America goes back to the 80s: Surging
gas prices and higher rents push inflation
to 41-year high of 8.5% as White House
blames it on Putin invading Ukraine
Daily Mail (UK),
by
Keith Griffith
Original Article
Posted By: Imright,
4/12/2022 10:26:16 AM
Inflation in the US has hit a 41-year high of 8.5 percent, as soaring gasoline and housing costs punish consumers and erase gains from higher wages. The inflation data released on Tuesday is the first report to capture the full effect of Russia's invasion of Ukraine, which sent gas prices skyrocketing 49 percent in March.Rising housing costs, which make up about a third of the consumer price index, are also fueling inflation as rents soar across the country. The latest data showed the price of basic necessities rising sharply,
Reply 1 - Posted by:
MDConservative 4/12/2022 10:39:06 AM (No. 1126333)
Back in the 70's we blamed the Arabs and oil prices, Mid-east troubles, and everything but the true causes of inflation...starting with LBJ's "wars" on Poverty and in Vietnam. Nixon bailed on the gold standard to further allow inflation (meaning the government pays back debt at a lower actual cost), worse, he installed wage and price controls. Then came Ford's "WIN" nonsense, and Jimmy Carter, like Joe Biden tosay, is left holding a bag and further exacerbating the problem (with the bi-partisan help of Congress). Inflation went far beyond a paltry 8.1 percent then. My first mortgage was pegged at 18 percent in 1984. It took years to get inflation under control (back down to the target 3 percent). It takes political guts to do so. I don't see any in evidence.
12 people like this.
Reply 2 - Posted by:
MattMusson1 4/12/2022 10:40:06 AM (No. 1126336)
The Month over Month rate was 1.2%. That annualizes to just under 14% per year.
9 people like this.
Reply 3 - Posted by:
MattMusson1 4/12/2022 10:41:16 AM (No. 1126337)
Just over 14%
10 people like this.
Reply 4 - Posted by:
bpl40 4/12/2022 10:43:01 AM (No. 1126340)
It's not the 80's exactly. Carter was incompetent but not demented, senile yet corrupt.
12 people like this.
Reply 5 - Posted by:
NorthernDog 4/12/2022 11:20:31 AM (No. 1126375)
Back in 1980 the Fed had to raise the prime interest rates to 20-1/2% to arrest inflation. Today's interest rate is 3-1/2%. It's going to take a painful wallop to get inflation under control.
7 people like this.
Reply 6 - Posted by:
tootall 4/12/2022 11:30:23 AM (No. 1126383)
Shadow Government Stats which tracks inflation using the formula in place before Politicians changed the definitions to hide their irresponsible spending computes it at 17.15% (the highest since 1947 (75 years). I'm just sayin' Draw your own conclusions
7 people like this.
Reply 7 - Posted by:
Anti_democRAT 4/12/2022 11:33:46 AM (No. 1126387)
So psaki says its putins fault. But even so, russia influences only food and energy prices. So how does he influence the index without food and energy. Inquiring minds want to know
6 people like this.
Reply 8 - Posted by:
Sanchin 4/12/2022 11:53:09 AM (No. 1126428)
Democrats naturally blame everyone while refusing to take responsibility for their own actions. Unfortunately many in the GOP are gravitating to this habit as well. This is not Putin's fault (and before some start, this is NOT a "Defense of Putin"). The United States was determined to shut down Nord Stream 2 before it even began (Germany is nothing more than a colony of the US). This administration stopped the Keystone pipeline from Canada. This administration signed off on the stimulus package after bowing down to Fauci (America's Mengele). This administration created the supply-chain problems. This administration committed 1.5 trillion to pork spending. This administration browbeat NATO into pushing up on Russia's doorstep and expanding. This administration and holdovers from Obama pushed Russia to attack Ukraine. Funny, I do not see Russia taking the initiative to cause any of our problems.
Many people are being brainwashed, herded and manipulated into accepting a wider war with Russia. Yes, many people hate Putin and still have a hangover hatred for Russia. That is fine. BUT really how many of them know anything about the political structure and people that comprise Ukraine? Remember, the United States is the same government that at one time supported Saddam Hussein. No, this administration is saying thanks everyday and night that Russia attacked Ukraine because now they have someone to blame for everything that is going wrong.
6 people like this.
Reply 9 - Posted by:
Ashley Brenton 4/12/2022 11:58:31 AM (No. 1126437)
Gas prices were bad before Putin made his move. As was inflation.
My first savings account, which I got as a kid in either 80' or 81', was like 6% interest. And old people with sizeable savings accounts supplemented their SS with that compounding interest at rates like that.
Maybe we should fight inflation that way for a bit?
8 people like this.
Reply 10 - Posted by:
bad-hair 4/12/2022 12:02:42 PM (No. 1126447)
And here come the glorious days of 16 percent mortgages kiddies. Yes you heard right. Jimmy Carter was dumb but FJB has him beat by a country mile and 3 years to go.
6 people like this.
Reply 11 - Posted by:
paral04 4/12/2022 12:04:41 PM (No. 1126448)
These conditions started under the Carter Administration in the late 70's and were inherited by Ronald Reagan when he took office in January of '81. This paper needs to report the truth, They slant their writing to make Ronal Regan look bad. He FIXED IT!!
9 people like this.
Reply 12 - Posted by:
Luke21 4/12/2022 12:09:12 PM (No. 1126449)
They keep calling it the eighties because of Reagan. Carter and his clown car were only in power for one year in the eighties. And both Democrats and Republicans wanted him out. Even then, Delaware loved their favorite pr*ick.
5 people like this.
Reply 13 - Posted by:
upstater 4/12/2022 12:13:12 PM (No. 1126455)
This Putin is by far the most powerful person on the planet.
He has the US economy in a wringer, gas price at record levels and makes war with the neighbors all beyond Biden’s ability to react. Pure genius!
Poor Joe Biden I’m sure he was told this president gig would be a nice side hustle that dovetails to his lucrative endorsement biz.
4 people like this.
Reply 14 - Posted by:
bad-hair 4/12/2022 12:53:57 PM (No. 1126497)
This might be "Russian disinformation" but rumor has it that Putin's going to run in the 2024 Democrat primary.
His slogan will be "I f'd it, I can fix it" sarcoff
4 people like this.
Reply 15 - Posted by:
24tea@Mag 4/12/2022 4:51:57 PM (No. 1126733)
I blame it on Biden and his Democratic crooks for invading the 2020 election. We would have a wonderful country if he had lost.
1 person likes this.
Reply 16 - Posted by:
JrSample 4/12/2022 7:14:21 PM (No. 1126848)
The year-over-year increase in the Producer Price Index was 2/3s due to increases in fuel costs.
That was well before Putin's ill-conceived, poorly executed military misadventure.
As usual Quid Pro Joe is a liar.
0 people like this.
Reply 17 - Posted by:
Penney 4/12/2022 11:48:54 PM (No. 1127040)
Carter's malaise policies were his disastrous legacy and now the dem pols are at it again! They have no shame! They always trash the economy and the Constitution when given the chance.
0 people like this.
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