With Americans telling pollsters that they’re weary of inflation, Sen. Marco Rubio, R-Fla., accused President Joe Biden
“It's very misleading when says used to be at 9%. This is compounding. It’s not like it went down from 9% to 3%. This is building month after month. The better way to think about it is that it’s 18%, 19% over the last three years."Sen. Marco Rubio, R-Fla., speaks with reporters as he walks to a vote on Capitol Hill on Sept. 6, 2023. In summer 2022, inflation peaked at about a 9% increase compared with one year earlier.
Rubio has a point that inflation accumulates, and that the increase over the past three years has been around 19%. Although it may not be obvious to consumers frustrated with rising grocery prices, wages are outpacing inflation when compared with the prepandemic level.Although Rubio’s has accurately assessed inflation’s compounding, these measurements are highly sensitive to different time frames. So, it’s easy for politicians to cherry-pick time periods that suit their arguments.
Dean Baker, an economist with the liberal Center for Economic and Policy Research, added that Biden isn’t using an obscure or twisted statistic to make his point on inflation. “It's very misleading when says used to be at 9%. This is compounding. It’s not like it went down from 9% to 3%. This is building month after month. The better way to think about it is that it’s 18%, 19% over the last three years."
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