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Inflation surges 9.1% in June, hitting a new 40-year high
Inflation accelerated to a new four-decade high in June as the price of everyday necessities remains painfully high, exacerbating a financial strain for millions of Americans and worsening a political crisis for President Biden...
And I was worried we would have a 3rd Obama administration. Its worse. Its a 2nd Jimmy Carter administration, but without Jimmy's basic decency.
if our over-inflated stock market fell 5000 points tomorrow, no worries. If it fell another 5000 points the next day no worries. Now if it falls another 5000 points the next day, then I'll start worrying.
oh my.
So in your financial expertise, wiping out every single gain for the last 6.5 years in 2 days is hunky-dory. But 8.5 years of gains in 3 days - that would be too much.
For the past few months the government has been saying that inflation has "peaked" and we are in deflation. What a joke. Anyone who does their own shopping and puts gas in their car knows that things have just gotten worse.
And we aren't done with shortages. They are starting to pop up again.
Let's say you spend $1000 per month on food. Core inflation was around 6% the last two months. That's an annual rate, so divide by 12. You get 0.5% or, as a decimal, .005. Multiply that by the $1000 you spend for food and you get an inflationary increase of $5.00. So you spent five dollars more on the same basket of groceries as you did the month before.
Now, post above says they save $3.20 on a 16g tank of gas (although the national price has dropped far more than 20 cents/gallon). If they fill once a week, the savings is $3.20 x 4 or $12.80. That is 2 1/2 times the increased cost of the groceries. If the national average drop is gas prices is used then the "savings" is more than five times the increased cost of the groceries.
Inflation affects everyone differently. For example, rents which soared in this report have no impact on me at all as I own my house. But, there is no denying that falling gas prices (which were not included in this report because they mostly came too late) are helping offset cost increases in other areas.
Non discretionary expenses (gas, food and utilities) are up 37% from last year. Stop trying to dazzle us with your voodoo math to make your Mr. Potato Head look competent.
Yes, but it was really strange. The more stimmies sentiment was near universal even among people that actually pay fed income taxes. And it wasn't the bleeding heart stuff of your typical do-gooder wealthy liberals where they're worried about the poor hospitality workers. I guess you just get that much welfare getting spent and people just want a taste and so long as they get it they are happy to not ask where the trillions are coming from.
every stimmy check came with an income threshold. Even the majority of those who pay taxes don't understand economics very well, sadly.
If inflation is such a good indicator why is it the fed has spent 40 doing everything it can to keep inflation under control? Inflation is a indicator that they economy is off track. Its very damaging to the over all economy and hurts all people. And in poorer countries higher fuel prices are literally taking food off the table.
Q1 GDP was negative. Q2 is expected very low or again negative. That means we are in a recession. The high inflation numbers are taking money out of everyone's pocket on a daily bases are probably the reason the economy is shrinking.
Democrat economists and leftists in the media are furiously producing material that either discredit the idea that 2 straight negative quarters = recession, or that it's "old white economists' fault" if they dare declare recession.
If inflation is such a good indicator why is it the fed has spent 40 doing everything it can to keep inflation under control? Inflation is a indicator that they economy is off track. Its very damaging to the over all economy and hurts all people. And in poorer countries higher fuel prices are literally taking food off the table.
Q1 GDP was negative. Q2 is expected very low or again negative. That means we are in a recession. The high inflation numbers are taking money out of everyone's pocket on a daily bases are probably the reason the economy is shrinking.
No it doesn't. That is a technical definition. There are others, but to most people it means job losses. Q1 was negative because of massive inventory builds. Inventories are subtracted from GDP. Those bloated inventories are not getting sold as expected now and could end up putting downward pressure on prices. Target is dumping inventory at a loss, for one.
I have not seen any economist without a pronounced political agenda claim we are currently in recession. There is a group of economists that make the official pronouncement based on whatever criteria they use. Probably half or more of the prognosticators are now looking for one in late 2022 to early 2023 as the fed burdens the economy with rate increases.
No it doesn't. That is a technical definition. There are others, but to most people it means job losses. Q1 was negative because of massive inventory builds. Inventories are subtracted from GDP. Those bloated inventories are not getting sold as expected now and could end up putting downward pressure on prices. Target is dumping inventory at a loss, for one.
I have not seen any economist without a pronounced political agenda claim we are currently in recession. There is a group of economists that make the official pronouncement based on whatever criteria they use. Probably half or more of the prognosticators are now looking for one in late 2022 to early 2023 as the fed burdens the economy with rate increases.
Non discretionary expenses (gas, food and utilities) are up 37% from last year. Stop trying to dazzle us with your voodoo math to make your Mr. Potato Head look competent.
Food, gas and utilities are necessary, but they can certainly be reduced for most people. My husband are retired, but we could easily save $250 a month on groceries, and we could cut down slightly on our utilities; we have already cut down on our driving by about 25% (although we would not like to give up an occasional nice bottle of wine and expensive seafood and cuts of meat). We also got rid of one of our cellphones since we retired, as we are always together unless one of us is at home. (We now have one cell and one landline, and the cell stays in the car.)
But that is NOT to say that I am not very worried about inflation. I think that almost everyone is worried about that, except for maybe 20% of the population. (That is just a guess.) We just received word that our medical supplements are increasing by 16%. There is NOTHING that is set in stone as far as our expenses are concerned. (Our car is completely paid off.)
P.S. I agree that Mr. Potato Head is a good description of Biden!
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