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by RockyMcNuts
769 days ago
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If real inflation were 10% higher than the government is reporting, then real GDP reported to be growing say 3% would be shrinking 7% per year. (We have fairly accurate numbers on nominal GDP from retail sales, sales taxes, corporate accounting etc.) Over 10 years people's standard of living would drop by 1/2. It's safe to say that has not been happening. |
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