Someone who is actually trustworthy, John Williams of ShadowStats, says that if inflation was calculated the way it was under Jimmy Carter it would run between 8 and 10 percent.Shadow Stats is behind a paywall but what gets out suggests it's worth the money. Remember the "misery Index"? Made up of the sum of the inflation rate and the unemployment rate it got to the point that it eventually unseated Jummy Carter. Current unemployment, which by the way has also been jiggered to look better, is at 7.8%. Add that to the 9% inflation rate and we're up to 16.8. Be honest about the unemployment rate and call it 16% (U6) and the misery index is a whopping 25.
- The inflation calculation has been changed many times since 1978, and the purpose each time was to make it 'appear' as though inflation was lower than it actually was. "Officially" of course. [Inflation's a lot like the phony BLS unemployment numbers, or the initial enrollment numbers that were touted for ObamaCare...two other win-wins by Gooberment.]
This index got up to 19.9 for J.C. There's a chart, which is worthless given the tomfoolery and book cooking that's been going on, here.