Breaking News - Inflation skyrockets to
40 YEAR high: Prices soar by 7.5% in the
highest spike since 1982 with Americans
having to pay an extra $250 a month under Biden
Daily Mail (UK),
by
Elizabeth Elkind
Original Article
Posted By: Imright,
2/10/2022 10:08:45 AM
The U.S. inflation rate hit a 40-year high in January, with prices rising 7.5 percent from last year, the Labor Department announced on Thursday. It's the highest spike in consumer goods since 1982, a certain blow to President Joe Biden's record with American voters less than a year before the crucial midterm elections.Prices rose by 0.6 percent from December, going up for the sixth consecutive time and signaling the months-long surge that's been hitting Americans in the pocketbooks is not slowing down.The average U.S. household spent an extra $250 per month as prices have leapt, according to a new analysis published in the Wall Street Journal on Thursday.
Reply 1 - Posted by:
Ribicon 2/10/2022 10:22:36 AM (No. 1067683)
Inflation is a plus from society's point of view, says the most brilliant economist this side of AOC.
September 26, 2017: "Yellen: Fed perplexed by chronically low inflation"
https://www.cbsnews.com/news/yellen-federal-reserve-perplexed-by-chronically-low-inflation/
November 24, 2020: "Yellen’s Mandate: Massive Stimulus, Assuaging Fears of Inflation"
https://foreignpolicy.com/2020/11/24/yellens-mandate-massive-stimulus-assuaging-fears-of-inflation/
May 5, 2021: "Treasury Secretary Janet Yellen said Tuesday she wasn’t expecting an inflation problem as the U.S. economy rebounds, walking back comments that unsettled markets hours earlier."
https://nypost.com/2021/05/05/janet-yellen-clarifies-inflation-comments-after-roiling-wall-street/
June 7, 2021: "Yellen Admits Inflation Is About To Surge But Says It Will Be ‘Plus For Society’s Point Of View’"
https://dailycaller.com/2021/06/07/janet-yellen-treasury-department-joe-biden-inflation-interest-rates/
9 people like this.
Reply 2 - Posted by:
Ida Lou Pino 2/10/2022 10:37:00 AM (No. 1067717)
Once again - - the idiot Pubbies don't know how to exploit a precious gift from the demonrats.
7.5% inflation means that if your income is $40,000, then you've had $3,000 taken right off the top. What would you do with the $3,000? Well - - forget it - - because it's gone - - you'll never see it and you can't offset it.
If your income is $80,000 - - then $6,000 has been stripped from you - - and you'll never see it again.
If your income is $160,000 - - then you can kiss $12,000 goodbye - - forever.
That's the understandable way to explain it - - but the Pubbiies will never get around to it.
20 people like this.
Reply 3 - Posted by:
DVC 2/10/2022 10:39:34 AM (No. 1067724)
This was what I predicted to my financial advisors in our last semi-annual meeting, about six months ago. It was clear that this amount of MASSIVE out of control government spending was going to re-ignite inflation.
And it, as any halfway bright person who understands the basics of economics could have predicted.
Of course, both 'halfway bright' and 'understands the basics of economics' leaves out ALL Democrat "economists" totally. They are idiots and Marxists, and understand NOTHING about actual economics. They are destroying our economy.
15 people like this.
Reply 4 - Posted by:
Jethro bo 2/10/2022 11:04:41 AM (No. 1067765)
Who says one can't go back in time? We gonna relive the 70s thanks to Brandon and the Democrats. The ugly colors, hideous clothes, crappy cars, Malaise, run away inflation, gas rationing, increase theif of gold and silver (and platinum from catalytic converters), disco and so much more. Thanks Brandon.
16 people like this.
Reply 5 - Posted by:
Pearson365 2/10/2022 11:22:24 AM (No. 1067788)
Besides raising the costs for food and fuel (reducing our standard of living), 7.5% inflation is going to impact the budgets of state and local governments as well as public school budgets. Government workers have cost of living adjustments, or COLA, built into their contacts and pensions. Where will the extra revenue for a 7.5% increase in payrolls and pension payments come from? Then add in the additional costs for heating, lighting, asphalt, vehicles, fuel and everything else governments buy, with most items purchased increasing by more than 7.5%. We are going to see both our state and local taxes increase sharply while the level of government services declines.
Biden is defunding the police. As well as defunding fire departments, school budgets, roads and most of all, us.
9 people like this.
Reply 6 - Posted by:
Nimby 2/10/2022 11:28:26 AM (No. 1067794)
And the clown in the WH wants to keep spending more!! Is there an honest journalist out there who is ready to challenge him on his BBB bs in Culpeper, Virginia today?
6 people like this.
Reply 7 - Posted by:
bpl40 2/10/2022 11:31:05 AM (No. 1067798)
What was that story in the Media about Joe Dementia taking 'victory laps' over his economic performance? We are in an Alice in Wonderland scenario since 01/20/21.
10 people like this.
Reply 8 - Posted by:
Luandir 2/10/2022 11:39:01 AM (No. 1067816)
Welcome back, Cottah.
5 people like this.
Reply 9 - Posted by:
Anti_democRAT 2/10/2022 11:48:59 AM (No. 1067822)
Yet another institution wont do its job. Where is the fed. They should have been raising rates 8 months ago. They would have if anyone but the xommies were in charge.
5 people like this.
Reply 10 - Posted by:
broken01 2/10/2022 1:54:52 PM (No. 1067914)
But no more mean tweets right democrats and RINO's.
3 people like this.
Reply 11 - Posted by:
GoodDeal 2/10/2022 1:55:16 PM (No. 1067915)
They keep changing the analysis components and formula for calculating inflatin. So it's been bad for years and worse than they are fessing up to.
1 person likes this.
Reply 12 - Posted by:
Corndoggies 2/10/2022 2:15:42 PM (No. 1067944)
I did a Walmart order last night (trying to get away from Amazon) and could not believe the cost of basic personal care items.
2 people like this.
Reply 13 - Posted by:
DrOstrow 2/10/2022 7:31:22 PM (No. 1068244)
This is what happens when you print massive amount of money ( which
is NOT wealth ) to just 'hand out to everyone'. Every dollar printed, without an
increase in GDP reduces the value of dollars already 'in your pocket'.
The market is skyrocketing - yeah - EXCEPT , so are prices so the 'numbers' are
bigger but your 'purchasing power' stays FLAT - if you're lucky. Many times it actually
DROPS !
Oh, and as a bonus, if the rate stays at this level, the price of essentially EVERYTHING
will DOUBLE in less than 10 years. Think about that, especially those on fixed incomes !
Welcome to Jimmy Carter 2.0.
1 person likes this.
Reply 14 - Posted by:
homefry 2/11/2022 8:31:32 AM (No. 1068729)
No one mentions that 1982 was Reagans first full year as prez or that the 7.5 under Reagan, was DOWN from the 12+% he inherited from peanuthead jimmy.
0 people like this.
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