The annual change in the Consumer Price Index jumped from 1.9% in 1965 to 3.2% in 1966, finally peaking at 13.9% in 1982.

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If the Bank targeted the cash value of GDP then the Bank would become responsible for the overall level of economic activity, not just the annual change in the consumer prices index.

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From 1971 (the year Nixon broke the gold window) through 1974, the annual percentage change on the Consumer Price Index (CPI) increased from 4.4% to 11.0%.

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To compute real debt growth, we subtract the annual rate of change of the Consumer Price Index from the rate of change of gross total debt.

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