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5% GDP growth when inflation is 1% is quite different from 5% GDP growth when inflation is 10%.

This number is inflation adjusted.

Adjusted according to whose measurement of inflation? The party in power's?

The Bureau of Labor Statistic. Non-partisan enough, the methodology hasn't changed from the last administration. And take it from a non-US-based inflation expert: it is accurate enough, some gripes about "quality adjustment" of electronics and about using owners' equivalent rent instead of house prices notwithstanding.

They are, but that's assuming that the GDP deflator is accurate. I for one don't agree with the CPI substitutions and gamesmanship and when CPI was suggesting 7-8% I calculated my personal basket had inflated ~15% YOY over the previous two years.

There are all kinds of reasons why this figure might be politically influenced. The reality on the ground is we've had to make significant cuts to our standard of living just to maintain spending flat even with wage increases. The wage increases have been on the order of 3% per year and not tracking with inflation for both my wife and I.

what do you mean by this? that inflation is currently 1% or 10%? it's ~3.5% right now

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