.
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preview
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173 sats \ 4 replies \ @south_korea_ln 14 Apr
Off topic. But the /sites/ in the title indicates it's the blog section of the newspaper. Basically anyone can publish there. Old school affinity scam~~ the STX of Forbes :)
Article might be legit though.
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27 sats \ 1 reply \ @Bell_curve 14 Apr
Avik Roy is well known
He is also a Forbes staff writer
He is not a random blogger
https://en.m.wikipedia.org/wiki/Avik_Roy
But credentials aside we should judge an article by its content not by name recognition
The article also is under the section Editors Pick
Red herring disguised as off topic
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108 sats \ 0 replies \ @south_korea_ln 14 Apr
I agree. One should judge the article by its content. Hence the caveat
Article might be legit though.
My comment was triggered by the initial comment that main-stream journalism is supposedly finally being honest about inflation. IMHO, they aren't.
I didn't know about Avik Roy. Good to know he makes good content.
Billy Bambrough on the forbes sites section is someone who is well known the make a lot of crypto TA crap articles for instance.
As for my claim about forbes sites having low standards, it's because they were called out by Coffeezilla when he was investigating all the youtube sell-you-a-course to get rich scammers who were claiming legitimacy by publishing on Forbes...
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27 sats \ 0 replies \ @kepford 14 Apr
Yep, I linked to another from Forbes today. It was about BTC Payserver!
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0 sats \ 0 replies \ @elvismercury OP 14 Apr
Ahhhhh I didn't know that! Thanks for the info.
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138 sats \ 3 replies \ @Undisciplined 14 Apr
This chart has been making the rounds and I wanted to pull it out just in case someone needed a visual incentive to check out the article.
It's a great accounting of some of the points that we've made in our many inflation/CPI discussions.
Something I don't know how to balance with stuff like this is how much of it is nefarious (or in exactly what way is it nefarious). When we cover these different approaches in econ classes, there are plenty of reasons to choose the newer methods over the older (the inverse is often true as well). So, you hear them and go "Ok, those are reasons. I guess it's not nefarious." However, when you zoom out, it sure seems like all of these reasonable choices just happen to be very convenient for the regime.
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60 sats \ 1 reply \ @Bell_curve 14 Apr
We know CPI is useless because it ignores consumer spending items such as food and energy.
Excluding food is a joke and irresponsible
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20 sats \ 0 replies \ @Undisciplined 14 Apr
That's certainly true. I didn't realize CPI included interest payments before 1983, which was obviously a big deal recently.
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50 sats \ 0 replies \ @Bell_curve 14 Apr
https://financialpost.com/pmn/business-pmn/grocery-prices-have-soared-thats-spoiling-bidens-economic-pitch
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27 sats \ 0 replies \ @TwoLargePizzas 14 Apr
I'm sure plenty of people understand this stuff outside Bitcoin circles. But it's still only a tiny percentage of the population.
Certainly not enough to make a difference in general public opinion. That said, it feels like we're trending in the right direction.
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1 sat \ 0 replies \ @Coinsreporter 14 Apr
The previous formula seems more acurate.
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0 sats \ 0 replies \ @erict875 14 Apr
The UK has solved the issue of the post pandemic excess deaths by changing the formula. 🤡
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0 sats \ 0 replies \ @Bell_curve 14 Apr
From the article
https://www.nber.org/papers/w32163
Bolhuis et al. then went on to see if they could recalculate the official CPI numbers using a pre-1983-like formula that incorporated the cost of mortgage interest, auto loan interest, and credit card interest on the cost of living. They found three things: first, that the pre-1983-like formula led to a dramatically different estimate of inflation in 2022 and 2023, peaking at 18 percent in November 2022
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0 sats \ 0 replies \ @Bell_curve 14 Apr
Government statistics can no longer be trusted. Verify , no trust
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