US Senator’s Inflation Report Says ‘Its Only Going to Get Worse,’ Truflation Oracle Reveals True Inflation Rate

America’s media, central banksers and bureaucrats continue their debate about the U.S. rising inflation that has risen the cost of living as well as the price of goods and services. Rand Paul, R-Ky. believes that inflation will only get worse and published a report. He blamed Congress for excessive coronavirus relief spending. Truflation is a decentralized method for measuring inflation. It provides a “daily” unbiased, data-driven real-market rate strong>

Rand Paul’s Inflation Report Reveals the Hidden Tax. Report Blames Excessive Coronavirus Relief Funding

In the two years since the outbreak of the coronavirus epidemic, the price of living has increased dramatically as well as the cost of goods. According to the U.S. Labor Department, inflation has reached 7% for the first time in 40 years. Last month’s consumer price index data (CPI) was also at 7%. It is now the third consecutive month of inflation above 6%. Bureaucrats in the Democratic party are worried about rising inflation as they fear it could harm Joe Biden, the U.S. president.

Rand Paul believes inflation will “get worse”, and blames the excessive coronavirus relief spending by the U.S. government.

A number of market analysts and economists, as well as central bankers, media pundits and politicians have been inspired by the rising CPI rate to discuss the inflation issue. Rand Paul, a Republican senator from Kentucky, wrote “The Hidden Tax,” which explained that inflation is likely to get worse and that it’s hurting American small businesses and families. Paul blames excessive spending by the U.S. government to support the economy during the Covid-19 epidemic.

Paul’s report shows that 71% American households making $40K per annum have “indicated financial hardships from rising costs” and 29% of Americans who make $100K per annum feel the same. Paul’s report reveals that the U.S. government has spent $4.9 trillion on Covid-19 stimulus, and that Americans now face the hidden tax that comes with all government spending: inflation.

Report by the Kentucky senator adds:

The US has seen the most sustained and high-spending COVID-19 stimulus spending of $4.9 trillion. Although government stimulus spending was meant to provide relief and low- and middle-income households, as well as small-business owners, were promised that their taxes wouldn’t increase due to these packages, Americans now pay a hidden tax for these policies.

Chainlink Oracle Truflation aims to be more accurate than the CPI’s cooked rates

Paul’s report was not the only one. Last week, Gold bug and economist Peter Schiff wrote a blog post titled: “The Inflation Fault Train.” It explained that the government’s consumer price indicator is “cooked” and shared statistics with shadowstats.com.

Shadowstats data suggests that the inflation rate is not 7%, but 15%. A Chainlink proponent named Patrick Batelink tweeted to mention Truflation, which he claimed provides “the most objective and decentralized inflation updates” possible.

Batelink continues to speak more about the tool:

It is the U.S. Inflation Index. There will be many more fiat inflation indicators as goods and services become more expensive all over the globe. The Truflation index API is made available to compatible smart contract and served by the decentralized Chainlink Oracle. The Truflation Oracle provides an on-chain feed from our custom inflation index that is available through the Chainlink ecosystem.

The official Truflation Twitter handle posted about the government’s CPI data last week on January 12, 2022. The Truflation account tweeted that the official U.S. inflation rate was 40 years high. Our data show it is significantly higher than the official rate. YoY % Change December 2021: Official CPI: 7.0%. Truflation index 11.4%.” Truflation’s index has documentation that enables users to learn how to leverage it.

US Senator's Inflation Report Says 'Its Only Going to Get Worse,' Truflation Oracle Reveals True Inflation Rate

Truflation’s web portal notes that governments reporting on calculated inflation rates often use methods and formulas that show lower rates. “Governments and central banks are responsible for gathering information, calculating metrics, and reporting to the public,” Truflation’s website details. “The way inflation is calculated changes often, favoring methods that report lower inflation rates.”

The decentralized inflation index website further begs the question:

If it were calculated using methods discontinued in the 80s and 90s, the official inflation would be around 14% and 10%, respectively. The newest inflation indexes currently being tested by the Bureau of Labor Statistics report even lower inflation. But why would the government lowball a metric so crucial for the economy?

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