The Bureau of Labor Statistics (BLS) released the December inflation data today [DATA HERE] for December. Readers on these pages are not surprised to discover that inflation in the U.S. economy has now reached a forty year high at 7 percent. {Go Deep}
Unfortunately, the 7% in June of 1982 was when inflation was on the way down from Jimmy Carter’s failed economic policy. This time our 7% milestone has been achieved while inflation is on the climb thanks to Joe Biden’s failed economic policies.
Carter’s mess was created by regulation, policies and oil prices. Biden’s mess is created by the same and much more.
Yes, it will be getting worse.
That weird picture with the Bidens and the Carters comes to mind. The scale within the picture is appropriate when considering inflation and what is to come. Biden’s inflation is much larger than Carter’s.
As you know, the top line number of 7% is a false premise. We are feeling much, much higher overall prices in our lives with gasoline, home heating fuel, electricity costs, housing and the astronomical prices at the grocery store. The BLS data is backward looking, meaning it was compiled in early December 2021 for comparison to December 2020. Where we are CURRENTLY is much worse than where we were in early December.
We are feeling the front side of the inflation hurricane right now. The consumer prices at end of January and through February are now reflecting new purchase order prices and contract prices to wholesalers, buyers and retailers. The higher energy costs, fuel costs, warehousing costs, transportation costs and delivery costs are cumulative. As a result, the December report is simply the precursor to what will be much more damaging inflation data in Feb (showing this month) and March (showing Feb).
Additionally, the BLS data captured gas prices at their slight drop from oil prices in late November and early December. The price of oil has now gone even higher, and the price of gasoline is once again on the rise. We have not yet seen the worst of this folks. Hopefully most are prepared.
I modified BLS Table-1, taking out some of the noise, to give the snapshot of how the bureau is compiling data:
You can review BLS Table-2 Here for a detailed breakdown of each category.
As previously mentioned, the contracted price for goods delivered (depending on sector) are net terms in 30, 60 or 90 days. Meaning, the purchase price on final goods wholesalers were receiving in November, 2021, were agreed upon months before. Those terms for current arriving goods are no longer valid. The new Q1 2022 terms (purchase orders) carry higher costs, and as an outcome, higher prices to consumers are still coming.
The media are trying to put a spin on the inflation data in an effort to protect the Biden administration from the catastrophic damage caused by policy. Some of the talking points the media are trying to use are just ridiculous, Pravda would be proud.
Reuters delivers this nonsense: “But Americans have so far remained upbeat, thanks to a tight labor market. The Conference Board’s consumer confidence index rose again in December, this time above projections by economists surveyed by Reuters. That’s fueled spending: Holiday retail sales increased almost 11% in 2021 compared with 2019, according to the Mastercard Spending Pulse. Consumers may be able to take certain supply-chain related cost hikes read more in their stride.”
But I must credit ABC as an example of the most laughable deflection which has been deployed by the White House….
As noted by Joe Biden, Jen Psaki, Ron Klain and now ABC news pushing their talking points, who do they blame? YOU.
The Biden administration is blaming consumers by saying DEMAND is too high, DEMAND is the problem. WATCH:
As crazy as this sounds, it was predictable. The Biden administration actually wants the demand for goods and services to contract. Repeat, they want demand to stop. This is the basic premise behind “lower your expectations.”
First, the DC politicians delivered the “rust belt” to us as an outcome of their favoring Wall Street over Main Street, and now they are wiping out our checking accounts with massive inflation. Remember the oft repeated -and infuriating- catch phrase, “The U.S. is a service driven economy?“, said by both wings of the UniParty? Well, put another way… first they off-shored our jobs, now they off-shore our wealth. This is not an accidental outcome of flawed policy, they are doing this intentionally.
We are being gutted from the inside.
You don’t accidentally stop pipelines, cancel oil leases, shut down refining capacity, change port regulations and then act surprised by saying: ‘Whoopsie’ gasoline seems to be costing more? Duh! It’s a feature not a flaw. Many of the people behind Joe Biden are stupid, but they ain’t *THAT* stupid. They know what they are doing, but they have to pretend not to know things in order to avoid the tar and feathers.
If they can reduce demand by making things unaffordable, they can claim victory over inflation (mid/late 2022) and proclaim their economic policies a success. The prices will never drop, but the percent of change will stall out. They will push the windmills, sustainable algae cakes, and other ideological quests from the Moonbat tribe who worship at the altar of climate change.
The downside of the White House achieving what they call “success” is unfortunately, by the time we reach that point we will have nothing left; we’re broke. Prices will finally level off, but the savings of Americans will have been depleted, and wage growth will take years, if ever, to catch up. You will own nothing, and be happy.
It is always out fault.
Literally everything this inept administration is involved with, turns to s**t💩 It’s practically impossible for any organization, to have completely unqualified, incompetent individuals in every key position, but this administration, managed to pull it off. From the drooling house plant
occupying the White House, on down.
Its obviously NOT “Impossible” its right there for all to see!
Obviously, the Peter Principle should have had a caveat, that it applied to “private” companies, and NOT government or NGO hierarchies, Universities, etc.
Actually, the “long march thru the Institutions” is normally used in reference to Marxists, but perhaps better applies to INCOMPETENTS, and has even infiltrated most corporations.
The irony is, IF they want people to accept the notion that we should not hire, promote or advance based on Merit (cause thats a white priviledge concept) and should instead hire, promotecand advance based stricktly on how many boxes can be checked off on the intersectional graph, the results are demonstrating to ALL, just how (predictably) ludicrous the idea is.
Carter begat Reagan, Obama begat Trump1, Biden will beget Trump2, hopefully with enough political will behind him to truly vanquish the Uniparty, decimate the administrative State, and START the process of discrediting all the miscreant, over-educated idiots who have eroded our sovereign rights over many years thru generated crises, and manipulation.
And for that to happen, he’s gonna need LOTS if help …from US.
Grocery store today….prices definitely up and milk was scarce but I bought several containers
You can freeze milk.
Wet catfood and dogfood are scarce.
Plenty of fresh veggies.
I spent a lot of $$$$ 😟
Foothills of NC
I buy Long-life milk. I just wish my fresh vegetables would last.
These work great for me.
https://www.debbiemeyergreenbags.com/
These work great for me.
https://www.debbiemeyergreenbags.com/
Organic milk has a longer life than regular milk. I also have powdered milk if it gets bad and I need to cook with it.
Once I cut up veggies, I store them in empty glass jars, usually canning jars. They stay fresh longer.
Cat food shelf was almost empty at Walmart.
Pet food from chewy.com, petflow.com or curbside pickup at Petsmart, mainly so you can see what they have when you place your order. Of course, I’m positive the FedEx got hates me when the food and cat litter orders come in…
“That weird picture with the Bidens and the Carters comes to mind. The scale within the picture is appropriate when considering inflation and what is to come.”
7% inflation?! Izzat all you got? Hold my beer and watch me do this like the “10% Big Guy” everyone knows that I am.
Lower your needs.
Lower your needs and bend over.
People are demanding too much, so reduce the amount of people.
Well… according to Dr Malone (mRNA guy) China, (wait for my shocked face), might be working on doing just that, again.
https://rumble.com/vsb5mq-dr.-robert-malone-latest-disease-spreading-across-china-an-ebola-like-hemor.html
Slim,
Whilst Dr Malone is one of the heroes, it is sad that many(most) people blame China for all our ills – economic and health.
It is a pity that we don’t look closer at the Pentagon as the source of evil.
If you are not too busy have a look at
http://www.21stcenturywire.com/wmd-america-inside-pentagon-global-biowepons-industry.
Have a read and I guarantee it will open your eyes.
A pity our great host Sundance does not have a piece on this.
Sorry. That site is garbage. FYI.
Bill loves us most.
I guess the Biden gang is trying to beat Jimmy Carters record. Old Joe trying to make Carter and Obama look good by being a worse President than they were.
Oil barrel price are back up to their Fall highs of over $80. 1/6 committees won’t hide this.
It’s so important that Aramco is doing well, I bet the Rockefeller’s are marching around with little woodies.
Every time I see that picture of SloJoe and Dr. Jill with Jimma and Roslynn, I think it has to be photoshopped since J & J look so much larger than the Carter’s, who look about the size of my 8- and 6-year-old grandkids.
That number was distorted more than the election. 11-13% is were all core and outlier data indicates.
The picture of Jim Crow Joe, The Trollop, Jimmuh and Mamie is disturbing on many levels. It’s kind of a bummer I was born under the Carter Administration, survived The MaObama Reign of Terror and his Economic Retrograde and now just in time for a mid-life crisis, “They” foist Biden on us.
All of what we are seeing is by design. The communists who control Joe Biden are working to bring America down. The illegals from sh!tholes like Guatemala will easily do with less as they had next to nothing where they came from. They are our replacements. This is one reason the border is wide open.
7%, so BLS stands for bullsh*t.
Doc Jill and I did that….signed….Joey….
What a creepy picture. It should be titled, “Honey I Shrunk the Carters.”
My small town has three grocery stores, but the smaller surrounding towns all shop here too. It’s going to get bad. We’re stocking up as we can.
I understand why oil related products came down. However, does anyone have any idea why meat, poultry and eggs came down?
My previous 1939 home used oil for hot water and central heat with a gas fireplace in the family room on the lower level. I’m so happy I don’t live there or in a cold climate anymore. I don’t know how I would be paying those oil and gas bills now.
Yep. I live in a tropical climate. A pool is all one needs!
Honey, I Shrunk the Carters
They’re like North Koreans in so many ways.
The majority of Americans brought this on themselves … by refusing to pay any attention … for decades and decades … to what was going on around them. By refusing … for decades … to listen to the voices warning them that this would happen if socialists got control of this country. I’ve stopped trying to change peoples’ minds. Not even my children’s minds. My only goal now is to make sure my immediate family (the ones still under my roof) survives the coming chaos and make sure the starving hordes get nothing of mine that I need to do that. Just saying …
Oh, wow – that weird photo of the Bidens and Carters is the perfect illustration of Biden being Carter, only bigger and worse.
Nicolae Ceaușescu, former communist dictator of Romania, imposed a “scientific diet” on the Romanian people. Nominally for their health, it was severe rationing due to shortages.
https://rolandia.eu/en/blog/history-of-romania/romania-under-nicolae-ceausescu-s-communist-regime
I was hoping for a Nicolae Ceaușescu Christmas, but Santa didn’t deliver.
Nice call back, that is …
Civilization is on the skids.
Always loved that obviously photoshopped picture. Pretty bad when even Jimmy Who “I want to be your President” wont grant you a photo-op!
It wasn’t photoshopped. That’s the way the picture was published by the White House.
Wide angle lenses exaggerate the size of things closer compared to things farther back.
It must be someting different than that. Jimmy is closer than Joe, and Rosalynn is forward of Joe’s right shoulder, yet the Carters look like muppets compared to the bidens.
Look at Jimmy’s two feet – huge. They are closer to the lens. Jimmy is leaning way back into the chair, so his head appears much farther away (lens exaggeration).
Speaking of which, look at the bottom edges of both upholstered chairs – they’re curved. That indicates the lens is really distorting the distances (almost like a fisheye lens does). Jimmy’s head is back farther than Joe’s head. It appears that the lens center was on Rosalyn. The image is most likely cropped from original.
Joe Biden is an award winner. He wants to break ALL records.
“How could you tell how much of it was lies? It might be true that the average human being was better off now than he had been before the Revolution. The only evidence to the contrary was the mute protest in your own bones, the instinctive feeling that the conditions you lived in were intolerable and that at some other time they must have been different. It struck him that the truly characteristic thing about modern life was not its cruelty and insecurity, but simply its bareness, its dinginess, its listlessness. Life, if you looked about you, bore no resemblance not only to the lies that streamed out of the telescreens … slogging through dreary jobs, fighting for a place on the Tube, darning a worn-out sock, cadging a saccharine tablet … reality was decaying, dingy cities where underfed people shuffled to and fro in leaky shoes, in patched-up nineteenth-century houses that smelt always of cabbage and bad lavatories.” (“1984”, part I, chapter 7). London 1984, America 2023.
Start at 20% and you will be getting closer.
No one is prepared for this kind of inflation. Open borders, destruction to the most successful economy in the world is intentional. This cold war could be going hot. This could be their final takedown phase. IMO now that they have almost absolute power do you think they will give it up in free elections? I seriously doubt it. First they soften us up with poison shots then starve us and go violent. That seems to be the path they are on.