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As a general comment to inflation, it seems to me that the great majority of the people posting on C-D are not really hurting with the inflation. I have come to realize that most C-D'ers seems to be more educated and more affluent than average, but I can't help but think how $4.50 a gallon gas and a 11% increase in food prices -- although most people agree with me that the food inflation rate is actually twice that -- are hurting lower-income families and singles who do not qualify for any kind of financial assistance from the government.
When I was growing up in the 60's, I had four siblings and the current inflation would have financially devastated my parents, who did not "believe" in 'welfare' for anyone or in any kind of credit or loans beyond a mortgage, although we were so poor that we could not afford regular milk, but had to drink reconstituted nonfat dried milk at home. (Our school lunches consisted every single day of a peanut butter sandwich and a banana with a nickel for milk, the only "real" milk I got when I was a girl.)
I really do wonder how the working lower-income families that were financially stressed four months ago are managing now?
Last edited by katharsis; 09-14-2022 at 08:43 AM..
As a general comment to inflation, it seems to me that the great majority of the people posting on C-D are not really hurting with the inflation. I have come to realize that most C-D'ers seems to be more educated and more affluent than average, but I can't help but think how $4.50 a gallon gas and a 11% increase in food prices -- although most people agree with me that it is actually twice that -- are hurting lower-income families and singles who do not qualify for any kind of financial assistance from the government.
When I was growing up in the 60's, I had four siblings and the current inflation would have financially devastated my parents, who did not "believe" in 'welfare' for anyone or in any kind of credit or loans beyond a mortgage, although we were so poor that we could not afford regular milk, but had to drink reconstituted nonfat dried milk at home. (Our school lunches consisted every single day of peanut butter sandwiches and a banana with a nickel for milk, the only "real" milk I got when I was a girl.)
I really do wonder how the working lower-income families that were financially stressed four months ago are managing now?
Go volunteer at a church/food pantry where you can see/hear first hand and actually talk to them.
They make due as they always have and they are grateful for what those with money give/provide.
How did you survive and exist back in the 70-80's with the high inflation ?
These would be the working poor that do not qualify for any welfare.
Go volunteer at a church/food pantry where you can see/hear first hand and actually talk to them.
They make due as they always have and they are grateful for what those with money give/provide.
How did you survive and exist back in the 70-80's with the high inflation ?
These would be the working poor that do not qualify for any welfare.
I actually did volunteer for a food bank for over a year about 2010-11. I was very disheartened by it, however, because most of the people who came could afford tattoos, fancy manicures, cigarettes, and expensive sports gear. but they could NOT, evidently, afford to feed their children without free food -- and in my experience, most of them were on SNAP or also had TANF benefits, and many had other kinds of assistance, also. Of course, some were poor through bad luck that could happen to anyone, but that was not true of the majority of people I came in contact with. (And, yes, I understand that other volunteers have had different experiences and therefore different opinions.)
As far as surviving in the high inflation of the 70's and 80's, my husband and I were DINKs (double income, no kids) and we did not live above our income.
Last edited by katharsis; 09-14-2022 at 08:43 AM..
Isn't it strange that 0.1% was enough to throw the world into a panic, lock everyone down, destroy businesses and economies, but when it comes to Pedolph Hitler and his inflation, suddenly 0.1% is "insignificant" and "great job, Joe!"
You don't understand how inflation is calculated.
On an annualized basis it was 8.3% YoY. That's 8.3% higher than it was in August 2021. And in August 2021, inflation was 5.3% from August 2020 ~ and that is when the administration was lying to us, saying it was "transitory". Turns out, no, it was NOT transitory, it accelerated!
Yesterday's plunge in the market is because the media was reporting that the Fed will begin to "pivot" soon and become more "dovish". The media probably got their talking points from the administration. Well, when the CPI report came out much HOTTER than was expected, the markets tanked, knowing full well that a 75 basis point hike in interest rates are a 100% certainty and now, can't rule out a 100 point hike. The Fed will have to hike until they destroy demand ~ aka recession/depression.
I remember the late 70’s and early 80’s as we had 3 kids and my husband was working 2 jobs. I dealt with recent inflation by cutting everything that wasn’t a necessity to keep my budget balanced. I am determined to only use my savings for emergencies and a occasional vacation.
People need to remember that the current president is never responsible for the economy because previous policies from 10-20 years ago can affect us much later. Also Europe is experiencing horrible inflation and is having a worse time than us. Ordinary people there may not be able to afford their utilities. Luckily my pension has a cola which I am grateful for.
I remember the late 70’s and early 80’s as we had 3 kids and my husband was working 2 jobs. I dealt with recent inflation by cutting everything that wasn’t a necessity to keep my budget balanced. I am determined to only use my savings for emergencies and a occasional vacation.
People need to remember that the current president is never responsible for the economy because previous policies from 10-20 years ago can affect us much later. Also Europe is experiencing horrible inflation and is having a worse time than us. Ordinary people there may not be able to afford their utilities. Luckily my pension has a cola which I am grateful for.
Good thing Joe has been in Congress/Washington for almost 50 years!
The current president and the conflict in Europe go hand and hand. He had about 6 months to cool things off before a hot war erupted. Yet, he chose to confront and poke the bear. He could have absolutely forced the Ukrainians towards a peace deal. Remember the whole, "You're not gettin' the billion" thing during his VP years?
Awful long story, can't wait for you to see your prediction that Biden is going to raise interest rates after the election, your comparison to the Carrier Captain and claim that a president can raise interest rates should be a real learning moment for your kids.
The federal reserve is independent, I don't need to look up affiliation to come up with a conspiracy. Jerome Powell was appointed by Trump by the way maybe you missed that. I recall Trump complaining about Yellen keeping interest rates too low to help Obama back in 2016, I guess Powell didn't get the partisan memo.
Smart money says that there will be another increase in the near future with 8% inflation, not in November but hate to ruin a good theory.
You should quit while you're behind and get back to the Meta games. LOL
1) Your attempt to spin it as if the chairman is the sole decision maker is dishonest. The current board is 4-3 democrat.
2) The reserve board, filled completely by political appointment is (according to you) entirely independent of party pressure. Sure it is, lol.....sure it is...lol.
3) By your same logic, the Supreme court is also independent and devoid of any partisanship because the President has no control over them.
If this administration thinks it will eliminate inflation (bring it back down to historic levels) by just slowing the economy with Fed raising interest rates they're nuts. That's just going to lead into a longer deep recession. They need to also implement some supply side policies that would encourage growth but fat chance these clowns actually do that
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