A recent research paper by four noted economists, including Larry Summers, the former Treasury Secretary under Barack Obama and former Harvard President, discovered that the real inflation rate during the Biden years, using pre-1983 calculations reached 18% in 2022.
The number is the highest inflation rate the country has seen in over 50 years.
This research project was published by these four authors at the nonpartisan National Bureau of Economic Research in late February and is just now making waves.
Marijn A. Bolhuis is an economist in the Macro Policy division of the International Monetary Fund’s Strategy, Policy, and Review (SPR) Department.
Judd Cramer is a Harvard Economist.
Karl Oskar Schulz a Harvard undergrad whose analysis found that the higher cost of borrowing is linked to persistent consumer gloom.
Larry Summers is a former Harvard President and Barack Obama’s Secretary of the Treasury. Larry worked as the chief economist of the World Bank from 1991 to 1993. 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. above is a summary from gateway,their basis is below and it's a 40 page report:
https://www.nber.org/system/files/working_papers/w32163/w32163.pdf
