The Inflation Crisis Of 2022 Is Now Worse Than Anything That We Experienced During The 1970s by for The Economic Collapse Blog
Most Americans don’t realize this, but we truly have entered historic territory. As you will see below, the inflation crisis of 2022 has now escalated to a level that is beyond anything that we experienced during the horrible Jimmy Carter era of the 1970s. If you are old enough to have been alive back then, you probably remember the constant headlines about inflation. And you also probably remember that it seemed like the impotent administration in power in Washington was powerless to do anything about it. In other words, it was a lot like what we are going through today. Unfortunately for us, this new economic crisis is still only in the very early chapters.
Of course the mainstream media would like us to believe that what we are experiencing today is not even close to what Americans went through in the late 1970s and early 1980s. According to CNN, the U.S. inflation rate hit a peak of 14.6 percent in the first half of 1980…
The inflation rate hit a record high of 14.6% in March and April of 1980. It helped to lead to Carter’s defeat in that fall’s election. It also led to some significant changes in the US economy.
Compared to that, the numbers we have been given in early 2022 seem rather tame. On Tuesday, we learned that the official rate of inflation in the U.S. hit 8.5 percent in the month of March…
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Prices that consumers pay for everyday items surged in March to their highest levels since the early days of the Reagan administration, according to Labor Department data released Tuesday.
The consumer price index, which measures a wide-ranging basket of goods and services, jumped 8.5% from a year ago on an unadjusted basis, above even the already elevated Dow Jones estimate for 8.4%.
8.5 percent is much lower than 14.6 percent, and so to most people it would seem logical to conclude that we are still a long way from the kind of nightmarish crisis that our nation endured during the waning days of the Carter administration.
But is that the truth?
In reality, we can’t make a straight comparison between the official rate of inflation in 2022 and the official rate of inflation in 1980. The way that the inflation rate is calculated has been changed more than 20 times since 1980, and every time it was changed the goal was to make the official rate of inflation appear to be lower.
What we really need is an apples to apples comparison, and fortunately John Williams over at shadowstats.com has done the math for us.
According to Williams, if the inflation rate was still calculated the way that it was back in 1980, the official rate of inflation would be somewhere around 17 percent right now.
17 percent!
That means that the inflation that we are seeing now is even worse than anything that Americans went through during the Jimmy Carter era.
And government figures for individual categories seem to confirm that inflation is now wildly out of control. For example, the price of gasoline has risen by 48 percent over the past year…
The price of gasoline rose by 48.0 percent from March 2021 to March 2022, according to numbers released today by the Bureau of Labor Statistics.
In just one month—from February to March—the seasonally adjusted price of gasoline went up 18.3 percent.
Vehicle prices have escalated to absurd levels as well. If you can believe it, the average retail selling price of a used vehicle at CarMax has risen by 39.7 percent in just 12 months…
