Could malpractice reform save the U.S. health care system? A new essay in the journal Health Affairs proposes that tackling tort reform on the federal level could convince doctors to agree to bigger changes in the U.S. health care system. Photo illustration by DNY59. Itâs a scenario most people have considered at least once. Patient A is hoisted onto Dr. Bâs operating table.
Since the founding of the United States in 1776 the highest year-over-year inflation rate observed was 29.78% in 1778. Inflation is calculated using the yearly change in the consumer price index (CPI), which was first introduced in 1913. CPI data before 1913 is estimated using a variety of methods and sources. Since the introduction of the CPI, the highest inflation rate observed was 19.66% in 1917. Year-over-year inflation is calculated by subtracting the value of the CPI at the beginning of the year, and subtracting the value at the end of year.
Historically, the United States has had lower levels of inflation when on a gold standard. From 1880-1913, under a gold standard, average inflation was 1.6% per year. In 1971, when Nixon took the United States off the gold standard, inflation was at 3.3%. By 1979 it had risen to 13.3%. In a study of 15 countries covering the years 1820-1994, Federal Reserve economists found the average annual inflation rate under a gold standard was 1.75%, versus 9.17% when not on a gold standard.