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The U.S. media, central bankers and bureaucrats continue to debate America’s rising inflation, which has raised the cost of living and raised the prices of goods and services across the country. Sen. Rand Paul, Republican of Kentucky, believes that inflation “will only get worse,” issuing a report on the issue and accusing Congress of excessive coronavirus relief spending. Additionally, a new decentralized measure of inflation has been introduced called Truflation, a tool that provides “daily, unbiased, data-driven rates of actual market inflation.”
Rand Paul’s inflation report exposes ‘hidden taxes’, report blames for excessive coronavirus bailout spending
The price of living and the cost of goods and services increase rapidly in the past two years since the start of the coronavirus pandemic.U.S. Department of Labor data Inflation data released last week showed that inflation was the highest in 40 years at 7%, and last month’s consumer price index (CPI) figure topped 6% for the third straight month.Rising inflation has Democratic bureaucrats worried because they think it could hurt the U.S. president Joe Biden‘s leadership.
Rising CPI spurred some market analyst, economists, central bankers, media experts and politician arrive debate inflation problem. Republican Senator Rand Paul of Kentucky wrote a report titled “hidden tax,” which explains that inflation could get worse from here, and it’s hurting American households and small businesses. Paul accused the U.S. government of overspending to help boost the economy during the Covid-19 pandemic.
Paul’s report highlights that 71 percent of American households earning $40,000 a year say “rising prices are causing economic hardship,” compared with 29 percent of those earning $100,000 a year. Paul’s report noted that the U.S. government spent $4.9 trillion on Covid-19 stimulus, and now “Americans face a hidden tax that’s a risk with any form of government spending: inflation.”
The Kentucky Senator’s report added:
The $4.9 trillion in COVID-19 stimulus spending led to one of the highest and persistent inflation levels in U.S. history. While the government’s stimulus spending was intended as a form of relief and promised low- and middle-income households, as well as small business owners, that their taxes would not be boosted by these programs, Americans are now paying for these policies.
Chainlink Oracle Truflation aims to be more accurate than CPI’s cooked rate
In addition to Paul’s report, last week Gold bug and economist Peter Schiff published a blog post Known as: “Inflation Freight Train”. The report explains that the government’s consumer price index is “cooked” and shared statistics from the Inflation Aggregation website shadowstats.com.
Shadowstats data shows that inflation may not be 7%, but it is much higher, at 15%. Additionally, Chainlink supporter Patrick Batelink tweet About a “real inflation index” truffle, which reportedly provides “the most objective, decentralized, and frequent inflation updates possible.”
Speaking more about the tool, Batelink continued:
It represents inflation in the United States, and there will be more true fiat inflation in the future as goods and services become more expensive globally. The Truflation Index API is provided to on-chain decentralized Chainlink Oracles and to compatible smart contracts. The Truflation Oracle is our on-chain feed of a custom inflation index provided through the Chainlink ecosystem.
January 12, 2022, official truffle twitter account Official government CPI figures released last week were posted on Twitter. “Official U.S. inflation rate is highest in 40 years,” Truflation account tweet“Our data shows that it is significantly higher than the official rate. December 2021 year-over-year percent change: Official CPI: 7.0%. Truffle Index: 11.4%.” Essentially, Truflation is an oracle, and in order to take advantage of the oracle, users Chainlink must be used to request smart contracts.Furthermore, Truflation’s prophecy document So the user can learn how to take advantage of the index.
Truflation’s portal states that inflation rates calculated by government reports often use methods and formulas that show lower interest rates. “Governments and central banks are responsible for collecting information, calculating metrics and reporting to the public,” Truflation’s website details. “The way inflation is calculated often changes, with a preference for methods that report lower inflation rates.”
The Decentralized Inflation Index website further raises the question:
If calculated using methods discontinued in the 1980s and 1990s, the official inflation rate would be around 14% and 10%, respectively. The latest inflation index, currently being tested by the Bureau of Labor Statistics, reports lower inflation. But why would the government underestimate an indicator so important to the economy?
What do you think about rising inflation in the US and Senator Rand Paul’s report that inflation is only getting worse? What do you think of the new Chainlink inflation oracle called Truflation? Let us know what you think about this topic in the comments section below.
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