A new Business Insider-SurveyMonkey Audience poll has found that Americans know shockingly little about the budget, federal deficits and other major economic indicators....31% of respondents on our survey got the inflation rate within a point of the correct answer.
But more often, respondents drastically overestimated inflation. 39% said the inflation rate was at least 5%.
22% thought inflation was in double digits.
On average, respondents said inflation is 32%. That number is skewed by a handful of respondents who gave answers in the three and four figures, contending that we are already experiencing Weimar-style hyperinflation....
The Cleveland Fed surveyed 20,000 people between 1998 and 2001 and learned that on average Americans thought inflation was 6%. Over that period, the actual average inflation rate was 2.7%.Business Insider
POLL: Americans Think Inflation Is Way Higher Than It Really Is
Walter Hickey
Entirely understandable since the most volatile prices that are factored out of CPI are the one that people notice most. But still, pretty ignorant. And some people are clearly bonkers.
1 comment:
Well, it's partially a good thing (if you value low inflation, anyway).
Back in the 1970's, people paid very close attention to inflation, because it was very present. Back then, people probably would have been far more accurate in a poll like that.
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