To us it was a gift from the Gods an ability to immortalize ourselves onto a CD. Of course, as it goes when you’re starting out, it sounded awful but we didn’t care. This chunky purple box wasn’t exactly the most user-friendly device, but it got the job done and we’d crank out tune after tune. Yes, there was a group of us music nerds in high-school that wanted to record our own stuff, so – the most popular and affordable device to do this at the time was the powerful D-16. "So everyone’s inflation index will be different.When I first started recording, everybody was on a Korg D-16. Sweet, who has since joined the firm Oxford Economics, told PolitiFact that the figure is "outdated. The cost would be much lower today"Īnother issue: "We all buy different things," Holtz-Eakin said. That was the highest inflation since Biden entered office and the highest in four decades.įor the most recent month, May 2023, the year-over-year inflation rate was less than half that: 4 percent.
The $500 monthly increase Sweet noted referred to added costs at a time when inflation was 9.1 percent, year-over-year. household spending in June compared to what would have been spent in 20, when inflation paced at 2.1 percent."īy citing Sweet’s findings in this article, Scott used an out-of-date figure. "The average household coughed up an extra $493 last month, according to Sweet - who calculated the figure based on average U.S. "Moody’s Analytics senior economist Ryan Sweet crunched the numbers after federal data showed inflation jumped to 9.1 percent in June - outpacing economists’ expectations and matching rates of increase not seen since November 1981. Scott’s campaign told PolitiFact that he was referring to a July 2022 article in the New York Post. But even without that government stimulus, supply shortages were already driving up prices. In 2021, he signed the American Rescue Plan, a coronavirus relief bill that pumped money into Americans’ bank accounts, stimulating demand. On inflation, economists generally give Biden some of the blame, but not all of it. But if he was trying to argue that their standard of living has suffered, he used the wrong metric. So, if Scott is trying to argue that the economy under Biden has harmed Americans’ ability to make a living, he used the right figure, Holtz-Eakin said. "Household income is better if you’re looking at standard of living."
The figure Scott used "makes sense if you’re trying to get a handle on someone’s earning power," he said. Scott had at least said ‘per person,’ it would have been much clearer what he was saying."Ĭhoosing between these two metrics depends on what you’re looking for, said Douglas Holtz-Eakin, president of the center-right American Action Forum. "Obviously, people can use other units, but I would say they have an obligation to at least clarify what number they are using. "It’s more standard to use median family income," said Dean Baker, an economist and co-founder of the left-of-center Center for Economic and Policy Research. Most Americans, they argue, operate economically as a household unit by pooling their incomes and expenses. Some economists say household income is a better metric. This produced a significantly larger figure for 2021: $70,784. The burden of proof is on the speaker, and PolitiFact rates statements based on the information known at the time the statement is made. Truth-O-Meter ratings are determined by a panel of three editors. PolitiFact is a fact-checking project to help you sort out fact from fiction in politics.
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