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Rep. Jim Jordan's Bad Math [1]

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Date: 2024-02-21  

This is a very minor story which irks me greatly.

x High inflation is costing Americans an extra $1,000 a month.



Bidenomics isn't working.



And everyone knows it.https://t.co/vpKmWXv2Ot — Rep. Jim Jordan (@Jim_Jordan) February 21, 2024

So let’s do the math on this. The current annual inflation rate is 2.8%, so the monthly inflation rate is 2.8/12 = 0.2333… %. Let’s just make it simple and round up to 0.24 % = 0.0024. So what must one’s monthly income be, for this inflation rate to add an extra $1000 in costs? Call this amount M. Then it follows that $1000 = M x 0.0024, so that M = $1000/0.0024 = $416,667. This gives a yearly income of 12 x 416,667 = $5,000,004. Maybe Jordan is talking about the annual impact, and not the monthly impact? Even a yearly income of $416 K is pretty huge and certainly atypical. So Jordan is either innumerate, or is fine with playing fast & loose with the truth.

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[1] Url: https://www.dailykos.com/stories/2024/2/21/2224850/-Rep-Jim-Jordan-s-Bad-Math?pm_campaign=front_page&pm_source=more_community&pm_medium=web

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