Bidenflation reaches 30 year record high

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Vēritās
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Re: Bidenflation reaches 30 year record high

Post by Vēritās »

Inflation dropping for the sixth month straight. Better come up with some other bogus non issue to whine about.
"I am not an American ... In my view premarital sex should be illegal ...(there are) mentally challenged people with special needs like myself- Ajax18
Hawkeye
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Re: Bidenflation reaches 30 year record high

Post by Hawkeye »

Vēritās wrote:
Thu Jan 12, 2023 9:18 pm
Inflation dropping for the sixth month straight. Better come up with some other bogus non issue to whine about.
Under your logic that's taking money out of the pockets of working class people who supposedly benefit from inflation. You can't have it both ways.

Inflation was at 2.3% from 2018-2019. The Democrats launch a global scamdemic and take control of congress and the presidency and then proceed to print more money and dole out more welfare than mankind has ever seen. Inflation rises to 8.5% by March of 2022. Fearing political backlash Joe Manchin and Kiersten Sinema put the brakes on Build Back Better, unwittingly saving Joe Biden from himself. Inflation goes back to 6.5% and you claim, "See, the socialist policies worked after all."
The best part about this is waiting four years to see how all the crazy apocalyptic predictions made by the fear mongering idiots in Right Wing media turned out to be painfully wrong...Gasoline would hit $10/gallon. Hyperinflation would ensue.
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Re: Bidenflation reaches 30 year record high

Post by Gunnar »

Hawkeye wrote:
Fri Jan 13, 2023 2:27 am
Vēritās wrote:
Thu Jan 12, 2023 9:18 pm
Inflation dropping for the sixth month straight. Better come up with some other bogus non issue to whine about.
Under your logic that's taking money out of the pockets of working class people who supposedly benefit from inflation. You can't have it both ways.

Inflation was at 2.3% from 2018-2019. The Democrats launch a global scamdemic and take control of congress and the presidency and then proceed to print more money and dole out more welfare than mankind has ever seen. Inflation rises to 8.5% by March of 2022. Fearing political backlash Joe Manchin and Kiersten Sinema put the brakes on Build Back Better, unwittingly saving Joe Biden from himself. Inflation goes back to 6.5% and you claim, "See, the socialist policies worked after all."
Contrary to what you think, Manchin and Sinema have actually worsened, not improved the situation by weakening the efforts of more progressive democrats to "Build Back Better" and promote the development and utilization of green, renewable energy technologies, which are already proven to be more efficient, safer and more cost effective than conventional fossil fuel dependence, and without which it will ultimately become impossible (probably sooner than you can imagine) for the USA to maintain or regain its economic, scientific and technological competitiveness and dominance in the world--especially with China.
No precept or claim is more suspect or more likely to be false than one that can only be supported by invoking the claim of Divine authority for it--no matter who or what claims such authority.
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Re: Bidenflation reaches 30 year record high

Post by Hawkeye »

The Inflation Crisis is far from over

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Inflation moderated in December, but there are some worrisome signals buried in the most recent consumer price index.

The consumer price index (CPI) declined by one-tenth of a percentage point compared with November, the first significant decline since the initial stages of the pandemic lockdowns in the spring of 2020. Before rounding, the CPI fell by 0.079 percent in December and was down 0.019 in July. This was in line with the consensus estimate for inflation to be flat to down a bit. As a result of the decline, the annual rate of inflation fell to 6.5 percent, the lowest reading since October of 2021.

While this is a welcome respite from the high of nine percent we hit in June and a continuation of the trend down, it is still a very high level of inflation and far above a level consistent with the Federal Reserve’s statutory mandate to achieve price stability. The Federal Reserve explicitly targets a different measure of inflation, the personal expenditure price index produced by the Commerce Department; but Fed chair Jerome Powell has made it clear he keeps his eye on CPI as well. There’s good reason for this: the much better-known CPI may be more influential in setting consumer expectations.

As the chart below makes clear, we are experiencing more inflation than consumers have seen in this century. In fact, you have to go all the way back to 1982 to find a time when prices were up more than six percent on an annual basis. One result of this is that workers will seek higher wages in order to compensate for higher prices. Average hourly earnings were up three percent in December, indicating that workers are clawing back some of what they lost to a year of high inflation. The trouble is that this additional spending power has the potential to push prices even higher, setting off the dreaded wage-price spiral.

To get the obvious question out of the way, this report is likely to give the Fed all the room its needs to slow down the pace of rate hikes. The likelihood is now that the Fed will raise its target by 0.25 percent at the next meeting, which runs from January 31 to February 1. This, however, does not mean that Fed officials will pull back on plans to raise the benchmark federal funds rate above five percent. The destination is likely to remain the same while the trip there takes longer. Another way of looking at this is that the Fed will not stop hiking until later in the year.

As we have in the past, we look to measures of underlying inflation for guidance. The 16 percent trimmed mean inflation barometer produced by the Cleveland Fed actually accelerated on a month-to-month basis, rising 0.4 percent compared with the 0.2 percent rise in November. Median CPI dipped from 0.5 percent to 0.4 percent, which is still an elevated level that indicates there are a lot of inflationary pressures in the economy.

Fed officials are likely to look past the decline in goods prices, especially because this was driven by a 9.4 percent fall in energy prices. Services inflation was extremely hot, rising 0.6 percent month-to-month in December. That is twice the rate in November. Several Fed officials have said they are paying close attention to services inflation ex-housing, which is not an official measure published by the Bureau of Labor Statistics. The BLS does provide services ex-rent of shelter, however, and this was up 0.4 percent. Services excluding medical care were up 0.7 percent.

The current Fed has shown a reluctance to surprise the market with a larger-than-expected hike. After today’s inflation report, prices of fed funds futures are implying a 95 percent chance of a 25-basis point hike. That’s a big jump from yesterday’s 76 percent odds. Last week, the market was giving a 25-basis point hike a 65 percent chance. A month ago, the odds heavily favored another 50-basis point hike, with just a 35 percent chance of a smaller hike. If the Fed does want to push forward with a bigger hike, expect a lot of hawkish talk from officials in the coming week to prepare markets.

https://www.breitbart.com/economy/2023/ ... from-over/
The best part about this is waiting four years to see how all the crazy apocalyptic predictions made by the fear mongering idiots in Right Wing media turned out to be painfully wrong...Gasoline would hit $10/gallon. Hyperinflation would ensue.
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Gadianton
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Re: Bidenflation reaches 30 year record high

Post by Gadianton »

What's the point Hawkeye, you already know everyone posting here knows more about the Fed than you do. Your expertise is in how Joe Biden and the deep state are causing it.

Now that you got the House, where are the bills to stop inflation? My right-wing friend went into a right-wing meltdown a few months ago about how the Democrats are so focused on abortion that they refuse to do anything about inflation, and he just had to pay 18$ for laundry detergent. (He didn't bring up the fact he has 4 rental properties and the added equity and rent payments are handling the extra for detergent). He said the democrats could help by eliminating the gas tax. He also complained about a diesel fuel shortage in a subsequent sentence. Anyway, I want to know the bill that the Republican house has put forward that will 1) eliminate the gas tax and 2) drastically increase the supply of diesel fuel with extra to cover increased demand after repealing the gas tax.
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Re: Bidenflation reaches 30 year record high

Post by honorentheos »

Gadianton wrote:
Fri Jan 13, 2023 4:02 pm
He said the democrats could help by eliminating the gas tax. He also complained about a diesel fuel shortage in a subsequent sentence. Anyway, I want to know the bill that the Republican house has put forward that will 1) eliminate the gas tax and 2) drastically increase the supply of diesel fuel with extra to cover increased demand after repealing the gas tax.
I am exceedingly curious what this person imagines this accomplishes? Are they just looking at the sticker on the pump that explains how much of the cost per each gallon goes to taxes and thinking, "I don't want to pay that!"? Or do they have a coherent idea about how the taxes are used that their ideas address?
Vēritās
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Re: Bidenflation reaches 30 year record high

Post by Vēritās »

Ajax continues to regurgitate the know-nothings at Brietbart who for years falsely insisted we would get hyperinflation with Obama/Biden. These folks are so upset because they really have no more argument to make now that we know the economy almost always does better during Democrat Presidencies. 6% inflation is roughly what it was between 1987-1990 during two different Republican administrations. But because Biden has a (D) after his name, ajax and his preferred fake news outlets are going to pretend we're still on the edge of the apocalypse.
"I am not an American ... In my view premarital sex should be illegal ...(there are) mentally challenged people with special needs like myself- Ajax18
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Doctor CamNC4Me
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Re: Bidenflation reaches 30 year record high

Post by Doctor CamNC4Me »

honorentheos wrote:
Fri Jan 13, 2023 4:12 pm
Gadianton wrote:
Fri Jan 13, 2023 4:02 pm
He said the democrats could help by eliminating the gas tax. He also complained about a diesel fuel shortage in a subsequent sentence. Anyway, I want to know the bill that the Republican house has put forward that will 1) eliminate the gas tax and 2) drastically increase the supply of diesel fuel with extra to cover increased demand after repealing the gas tax.
I am exceedingly curious what this person imagines this accomplishes? Are they just looking at the sticker on the pump that explains how much of the cost per each gallon goes to taxes and thinking, "I don't want to pay that!"? Or do they have a coherent idea about how the taxes are used that their ideas address?
For real. The federal gas tax is 18 or 19 cents a gallon. Here in Utah he state gas tax, imposed by Republicans, is 35 cents or so. Funny how we have to pay for the roads we use. I suspect most conservatizzies think the feds are charging a dollar or two per gallon (which they should considering its spending).

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Hugh Nibley claimed he bumped into Adolf Hitler, Albert Einstein, Winston Churchill, Gertrude Stein, and the Grand Duke Vladimir Romanoff. Dishonesty is baked into Mormonism.
Vēritās
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Re: Bidenflation reaches 30 year record high

Post by Vēritās »

Wages in the United States increased 6.17 percent in November of 2022 over the same month in the previous year. source: U.S. Bureau of Economic Analysis
wages2.jpg
wages2.jpg (45.88 KiB) Viewed 695 times

Hourly pay has risen as well.

wages.jpg
wages.jpg (85.9 KiB) Viewed 695 times
What does that mean? It means year over year, the real difference on average is somewhere around 1%. When costs go up 6.5% but your income rises 5.8-6.1%, where is the cause for hysteria? Rarely does wage growth surpass the rate of inflation. Think of all the years we had 3-4% inflation but just 2% wage growth. Wage growth during 8 years of George W Bush didn't keep up with inflation either. Technically we're still much better off now than we were then.

As usual, ajax and his priests at Brietbart just make things up as they go.
"I am not an American ... In my view premarital sex should be illegal ...(there are) mentally challenged people with special needs like myself- Ajax18
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Doctor CamNC4Me
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Re: Bidenflation reaches 30 year record high

Post by Doctor CamNC4Me »

https://www.cnbc.com/2023/01/25/chevron ... boost.html

tl;dc - Chevron makes $11B in profit for the 3rd quarter. Is going to buy back stocks. <- the GOP loves it when oil and gas companies make huge profits and their dopey electorate blames the Dems. Gas is back up where I live, by the way. We have a Republican Governor and legislature. Biden did that, of course.

- Doc
Hugh Nibley claimed he bumped into Adolf Hitler, Albert Einstein, Winston Churchill, Gertrude Stein, and the Grand Duke Vladimir Romanoff. Dishonesty is baked into Mormonism.
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