Joe Biden's inflation crisis is worse than Jimmy Carter's

The Biden Presidency has brought déjá vu. The last time inflation was this high was shortly after President Jimmy Carter left office

The comparison between Biden and Carter gets worse still if inflation were measured the same way it was when Carter was president. Beginning in the 80’s, the federal government has gradually but significantly changed its method of calculating inflation, notably by excluding housing prices and changing the relative weights on various goods as people buy less of what they can no longer afford due to inflation. This new measure fails to capture the full impact inflation is having on families. For example, it completely ignores the fact that the average mortgage payment on new homes has increased by 50 percent since last year. If we were to use the Carter-era measure, Biden’s inflation crisis is even worse. Inflation today would be around 16.4 percent, not 8.2 percent and total inflation since Biden became president would be 29.7 percent, according to estimates from economist John Williams.