Americans Can Tell the Difference Between Rosy Economic Data and Reality

Article Quotes: "“Pre-1983, mortgage costs were in the CPI as were car payments pre-1998. Now, price indexes do not include borrowing costs. Thus, when interest rates jumped last year, official inflation did not fully capture the effects it would have on consumer well-being.”"
"Indeed, if we measured inflation as we did in the 1970s, the inflation that started in 2021 would have peaked at 18% — double its reported peak. That’s higher than the worst of the 1970 and ’80s. Inflation’s current annual rate would be about 8%."