John Williams tells King World News:
“In an environment where politicians and Wall Street increasingly are hyping an economic recovery ... Main Street U.S.A. usually has a pretty good sense of actual business activity, irrespective of the hype out of Wall Street or Pennsylvania Avenue.
"As discussed in the hyperinflation report, a major reporting problem in the system is the understatement of inflation used in deflating the economic series. The use of understated inflation in deflating data results in an overstatement of the inflation-adjusted numbers. Following are graphs that represent official reporting or that have been corrected, at least partially, for inflation understatement. These graphs are updated from the referenced hyperinflation report..."