Larry Summers - an American economists and former US Head of the Treasury in the Clinton administration - caused a huge stir last week with this tweet thread which might prove the most cogent explanation for the dissonance between the ‘economy is doing great’ mantra of today’s US political and media elites vs the lived experience of many American citizens: there is a huge undercounting of the inflation rate, due to cost of credit being progressively removed from the calculus. Turns out, mortgages, car payments, credit card debt is a major part of the cost of living….
