Announcement

Collapse

Civics 101 Guidelines

Want to argue about politics? Healthcare reform? Taxes? Governments? You've come to the right place!

Try to keep it civil though. The rules still apply here.
See more
See less

It is going to get worse

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • It is going to get worse

    Biden is declaring that if Republicans win in November that inflation will get worse next year.

    He is partially correct in that inflation will get worse next year but it won't matter how the mid-terms go.

    In spite of gaslighting from the White House that inflation is at 0% (when it is between 8 to 9%), it is going to be getting worse before it gets better as the effect of the Democrats wild spending sprees come home to roost.

    The pickup in inflation expectations follows government figures released Thursday that revealed a key measure of core consumer prices accelerated in September to a 40-year high.

    IOW, inflation is heating up not cooling off.

    Source: Final Inflation Report Before Midterms Released. The Numbers Are Very Bad


    In the final Consumer Price Index report to be released before November's midterm elections, consumer inflation blew past Wall Street estimates in September to the highest core CPI read since 1982, proving again that the Biden administration's months of claims — first that inflation wasn't a problem, then that it was "transitory," then that it was being fixed by the president — was just political spin.

    Headline CPI advanced 0.4 percent in September, double the 0.2 percent estimated, for a 12-month increase of 8.2 percent, also hotter than predicted. That headline number had advanced 0.1 percent in August, showing that price increases are accelerating again (4x in one month) despite Biden's frequent parties at the White House to celebrate the passage of the inflation reduction act and other Democrat policies to supposedly bring relief to Americans.

    The core CPI number — excluding food and energy and therefore generally less volatile — increased 0.6 percent in September for an annual advance of 6.6 percent.

    The Bureau of Labor Statistics outlined where the increases hit Americans the hardest:

    ncreases in the shelter, food, and medical care indexes were the largest of many contributors to the monthly seasonally adjusted all items increase. These increases were partly offset by a 4.9-percent decline in the gasoline index. The food index continued to rise, increasing 0.8 percent over the month as the food at home index rose 0.7 percent. The energy index fell 2.1 percent over the month as the gasoline index declined, but the natural gas and electricity indexes increased.

    The index for all items less food and energy rose 0.6 percent in September, as it did in August. The indexes for shelter, medical care, motor vehicle insurance, new vehicles, household furnishings and operations, and education were among those that increased over the month. There were some indexes that declined in September, including those for used cars and trucks, apparel, and communication.


    That is, the only reason consumer inflation was held to a 4x acceleration from August's report and to only a 1982 high, is because gas prices had dipped from their all-time highs reached earlier in the year. But those prices are ticking up again, meaning the lone decreasing index might soon again add to the overall increases.

    Still, on an annual basis, gasoline is up 18.2 percent in the 12 months ending in September. As temperatures in northern states grow colder, utility gas is up 2.9 percent in September and 33.1 percent in the last year while fuel oil is up 58.1 percent in the last 12 months.

    Overall, Americans' real wages continue to lag behind continuing, accelerating, runaway inflation. Comparing September's monthly price increase of 0.4 percent and an annual headline inflation reading of 8.2 percent to the September jobs report released last week, American workers are making real wages that dropped 0.1 percent in September and 3.2 percent over the last 12 months. Is that "build back better" at work for Americans in the greatest economic recovery in U.S. history, as Biden claims?

    The stock market isn't buying Biden's promises of a robust economy, with the Dow Jones, Nasdaq, and S&P 500 all nosediving on the latest inflation read.


    The market reaction is due to growing fears that the Federal Reserve will continue its already aggressive — though apparently not hawkish enough — interest rate hikes in a bid to get inflation down to a goal of two percent set by Fed chairman Jerome Powell at the central bankers' next meeting in early November.


    Source

    © Copyright Original Source



    Given that the Republicans look like they will be taking back control of the House, and possibly even the Senate, we can expect the Democrats/MSM to declare the rising inflation is a result of that -- just like old Joe predicted. Moreover, folks like star will be quick to post stuff promoting this hoax. But the truth is we are about to experience worsening inflation next year regardless of who is in control of Congress thanks to what was done this year. The only thing that can be done is to try to limit the damage as you try to reverse course -- something that cannot be done overnight.

    A final note, I heard some talking heads earlier this week bemoaning that old Joe has tried "everything" to stop inflation but nothing seems to be working.

    Not even close.

    When exactly did he try cutting the wild spending spree requiring the printing of trillions of dollars of new money and causing inflation (Economics 101 folks)? Instead he has pushing for this increased spending.

    So old Joe has hardly tried "everything" when he refuses to dial back on one of its leading causes and instead pushes for more of it.
    Last edited by rogue06; 10-15-2022, 07:42 AM.

    I'm always still in trouble again

    "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
    "Overall I would rate the withdrawal from Afghanistan as by far the best thing Biden's done" --Starlight
    "Of course, human life begins at fertilization that’s not the argument." --Tassman

  • #2
    Originally posted by rogue06 View Post
    A final note, I heard some talking heads earlier this week bemoaning that old Joe has tried "everything" to stop inflation but nothing seems to be working.

    Not even close.

    When exactly did he try cutting the wild spending spree requiring the printing of trillions of dollars of new money and causing inflation (Economics 101 folks)? Instead he has pushing for this increased spending.

    So old Joe has hardly tried "everything" when he refuses to dial back on one of its leading causes and instead pushes for more of it.
    Those babbling heads are probably referring to the mistitled Inflation Reduction Act, because he hasn't done squat. The Dems can sponsor a new act and call it the Inflation Killing Act (filled with nothing but pork, of course) and then claim Biden is doing twice as much now.

    Comment


    • #3
      The bad thing about inflation is that prices will rarely go back down. Sure some things like gas might drop in price again, but most things will remain high unless competition drives the price back down. And there is always some level of inflation going on. Usually around 4% per year. Prices always go up. So I am pretty sure we are stuck with these higher prices. We can only hope our wages will increase enough to compensate. I got a damn good raise last year, but it didn't even cover inflation.

      Comment


      • #4
        Originally posted by Sparko View Post
        The bad thing about inflation is that prices will rarely go back down. Sure some things like gas might drop in price again, but most things will remain high unless competition drives the price back down. And there is always some level of inflation going on. Usually around 4% per year. Prices always go up. So I am pretty sure we are stuck with these higher prices. We can only hope our wages will increase enough to compensate. I got a damn good raise last year, but it didn't even cover inflation.
        Recently inflation has been low

        In 2017 it was 2.13%

        In 2018 it was 2.44%

        In 2019 it was 1.81%

        In 2020 it was 1.23%

        It has been below 4% the entirety of the 21st century (you have to go back to 1991 for the last time) ... up until old Joe came along.

        LET'S GO BRANDON!

        I'm always still in trouble again

        "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
        "Overall I would rate the withdrawal from Afghanistan as by far the best thing Biden's done" --Starlight
        "Of course, human life begins at fertilization that’s not the argument." --Tassman

        Comment

        Related Threads

        Collapse

        Topics Statistics Last Post
        Started by little_monkey, Yesterday, 04:19 PM
        7 responses
        65 views
        0 likes
        Last Post Sparko
        by Sparko
         
        Started by whag, 03-26-2024, 04:38 PM
        42 responses
        251 views
        0 likes
        Last Post whag
        by whag
         
        Started by rogue06, 03-26-2024, 11:45 AM
        25 responses
        108 views
        0 likes
        Last Post rogue06
        by rogue06
         
        Started by Hypatia_Alexandria, 03-26-2024, 09:21 AM
        33 responses
        194 views
        0 likes
        Last Post Roy
        by Roy
         
        Started by Hypatia_Alexandria, 03-26-2024, 08:34 AM
        73 responses
        338 views
        0 likes
        Last Post Hypatia_Alexandria  
        Working...
        X