It’s true.
When everything is taken into consideration. If everything out there became more expensive during the last 2 years because of inflation, then, all computations for economic growth have to consider the inflation rate, and so, we end up with ‘inflated economic growth’. Without the inflation rated, the economy would be in recession. ;)
Everything I buy, costs more, but, all of those things add up to be being richer. For example, if I bought a house 2 years ago, I’m 30% richer then I was 2 years ago, because home prices have gone up 30% in the last 2 years. Inflation is my best friend. Biden should be touting the benefits of inflation. ;)
All lies and jest.
But a man hears what he wants to hear,
And disregards the rest.
(The Boxer, 1969, Simon and Garfunkel)