GDP deflator is soaring while nominal GDP growth slows. This is excellent news for people who like to bash the fed. Cuz what can the fed do now? They shoud've acted sooner and get rates where they needed to be to control inflation, so they could be cutting them right now.
Not to worry. They will fudge whatever data is necessary and lie about everything else so that they can continue to do whatever the hell they want... that is, confiscate the buying power of the middle class, bankrupt the currency, and place the blame on someone else (probably China).
I kinda feel sorry for the people on fixed-income social security. They bought the lie, and are now experiencing this secret inflation first hand. All I can say is they should've known better to rely on the government telling the truth. The days of Honest Abe are long gone.
I think it is a big deal. 1. Volker jacked up rates and restrained liquidity to kill the inflation (and take the blame for the recession so that Congess criminals wouldn't have to). 2. The ACTUAL inflation rate now is about the same as then.... only now the Gummint fudges the data, fudges how it's calculated, and lies about it more.