[meyer]

As far as inflation, M3 has been averaging 8% per year for the last decade. Great, so that translates into an inflation rate of what?

Wouldn't it be something like 8% minus the rate of growth of the population (including illegals, of course)?

[NeoCaveman]

And don't forget the underground economy. It has been estimated to be about 10% of GDP. So our GDP growth is probably understated by something like 10%. IOW 3% growth should be 3.3%

[Toddsterpatriot]

Wouldn't it be something like 8% minus the rate of growth of the populationGDP.

So, if you think the economy hasn't grown over the last decade, then Adam is correct and inflation is 8%. If you understand that 10 year treasuries are yielding 4.25%, you'd realize that inflation is nowhere near 8%.