National Public Radio,
by
David Gura
Original Article
Posted by
Dreadnought
—
9/13/2022 6:06:15 PM
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All three major indexes plunged on Tuesday after worse-than-expected inflation data raised fears the Federal Reserve will need to continue raising interest rates aggressively to bring prices under control.
The Dow Jones Industrial Average fell nearly 1,300 points, while the broad-based S&P 500 fell by over 4%.
It was the worst day since June 2020 for both indices.
The Nasdaq suffered an even bigger loss, dropping over 5% for its worst day since March 2020.
The latest consumer price index showed prices rose by 8.3% in August from a year earlier. While that was less than in June, inflation didn't slow as much
National Review,
by
Diana Glebova
Original Article
Posted by
Dreadnought
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9/13/2022 5:52:45 PM
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President Joe Biden celebrated the passage of the “Inflation Reduction Act” by hosting an event at the White House Tuesday, the same day the Bureau of Labor Statistics released a report showing inflation had continued to rise in August, causing markets to plummet.
“This bill cut costs for families. Helped reduce inflation at the kitchen table, because that’s what [people] look at — how much of their monthly bills they have to pay out for their necessities,” Biden said in a speech delivered outside the White House, thanking West Virginia Senator Joe Manchin for voting for the bill.
“This bill alone is going to lower the deficit by $300 billion
Politico,
by
Garrett Downs
Original Article
Posted by
Dreadnought
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9/13/2022 3:03:29 PM
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Gas prices are down, providing a boon for Democrats in November. But food prices remain sky-high, giving Republicans an opening to keep inflation a top-of-mind issue in the midterms.
The price of food at the grocery store is expected to increase by up to 11 percent this year with the cost of beef, poultry, milk, eggs and fruit driving the surge. Prices could shoot even higher with droughts affecting crops and a potential rail workers strike halting shipments needed for both food and crop production.
The government’s latest Consumer Price Index report released Tuesday shows overall food prices continued to rise, by 0.8 percent in August. That’s slightly down
National Review,
by
Brittany Bernstein
Original Article
Posted by
Dreadnought
—
9/13/2022 1:17:06 PM
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The major stock market indexes tumbled on Tuesday after a key measure of inflation came in worse than expected.
The Dow Jones Industrial Average plunged 900 points, for a 2.8 percent decline. The S&P 500 dropped 3.2 percent, while the Nasdaq Composite fell 4.1 percent.
The drop, which undid a week worth of gains, came after the Bureau of Labor Statistics revealed that the Consumer Price Index (CPI) increased by 8.3 percent in August compared to the same time last year and increased 0.1 percent from the previous month.
The rise was worse than the 8.1 percent increase that economists had expected, according to Dow Jones estimates.
The month-to-month figure
Washington Examiner [DC],
by
Cami Mondeaux
Original Article
Posted by
Dreadnought
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9/13/2022 1:06:46 PM
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A majority of voters say President Joe Biden’s Inflation Reduction Act will actually increase inflation over the next year, with even more saying they view America's economy as being weak.
About 53% of voters said the passage of the Inflation Reduction Act would immediately increase inflation compared to just 21% who said it would help reduce inflation, according to a survey by the Harris Poll and HarrisX. Another 26% said the legislation would have no effect. The numbers reflect a nationwide pessimism toward the state of the economy, as 66% of voters say the economy is weak compared to 34% who say it shows signs of being strong,
Washington Examiner [DC],
by
Rep. Roger Williams
Original Article
Posted by
Dreadnought
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9/13/2022 12:55:42 PM
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For two years, families have experienced the dire consequences of massive government spending at the gas pump , the grocery store, and elsewhere. Two years of Democrats’ one-party control in Washington was all it took for basic day-to-day needs to become more and more unaffordable for millions of hardworking people. Indeed, a report released in June found that more than half of the public is now living paycheck to paycheck.
They have Democrats’ one-party rule in Washington to blame and the Biden administration’s expansion of government spending and new regulations, which has led us to a 40-year high inflation rate, economic stagnation, and lower wages
Hot Air,
by
Ed Morrissey
Original Article
Posted by
Dreadnought
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9/13/2022 11:33:47 AM
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So much for the second iteration of “inflation’s over!” Today’s consumer price index report shows year-on-year inflation still roaring at 8.3%, thanks in part to soaring food costs, which offset a plateau on gasoline prices.
However, even without food and energy, inflation picked up steam last month, as core CPI rose back above six percent year-on-year, and 0.6% month-on-month:
The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1 percent in August on a seasonally adjusted basis after being unchanged in July, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 8.3 percent before seasonal adjustment.
New York Post,
by
Keith J. Kelly
Original Article
Posted by
Dreadnought
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9/13/2022 11:28:58 AM
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The New York Times expects employees to start returning to the office three days a week starting this week — but more than 1,300 journalists are saying hell no, they won’t go.
It’s just the latest blow in the increasingly bitter contract dispute between the News Guild journalists union — which includes reporters and photographers, as well as some editors and business-side employees — and upper management, over wages. As of Monday, 1,316 Times workers had signed a pledge not to return to the office. This includes 879 members of the News Guild, but also members of the Times Tech Guild and the union for Wirecutter, the paper’s product-recommendation spinoff. “People are livid,”
Breitbart,
by
Charlie Spiering
Original Article
Posted by
Dreadnought
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9/13/2022 11:19:42 AM
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The White House is planning a celebration of President Joe Biden’s “Inflation Reduction Act” on Tuesday, even as consumer prices rose again in August, according to the latest numbers from the federal government.
The Bureau of Labor Statistics’ Consumer Price Index released Tuesday morning shows that inflation in August rose one-tenth of a percentage point from July and up 8.3 percent from the previous year. Grocery prices continue rising fast, as prices rose 0.7 percent from July and 13.5 percent from the previous year. Restaurant prices are up 0.9 percent from July. The “Inflation Reduction Act” spends billions of dollars subsidizing green energy
National Review,
by
Brittany Bernstein
Original Article
Posted by
Dreadnought
—
9/13/2022 10:50:28 AM
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A newly unearthed video shows Charlie Crist, the Democratic nominee for Florida governor, comparing himself to Jesus Christ and calling Republican governor Ron DeSantis “DeSatan.”
The video, which was shared by DeSantis’s campaign on Monday, is from a March 17 event, according to the Daily Caller.
Crist suggested the race for governor in the Sunshine State is about “decency” and “being kind to everyone” before saying of DeSantis, “You know some people call him DeSatan? Have you heard that?” “DeSatan versus that,” Crist said, gesturing to a sign behind him featuring his own name, and one of the event attendees said, “Christ!”
Crist responded, “Oh think about it! Boom!”
Times of Israel,
by
Lazar Berman
&
Jacob Magid
Original Article
Posted by
Dreadnought
—
9/13/2022 12:45:56 AM
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Berlin, Germany — A senior Israeli official called on Europe and the US on Monday to begin talking about demands for a “longer, stronger” nuclear agreement with Iran, saying current talks aimed at reviving a 2015 pact were dead after Jerusalem provided proof that Tehran had not been forthright during negotiations.
The official, traveling with Prime Minister Yair Lapid’s delegation to Berlin on Monday, spoke to reporters hours after the premier said he passed German Chancellor Olaf Scholz “sensitive and relevant intelligence information” on Iran’s nuclear program, and a day after Germany, France, and the United Kingdom issued a statement expressing “serious doubts” over Iran’s sincerity in seeking a nuclear agreement.
Hot Air,
by
David Strom
Original Article
Posted by
Dreadnought
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9/13/2022 12:36:40 AM
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I don’t know, and neither do the experts who are charged with predicting them.
Hard as it is to believe, our models about how the climate and weather work are not quite as reliable as we have been told. Again and again and again….
Ars Technica has an interesting story that does a fine job of pointing out the huge disconnect between the experts’ predictions of a vicious hurricane season and the welcome lack of tropical storms this year.
Back in May NOAA predicted an above average year for tropical storms and hurricanes, and they had reasons to. They claimed that “ongoing La Niña, above-average Atlantic temperatures