Sen. Tim Scott, vying for the presidential nomination in 2024, suggests inflation costs...
This number is calculated annually, and the most recent year for which data is available — 2021 — produced a figure of $37,522. That’s close to what Scott said.," which uses households, rather than individual people, as the unit of measurement.PolitiFact is a fact-checking project to help you sort out fact from fiction in politics. Truth-O-Meter ratings are determined by a panel of three editors.
"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."Obviously, people can use other units, but I would say they have an obligation to at least clarify what number they are using. If Sen. Scott had at least said ‘per person,’ it would have been much clearer what he was saying.
The figure Scott used"makes sense if you’re trying to get a handle on someone’s earning power," he said."Household income is better if you’re looking at standard of living." On inflation, economists generally give Biden some of the blame, but not all of it. In 2021, he signed the American Rescue Plan, a coronavirus relief bill that pumped money into Americans’ bank accounts, stimulating demand. But even without that government stimulus, supply shortages were already driving up prices.. Here are the key paragraphs:inflation jumped to 9.
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