The Bureau of Labor Statistics (BLS) has released the June Consumer Price Index (CPI) [DATA HERE] showing yet another “surprising” increase in overall inflation. For the month of June overall inflation increased 1.3% bringing the annual rate of inflation to 9.1% as calculated.
Economists and financial pundits are “shocked”, “surprised” and the proverbial “unexpected” is running amok again amid the typeset. The reality of Joe Biden energy policy being the origin of our current inflation crisis is being avoided at all costs by the pretenders. The federal reserve raising interest rates can only impact the demand side, but it’s the supply side (total energy policy) creating the problem. Table-A shows the overview.
(CNBC) – […] The consumer price index, a broad measure of everyday goods and services related to the cost of living, soared 9.1% from a year ago, above the 8.8% Dow Jones estimate. That marked the fastest pace for inflation going back to November 1981.
[…] “U.S. inflation is above 9%, but it is the breadth of the price pressures that is really concerning for the Federal Reserve.” said James Knightley, ING’s chief international economist. “With supply conditions showing little sign of improvement the onus is the on the Fed to hit the brakes via higher rates to allow demand to better match supply conditions. The recession threat is rising.” (read more)
If you dig into the details, the inflation picture shows just how deep the energy policy is hitting. Everything is impacted by Joe Biden’s radical energy policy. Table-1 breaks down the data a bit more specifically. However, even this data is skewed by the BLS putting a weighting factor on the importance.
♦ The rate of annualized inflation for natural gas is now running at almost 100%. Meaning if things continue, the current price will double again by this time next year.
♦ The rate of annualized inflation for gasoline is running at 134%.
♦ The annualized rate of energy inflation overall is running at 90%.
These are the results of the people behind Joe Biden implementing the Green New Deal program by executive fiat.
Also, keep in mind the current increases in farming costs at the field have yet to reach wholesale and retail. The fertilizer, oil, diesel, packaging, transportation and energy costs at the field will not arrive to the fork until later this fall. That is when food inflation will surpass energy inflation.
Current cattlemen and ranchers are finding it more cost-effective, due to drought and high feed costs, to take their cattle to slaughter. There is a temporary drop in beef prices for the next several weeks before the supply roller coaster sets up a scenario for massive increases in beef costs this winter. Consider buying and freezing now for use later this year and into the winter. Try to buy directly from cattle ranchers.
Later this year the next wave (#3) of food inflation will surpass the last two waves. Things will get ugly because there are also predictably shortages of food coming. Higher farm costs and global food supply shortages equals much, much higher U.S. prices. Prepare.
https://youtu.be/X_gmBBZc-Jo
A more apt number, a more honest number is the one provided by Shadowstats…17.3%.
The government agency putting their number out must think we are all idiots.
I don’t move around the interwebs as I once did reading the democrat apologists and their policy commentaries.
Do they still go on and on about how great democrat policy is?
Democrats should be proud. They wanted control. Now they have it.
Yes, I know, it’s one big happy uni-party. Still, some just never quite get themselves to accept they were had a long time ago.
Yes, they do, phflipper. Even and especially in the face of overwhelming and undeniable failure.
Tell a lie often enough….you know the rest.
You are branded as a perenial liar, and NO ONE believes anything you say?
I start from the premise that everything the government and their political party enablers say is a lie, Dutchman. Makes life so much easier.
Joe Stalin has to be the biggest liar America has ever witnessed.
First it must be understood that you’re lying. The word salad from the enemedia propagandists still blames Putin, Trump, climate change or the lack of abortion access (the latest addition).
Yep, no matter how you couch it and the data – somewhere between 15-20% annualized. 17.3% would be about right.
And yes, they are counting on all of the idiots and sheeple to be dumb enough to believe them.
I often wonder how many actually pay any attention to the number itself.
Just went for a small fill in shop at our neighbourhood Walmart.
The lady who checked me out has become a friend and we talk. When I saw the total for essentially nothing I remarked on it, and she said, “Yes,and you didn’t buy any meat either.”
Then she told me someone came in last week and bought $400 worth…and paid all of the bill with an EBT card.
My friend has had her part time hours cut down to nothing, as have her colleagues in this particular store; and from what I am reading, all Walmart’s stores are doing the same.
If that isn’t an indication of how bad this is getting, I don’t know what is. But at least the EBT card users aren’t bothered by the rate of inflation.
Just a question, ask her how often this person comes in a month. My understanding is they only get so much per month, and I believe that should have used up there quota for the month.
I believe this is so. Nevertheless, I often wonder if these EBT cards are subject to the same fraud which seems to affect almost all government handouts. In the end, I don’t know about that either, but I read a lot about fraud, and I can’t imagine it does not exist within this incredibly broad entitlement.
They are. I used to check at Walgreens , and they would come in and use them and when rejected for non payment, they wanted me to fix it. I would tell them to call their local welfare office ,I was not their bank.
Or how many EBT cards do they have. Would not surprise me if they have 2 or 3 of them.
BOOM BOOM!!! My thoughts exactly.
Yes and then to go to food banks after that.
Yes, I’m pretty offended by food banks. For genuine needy a life line, but to have EBT and then go to a food bank, is a disgusting insult. The scroungers should be forced to work for their benefits.
I believe that Crimson Kenyan eliminated that requirement, a law passed sometime in Bill The Rapist’s presidency, because it was racist or something.
Or not allowed to vote since they have no skin in the game and just vote for the most freebies promised.
Some EBT folks get over $1000 a month, that is like 8 times what I spend of my own money.
In urban centers they actually teach classes on how to game the system.
Again, the business model that does not include layoffs. But the end result is the same. Less work, less income. Less money for the employed to have available to spend.
I bet the reduction of hours is not enough to allow for unemployment?
Cut the hours but still employed means their ballyhooed super dooper employment numbers aren’t affected. These days, it seems holding onto a job is paramount. The job cuts will come soon enough in greater and greater numbers.
And yet, there is a big fat sign right outside the main entrance of this neighbourhood Walmart looking for workers…starting $12-17.
Make of that what you will, Aggiegirl.
My daughter is working a Summer job that is operating like most businesses in our area.
To cut costs(understandably) to stay afloat:
Most days my daughter calls me to pick her up at least an hour earlier than her scheduled quitting time.
Looks and sounds to this child of the sixties and seventies like the building of a large wave of unemployment.
This is a good learning opportunity for the young with a good work ethic and a mind for business and how it ‘melds’ with government.
You’ve just described the employment practices of the eatery which employs our twin grandlads of 17. Hours cut, and yet they are hiring more young people like them.
Perhaps ours are the exception to the rule…always show up and on time, as about 15 minutes before their shifts. But I understand that no shows are a thing. Ours would never do that, I guarantee. I’m their grandmother and have indoctrinated them as to responsibilities and time keeping. They’d hear from me otherwise, which is something they do not want.
My oldest deals with this as well. He works long hours (he’s one of the few “full” time) because so many of the younger (he’s 25 but has work ethic- the others are 18-22 ish) workers either call off or they literally do nothing and dare management to fire them- they get unemployment. My son says it happens daily. He worked for 21 days straight because of this issue.
He was fortunate to keep his full time position. He doesnt’ complain cuz he’s single and likes the money- he said “Well, at least the gas is covered to go to and form work.”
Reading your comments here, Dwayne, I am not surprised he is the type of young man that he is. I know you are proud of him. He is a credit to you, sir. B
Thank you for the kind words. I am proud of him. He just got a promotion and is moving to VA in two days to fill the position. He’s excited and I am looking forward to seeing him make a life for himself.
We always hope for a good future for them. We do our best to inculcate strong morals and manners and a work ethic which will see them advance.
And once that’s done, we have to turn them loose and pray Almighty God will watch over them when we no longer can.
I believe the hardest thing as a parent I ever had to do was watch all three of mine go out them door away from my sight.
All the best to your lad, Dwayne. You’ll get great pleasure in watching him rise through the ranks. Blessings to you both. B
You are just plain awesome! If only we could clone you or send you out on “Grandma” loan!
Same in my ‘hood. Local gas stations are hiring too. So they say. My DIL works for WMT, am wondering if her hours will be cut soon. She is in a small rural farm town. So the selection of employees is limited.
There must be some aspect of government funding for them, Walmart etc, to work around. The gas station I go to is “hiring” but I never see new faces there.
My nursing agency keeps offering me contracts with the one thing I cannot negotiate on and they know it so the client is not interested. And that excludes me from unemployment. I have one option that am not ready to deploy to yet.
I work for a temp agency anyway so I am not considered “employed” in the numbers. But for unemployment, yes, as long as I don’t turn down anything. And the agency gets to check a box on their audit form.
If I’m reading you rightly, good. No negotiation. Ever.
I do remember an analyst earlier this month speaking about the jobs report unveil the fact that hours worked had gone down. That’s the true story of employment gymnastics. I also believe there are gymnastics done on the CPI. See the rates of increase on major items. Lots of double-digit increases from the high 30’s to almost 100% for things that people use everyday. Who gives a flip about car prices and apparel?
That’s one tool for the manipulation of the numbers. Things that are one of or infrequent purchases. Figures can be made to say whatever the person manipulating them want them to say.
“But at least EBT card users aren’t bothered by the rate of inflation.”
Yet another clear indication the Brandonites KNEW exactly the results their policies would produce; LAST year, well before inflation got going, they INCREASED the amounts for EBT cards, by TWENTY FIVE percent, which is a MASSIVE increase.
They knew, and were handing out their bribes to the poor, preemtively.
So that’s why “they” aren’t rioting over this..
Exactly, notice how there is a segment of the population who are not complaining about food prices, going up 30, 40, 50% + It’s quite obvious who is getting all the free food.
You do hear them complaining about gas prices though. I’m not sure why, everything else they get is free.
yet
But isn’t that controlled by the states?
All states get block grants from the Feds, just like they do for Section 8 housing, schools and Medicaid.
And as a senior citizen, all we got was coal in our stocking in the form of a massive midyear increase in our Medicare premiums.
But then, according to the government and Ezekiel Emmanuel, we are past our sell by date.
The administration increased their EBT allotment by 25% if I am not mistaken and Sundance reported on this at the beginning of the year.
No, you are not mistaken, but I had forgotten about that. Almost as if they knew this level of inflation was coming or planned for. Gotta watch out for your voters.
Well SS sure didn’t get 25%!
Well, Betsy, I do believe they were all given a 25% increase this year.
They were. I remember thinking at the time, something wicked this way comes…and so it has.
How much is inflation if others are paying for the democrat voters free food and housing?
The people they are counting on are the people who have jobs and pensions paid through taxpayer dollars.
Most of them have very little financial knowledge. Many have none.
They think money grows on trees . As far as they are concerned it does. They get free healthcare. Fund little if any of their pensions and have very light work schedules.
The worst of them are the people who are retiring now. 30 years ago most of then were unable to land a competitive job so eventually they went to the government to find a meaningless low paying job. Over the years pandering politicians gave more and more to them to buy votes and now these same dullards are retiring very well off.
If they hear us complain about money , the same low information people , without your asking, will say that it your fault “you should have been smart like me and taken a position with the government”.
The people I am talking about will vote Democrat for the rest of their lives.
They are a corrosive voting block and there millions of them. We call them useful idiots and they are our mortal enemies.
One more point. If history is any indicator negotiations for pay increases next contract time will begin with an adjusted pay scale benchmark based on inflation escalators to as they the local arbitrators say “ make our valued essential workforce whole
again”. Naturally at the taxpayers expense.
What is the unfounded liability’s number up t9 these days ,about 190 trillion dollars?
That is why they really aren’t all that concerned.
I’ve been seeing a lot of Govt’ employees driving in new Mercedes Benz lately.
Sign of the times I guess???
A trip to DC about ten years ago left me speechless. The suburbs around the city were a virtual show for exotic cars, glass tower condos and gated enclaves for expensive houses. The lifestyles of the rich and leftist was stunning.
This escalation of the federal government pay scale started in the 1990’s when that administration started the narrative that the government had to pay like private companies to give the taxpayers the services they deserve. OK.
Teachers in our local school district average 105k after 10 years service(age 32) and I’ve known professors at our local colleges who make as much as 250k and complained to me about being asked to teach a freshman course.
This to me explains the highly educated cohort that gives high approval ratings in all surveys to criminal and addled regimes.
The shady shadow economy does not consist only of smuggling and poker machines.
I agree with this 100%.
“The government agency putting their number out must think we are all idiots.”
Many people are, especially when it comes to economics.
On the BS CPI figures:
Substitutions and Hedonics: Inflation Data Absurdities
Jan. 24, 2007
https://seekingalpha.com/article/24933-substitutions-and-hedonics-inflation-data-absurdities
I have long railed against many of the absurdities associated with modern Inflation reporting. Let’s take a closer look at some of the specifics:
And “tax those greedy corporations” works great with the majority who don’t know what a business balance sheet is. Just a few minutes of training in high school would end that… which is why that isn’t a part of the core curriculum in government schools.
Thank you for the link, Winston.
And this is why I keep harping on about establishing a high school graduating requirement for passing a course in economics and personal finance, the same as for history, civics, math and English (feel free to add any other you think would more beneficial for a well rounded education than gender studies or CRT).
Economic ignorance is woefully at epidemic levels.
^^^This!^^^
I must add as long as the economics isn’t of the Keynesian variety.
No it’s Kenyan economics .
Well defined, Mycroft. Touche.
Are these “Experts” really experts or just shills for the establishment? And, yes, Betsy Jones, they do
think they are stupid. We have geniuses like “Taco Jill” and the best of all, AOC. AOC is obviously an economics expert. She went into Bed, Bath and Beyond looking for balance sheets. Next she marched into IKEA to pick up an actuarial table for the dining room. Lets face it, with the puppet in the White House taking orders from his masters, what could go wrong?
Plenty.
I can call myself an expert in anything I wish and expect to be “validated” as one. That’s the disturbing game of pretend being played today (h/t Sundance) which we all must sign on to.
I won’t participate in their lies and psychopathies. But they are so wrapped in those things, I think they believe there is no one out here in the rational world.
But in general, just watching and listening to the insanities and the inanities from all parts of government day in, day out, I feel as if we really have stumbled into Alice’s back to front world…and there is no escape hatch anywhere here.
They actually do not care if we are smart or stupid. Doesn’t matter when they
can steal elections and get away with it. It is all about power and control.
http://www.shadowstats.com/alternate_data/inflation-charts
Shadow stats uses the government’s 1990 methodology for calculating inflation, and using this method takes inflation to near 18% which is more accurately what we are experiencing in the market. The graph above shows the Shadow Stat inflation number vis-a-vis the current government methodology which is designed to mask the true inflation numbers. No way inflation is at 9% as reported.
So true, and don’t we all know it. Manipulation, be it in words (“vaccine”) or figures, as with inflation, is a hefty tool in their toolbox. Whatever it takes to achieve their nefarious purposes, they will do without compunction.
We know what causes inflation I know we’re not idiots, but I do know that all government employees in the federal government are liars. Is that a broad statement of course it is but when the federal government have weaponize itself to destroy America. They pretend to have no knowledge of their actions or consequences so that makes them liars.
Oh how true.
shadowstats should be the go to site for anyone interested in an honest take on government statistics
It’s a gem of a site all right.
The ’17’ caught my eye, around 2010, with all that unemployment back then, I was talking with bankers in dealing with my dad’s financial stuff and they were saying that in the Chicago suburbs, that was the real number and some pockets in Chicago had numbers at 23%.
The only difference is back then, it did seem to mellow out, we were in pain but surviving, barely.
Kitchen Table Economics were a viable business model for families, now, not so much.
What frightens me about this time, survivable may not be sustainable.
I am hoping that the midterm results can reign them in enough where things can be turned around, turtle be willing. Yeah where is he by the way?
I swear they use the same form of creative accounting that Enron once used and caused their demise.
You are right, as far as I’m concerned. There is a different feel this time.
This isn’t something that just got out of hand. It is all deliberate, and we are being bombarded on purpose. And like you, I’m feeling extremely uneasy that the economic cycles which routinely come and go are being reconfigured for a most devastating and permanent outcome.
It’s s because back then even thought inflation was on a rise, salaries were steady or increasing.
This time- salaries are decreasing and inflation is out of control…all by design.
What do you call an “expert” who is continually shocked and surprised by results?
They identify as “experts”. Not the same as actually being one.
BOOM!
Expert= A drip under extreme pressure.
So they are trans-experts then.
a government employee or a college professor?
A continually surprised expert is one that failed as an expert in the private sector and now works for the government.
An “Intellectual”?
a democrat
A corrupt leftist msm “expert”! Another word leftists have destroyed the meaning of!!! Leftist “experts” are always wrong!!! Always wrong but never in doubt!!!
Either a liar or a fool.
A communist.
“What do you call an “expert” who is continually shocked and surprised by results?”
A Journalist?
A Politician?
An Academic?
A Fauci?
A lefty Enviro-nut?
A progressive educated white woman?
Maybe one of those “world leaders”, I keep hearing about?
All the above?
A POS?
Someone who is paid by another and has NO skin in the game.
That is the definition of an “expert” (at least the Democratic variety) these days.
A writer for the Yahoo Financial page
Pompeo
My HS chemistry teacher defined Expert as:
“X”, your “unknown”,
“Spurt” a result of or being under “pressure”.
1776 is the fix for 1984.
Inflation is just the process by which you “will own nothing”.
Are you happy yet?
The tell on how they view what they consider “worthless, non-producers” in the current communist run US, will be in the annual SSI cost of living increase. While that increase should be in the 50-60% range, when they lie and manipulate the numbers, seniors will be looking at a 2% cost of living increase in their SSI. We don’t rely on SSI but millions do. Can’t even imagine the impact on those rapidly becoming destitute people.
LAST years #’s are used to set THIS years COLAS, typically the # is announced in Dec.
For 2022, and based on (admittedly distorted) Cost of living increases that occurred in 2021, the COLA increase was 5.9 percent, well before inflation took off.
Hard to see how they can not give an increase of AT LEAST 10 percent,..and that is a TREMENDOUS drain, just for that ONE “entitlement” program.
As noted above, EBT card holders all got a 25 percent increase, well before inflation took off, and that is ALSO a massive increase.
Imagine a 25 percent raise in your salary, as a comparison.
Mindless Monetary Theory has taken over, and they are running amok, and seemingly can’t bury our nation fast enough.
Agree, a 10% hit on an entitlement program is a big number. The EBT program is generational farce. 25% into that program supports globalist corporations and those in Democrat inner-city plantations so of course that program will be well funded.
Eric Metaxas calls it the Green Raw Deal
It’s really hard to take that the CNBC babbler spends his time comparing the monthly/yearly price increases to past periods of price increases.
I suppose some historical perspective is a good thing to have to get a sense of the magnitude of the disaster that is unfolding. But why is that the first thing he does? We are not all interested in what economic data was; we’re interested in the price of food and energy today and WHY it is increasing.
This is partly how the media crowd of pseudo journalists NEVER get to the hard part and NEVER place responsibility squarely where it belongs: FJB.
i got a notice from my gas supplier yesterday and summer fill for propane is 1.63 cash per gallon.i talked to them this morning and he said the price is down from last year as there is a current glut of propane,said better stock up now as he wondered if joe was gonna screw it up too.
The price of propane has been down for several months. I noticed this to be the case when I started using my trailer in March. The guy who refilled my canisters didn’t know why the price dropped. Propane is a by product of petroleum refining so I’m confused by the price drop as well.
Less people can afford it, ergo those who can are seeing deflating prices. For now.
It dropped because ‘oil’ is a natural product and is different from source to source. In addition, demand for the various products of ‘oil’ will be changed by prices. Then layer on what the processors of ‘oil’ have the capacity to produce my type of ‘oil’ plus distribution constraints.
All you are seeing in your ‘local’ price is just adjustments to what remains of the free market influences above.
In short, the system from source to the consumer is many trillions of times more complex than a fool in DC can manage.
“In short, the system from source to the consumer is many trillions of times more complex than a fool in DC can manage.”
I’d add to that, more complex than *ALL* the fools in DC can manage.
I use natural gas to heat my home. Don’t have any other gas appliances.
Kept the thermostat down to 67 degrees all winter, which is 2 degrees less than I used to, just to keep my fuel usage lower.
Last winter was not as cold as typical in my area, pretty mild temps.
I am on budget billing.
Got a notice last month that my bill was going up, from $33/month to $55/month, starting with this month’s bill.
I thank the Lord that I can manage this, as I am cutting back on some other expenses, but this can be devastating to a lot of seniors on fixed incomes, as I am.
Thanks Joe.
I don’t know if you have wood in your area, but a potbelly stove can be very useful? They are sold out in Germany BTW. In the PNW we have so much wood, most of it just rots on the forest floor.
Also, keep in mind you don’t need to outrun the bear, just ‘enough’ of the unprepared.
Eventually, the unprepared do the storming, stop the bullets (which only makes the survivors madder BTW) and then they go on to overwhelm the idiot jackboots too stupid to abandon the defense of an illegitimate government. Sri Lanka is typical of what happens when enough people get desperate. When the potential price of revolution is far lower than the price of certain starvation.
Hopefully to be replaced by an honest election system, composed of patriots and a much smaller government constrained by the Constitution.
Murphy’s in Brunswick, GA
87 Octane 10% ethanol $4.169/gallon
90 Octane 10% ethanol $4.299/gallon
90 Octane Ethanol Free $4.219
Why is the Ethanol free, which should give you about 3% better mileage, cheaper?
I live near the coast and I see less boats on the water and fewer trailers at the boat ramps. The price of fuel has reduced marine activity and I suspect there is a glut of ethanol free gasoline.
Sadly, I’m sure there are many people who can’t do the math, or don’t know they can run it in their vehicle.
It also costs more to produce Ethanol as it does Ethanol free, plus Ethanol plants uses thousands of gallons of groundwater/day in the production process. Water that is needed for drinking and crop irrigation.
Yes, but the US government provides both penalties and subsidies for its production.
In short, the free market, if left to its own, would never produce this.
I’m still trying to find the clause in the Constitution where the Federal government should have ‘anything ‘ to do with this?
If you ask a leftist, it’s in the paragraph next to the one regarding their right to have abortions.
So gasoline provides 1.3x the energy of ethanol per unit volume.
So lets do the math for 90 Octane to keep it even. 90 x 1.3 +10 x 1.0 = 127 vs 130 or 97.3% less energy for 90 octane 10% ethanol vs pure gasoline.
Now if your engine runs fine on 87 vs 90 ethanol free, the price difference is 1.1% higher for pure gasoline.
It’s pretty much a wash as I can see, with the tiebreaker being real gasoline?
The proof in the pudding is Sri Lanka
The WEF in 2018 claimed Sri Lanka would be RICH by 2025 if they implemented these new Globalist policies.
They held one of the highest ESG scores in the world around 98
Last week their President fled the country and the citizens who are starving took a match to the Presidents mansion.
Now just 3 years later the world can see that The Green New Deal (I.e. Build Back Better) is a fraud! It doesn’t work.
All a ploy to destroy and take ownership away from citizens.
The WEF will ignore Sri Lanka sooooooooo hard.
And continue the same ideology in everyplace they can get away with it.
The USA has the world’s largest economy, and therefore, we are the main target of the WEF.
Perhaps that is the projected point at which the Davos/WEF satanic stooges have murdered 95% of the population?
At which point they sweep in with their worthless fiat currency, take control of the real assets, and make slaves of the survivors?
WAIT, till they have their next meeting at DAVOS, and then lock the doors, bar the windows, and burn the place to the ground,…salt the earth, and then erect a monument to try to remind future generations of how the elevation of stupidity nearly destroyed humanity.
It (reminding future generations) will only work for 1-2 generations, and then the demons if Satan will rise up, again and WE will have to decimate them, again.
Or maybe Putin will do the future of mankind a favor?
A hypersonic missile can send them all to their lord in Hell in less than two minutes if launched from a sub in the Adriatic Sea.
I can’t think of anyone aware of their fraud, corruption and mass murdering plans who would shed one tear.
Rather there would shouts of joy and celebrations around the world. The rest of these satanic evil Davos/WEF types would flee and crawl into some hole, denying they were ever part of such an evil plan when we dig them out.
Same with Ghana. Tucker Carlson noted that Ghana had an ESG score of 97.7 as the result of embracing a push for organic fertilizers and renewable energy and the country is now going down the drain.
Can’t stop the train now it’s barreling downhill towards us .
But remember to hold a tad low when shooting upslope.
Or up when shooting beyond your effective range on level ground.
But the black, gay Barbie doll with the bronze eye shadow just told us the FJB economy was historically wonderful.
If you lived among some of the dumb-ass Libtards I do, you would understand why she gets milage.
Approved public narrative inflation will not be allowed to touch 10%. With gas prices slightly “moderating” holding steady for a bit, I’m sure July MOM will be a bit less and thus YOY may go down a touch. Heck, down 0.1% will be heralded. And they will trumpet from the rooftops. And then fall/winter energy will roar in with a vengeance.
And of course “moderating/lower YOY inflation” (when it does happen) does nothing for the continued and holding price levels now compared to 2019/20.
It is difficult to love and it is easy to hate. This is how the whole scheme of things works.
Good things (Trump: freedom / great economy / security / peace) are difficult to achieve, while bad things (Biden: tyranny / depression / inflation/ invasion / sex trafficing , stupid wars) are very easy to get.
– Confucius
It takes a lot of steps, time and energy to ascent to the mountaintop.
However, just a couple of steps, and almost no energy, can get you back down to the base of the mountain.
Thank you Sundance for the analysis.
When one messes with energy supply (discouraging investments here, and all of them being long term investments, in terms of return on capital), thus increasing its cost resulting in increased costs of all produced goods, and, simultaneously increasing the money supply via MMT, this is the predictable result. We all predicted this the day the pResident canceled the pipeline via exec order on day one of his office last year.
Unfortunately, for the people, especially in the bottom quartile of earnings in the nation, this makes their lives so much more harder. All the while, heavily discounted oil from Russia going mainly to China (yes, and to other countries in Asia too), makes the produced products and goods in China far more competitive. I don’t see how this course can be reversed until there is VSG PDJT back in the White House.
Don’t forget that Biden sent oil from our strategic oil reserves to China, too, through the Chinese company his son is affiliated with.
We are not only getting raped but we are taking the rapist out for a nice dinner and a movie, first.
Yes, @ Val, that is more recent and it just piles on. The very near term drop in fuel prices is owing to fear of demand destruction, i.e., economic recession. The only proven way to reverse this economic malaise is to undo restrictions on O&G industry at large, and, ‘stop printing’ money! Thank you.
Looks like another big COLA increase on SSI, accelerating it’s bankruptcy.
Cloward-Piven at work.
Fine with me, I’m on full SS retirement, so give me my money before it goes tits-up.
Which increase will be more than swallowed up by increases in Medicare payments…per usual.
Yes, plus don’t forget if you need to draw more from other reserves to pay for the ‘real’ cost of living, they progressively tax away something you paid your whole life into.
indeed. it’s a game
The COLA is after the fact, a full year behind. And short of the ‘real’ inflation numbers.
This just doesn’t get addressed but hey, 40 BILLION + for Ukraine? At the snap of a finger. BTW, more than few in government want to change how the COLA is computed so that whatever you get is reduced now, and more so in the future. USG has to save money so there is enough for Ukraine and benefits for illegals.
Yes. Right now SSA is projecting a 10.5% COLA for 2023. But that can change.
.
https://www.cnbc.com/2022/07/13/social-security-cost-of-living-adjustment-could-be-10point5percent-in-2023.html
Thank you GB.
👍
“The reality of Joe Biden energy policy being the origin of our current inflation crisis is being avoided at all costs by the pretenders.”
I absolutely love this statement.
The “expert financial advisers and commentators” such as Jim Kramer and that twit in the CNBC clip, are working hard to lose all their subscribers. Doubt that I’ll ever take advice from one of these jagoffs ever again.
Meanwhile, the government will take in massive amounts of tax money due to inflation, which will tickle politicians pink.
So that of course means they’ll want to spend more, thereby making it worse.
Not like they’ll pay down the debt or anything responsible.
Exactly, not only do whatever raises you get not cover inflation, but the tax brackets don’t adjust correctly either.
And no one in the “opposition” party has done a d**n thing to try to stop it! We have no representation whatsoever in this illegitimate regime!
And they spin it
“US inflation hit 40-year high in June, driven by record gas prices”
“3 reasons not to panic about decades-high inflation”
Seems low
Embrace the suck by stocking food, ammo, essentials and meds.
Hopefully if enough people do so it will give them the confidence they need to finally get off the sofa, come out from behind the keyboards and stop hiding behind voters registrations as a means for false change.
This will take a fight… Put yourself in a place to actually have it.
If I recall right, June of last year was when inflation really started to skyrocket. Sundance pointed out that Biden and company would look to June of this year and claim that the “rate of inflation is decreasing” simply because it had cleared the one full year threshold to make it appear as if the “rate of inflation is decreasing”.
These numbers are SO.MUCH.WORSE. than democrats hoped they would be.
And they will * NEVER* admit it’s their own energy policies at the root of it all.
If it were not for the midterm elections coming up, democrats would drive on even harder and act like nothing was a problem.
Ideology over reality at all costs to them.
No retiree, living on SS, when shopping for groceries, is comparing the price of food now, to a year ago.
More and more I see people on fixed incomes at the grocery store, standing in front of the shelf, for minutes at a time.
They are not calculating, to decide which package of desired item is the “best deal”, they are making the painful choice of what additional things they are going to have to go without.
And, this time around, they don’t even have “the catfood option” to turn to.
It’s gut-wrenching, and it’s only gonna get worse with the communists democrats in charge.
Shortages are coming next, certainly in Europe and perhaps the US as well.
The Green New Deal is the amount of Green necessary to deal with the soaring costs.
Brilliant!
Lets Go Brandon!
The diamonds must be returned”
America and capitalism (and the Christian religion?) is mostly founded on the principle that there are forces beyond the control of evanescent humans or social forces.
The 19th century conceit that God is dead, and human society has the power to replace God, is far and away the sickness that plagues us.
The fools who infest globalist institutions think they have the power to change the climate. Humans can control the weather? Sweet! Start now..
The humility that flows from religion is mostly what these clowns lack.
Replace “humility” with “wisdom” in your last sentence and I am in 100% agreement.
Start now with your strategy, planning and preparations for NOT starving next year and beyond. That could be gardens, hidden food caches, preservation, etc. Even if you have the money, it may not be in the stores or you can’t get there. If you have anything, how are you going to protect it from theft?
Retired Magistrate here: Second Amendment.
As Joe said today. These numbers are “out of date”. No kidding. Data points by nature are historical.
Even lefty idiots know the current numbers are much worse.
I lived through the 70’s and 80’s. The difference today, is how quickly our economy went from on fire with Trump, to circling the drain with Biden.
Damn near gave me whiplash.
I can see we are in big trouble. I am well situated to ride it out but I am more concerned for the future of our children.
Leftist Democrats are certainly to blame. But, in my world, I am far more ticked off at the RNC and most Republican pols in general.
People who were supposed to represent me in our Representative Constitutional Republic. Instead, all I got were platitudes, broken promises, road apples, and bent over. Goodbye R’s.
Voting for the lesser of two evils is nothing more than kicking the can down the road.
And my broken record player goes around again, and again, and again, and…
I read comments here, and articles elsewhere, that make it obvious the author either doesn’t know what “RINO” stands for, or hasn’t truly embraced the concept.
Originally, it was used to label those “squishy” Republicans like Susan Collins, ..who took turns, on key votes, betraying the National Republican base.
The Trump effect exposed many things we Republican base were “pretending not to know”;
that it is NOT just Collins and Murkowski that are “Republicans In Name Only” i.e. they support the SAME leftist agenda of AOC and Pelosi, and just lie about it.
The Republican Congressional Leadership, and National party leadership are equally LEFTISTS.
How about “NeverTrumpers”? We used to call them “Neocons”, and now call them “NeverTrumpers” due to their pledge to NEVER accept PDJT, and to fight “for the soul of the Party” against MAGA.
Thing is, no one more clearly deserves the “NeverTrump” label, than Mitch McConnell, Paul Ryan, McCarthy and Graham
So, RINOS are leftists and NeverTrumpers, and yet “we have to pretend not to know” all that, and vote for them anyway “so we can take back the House” and cause “the Democrats are WORSE”?
No more weavils. I will rip my own arm off, and beat myself senseless with it, rather than use it to cast a vote for another weavil.
Agree.
Exactly, vote for the libertarian and see where the chips fall. At least the libertarian will oppose all of the WeF nonsense policy.
Pretty soon US cities are gonna look an awful lot like Sri Lanka.
Portland was first out of that gate. Seattle’s not far behind.
It Gets Ugly: Inflation Shifts to Services. Food, Fuel Spike Too. Dollar’s Purchasing Power Swoons.
by Wolf Richter • Jul 13, 2022
https://wolfstreet.com/2022/07/13/it-gets-ugly-inflation-shifts-to-services-food-fuel-spike-too-dollars-purchasing-power-swoons/
Ya gotta love Table 1 for “Food”….
Complete unadulterated Bullshite.
Complete. Total. The Whole She-Bang(TM). The Whole Enchilada(TM).
Absolute psychopathic liars.
Talk to my grocery cart and everyone’s oil torch(s) and pitchfork(s).
SEE IT NOW
Biden’s Energy Policies trigger higher fuel cost, resulting in higher manufacturing cost and higher transportation cost to produce retail products costing more.
Biden’s Energy Policies trigger higher fuel cost, resulting in lower effective wages since more income is directed towards food and transportation by retail buyers.
Lower effective wages are forced to buy retail products costing more. Resulting in fewer retail products being used. Resulting in higher manufacturing and transportation costs. Resulting in fewer retail products being used. Inflation!!
Effective Income goes down while manufacturing and transportation costs go up.
It won’t stop until the energy for manufacturing and transportation sources goes down, and even then. This will require lead time for the volumes required to return. The manufacturing sources are not in our country for a lot of retail products.
I will be ‘shocked’ ‘surprised’ and and it will be very unexpected, when/if ‘the economists’ are NOT “shocked, surprised” and if economic #’s are “as expected”.
THEY can ‘jiggle the #’s’ all they want, and use the msm to try to sell their New Coke tastes like piss product, but actual PEOPLE, trying to ‘jiggle’ their OWN #’S, to keep their head above water, and focusing on ESSENTIALS,….ain’t buying it.
“It STINKS, and I ain’t EATING IT!”
What a timely article.
Family member called today. He has financial planner.
I knew that whatever I told him about financial matters that he would never listen.
I held my tongue.
He told me he just found out he has lost 92k and his wife has lost 90k.
182k is a lot of money to lose. Their retirement accounts.
I then started to tell him about Dutch farmers and Sri Lanka, fertilizer and food situation.
Nope…his words were to the effect–that has nothing to do with the US!
It’s fake. Biden was holding up supply chain—blah..blah…blah.
Oh Well. ….I tried.
I believe until it actually happens -people like him will be in denial.
Good news is that I told him awhile back evening news he watches is fake. He is even mad at evening news now. He was telling me all about how fake the news is 🤪. Go figure.
So I texted him articles about Sri Lanka and Dutch farmers. Told him to prepare accordingly.
Now I guess we will go back to—-no talking about politics. 😔
A man hears what he wants to hear and disregards the rest.
P. Simon
“‘I am leaving, I am leaving,’ but the fighter still remains.”
I always wonder what it is people with financial planners think their planner is a genius when the planner gets them in when the market goes up. Why don’t they question the “genius” not getting them out when the market goes down?
My point is very simple. The whole “my planner” thingy is nothing but a giant scam.
Meanwhile that planner lives in a million plus dollar house, with two Teslas, a EV charger installed in their house, and eating the same ice cream as PELOSI.
It is a total scam, sham you name it. The people are somewhat at fault. They do not want to be bothered with it so they never learn anything about it. It is definitely not going to be taught or learned in schools.
I have always looked at it as paying and giving someone your money to play with.
And it was my thought too-why didn’t he liquidate when the market was high?
FJB
Do yourself a favor , watch G. Edward Griffin , now 90 , talk about current markets , economy , social credit scores. He’s been sounding the alarm for years , decades in fact.
” It’s Ludicrous the the Fed is fighting inflation … when they created the monster ” – Creature From Jekyll Island author.
Stansberry Research channel / you tube : 2 days ago.
This is a GLOBAL BIDDING WAR that grows in intensity every month.
”Supply Shortages” [scarcity] drive the intensity based on the CONSEQUENCES for each “cancelled usage” that’s outbid.
Energy & Food “cancellation” progresses through Demand Destruction based on personal/industry/government prioritization for (illustratively)
• Discretionary Travel for Vacations/Entertainment
=> Hospitality & Travel Industry Layoffs
• Delivery Consolidation for Goods
=> Amazon & Home-Delivery Layoffs
• Discretionary-Product Import Cutbacks
=> Retail Layoffs & Small Business Closures, Loan Defaults
• Discretionary-Product Manufacturing
=> Plant Layoffs-Closures, Supply-Chain Shutdowns
• Essential-Product Consumption Reductions
=> Production Maintenance Deferrals, Shift Layoffs
• Ag Fertilizer Purchase Reductions
=> Planted-Crop Reductions, Yield Losses
• Farm Equipment Purchase Cancellations
=> Manufacturer Layoffs, Harvest Losses
• Restaurant Outing Cutbacks
=> Restaurant Closures, Supply Chain Layoffs
• Purchased-Food Reductions
=> Health Costs, Workforce & Plant Productivity Losses, Deaths, Manufacturing & Services Disruptions, Supply-Chain Shutdowns, Business Closures, Famine, Mass Migration, Rebellions, Crashed Economies, Global Depression.
Entire Third-World Countries will be the first to be outbid for Food, which will cascade through neighboring Countries and Global Supply Chains, leading to Rolling Regime Changes with catastrophic consequences.
Their endgame is to use food as a weapon against us, that is why everyone should be growing a garden, etc.
The bigger the garden the better.
Lies, skewed numbers, finger pointing….. all of which speeds up the disaster headed our way. To even suggest anything to slow it down, much less prevent it, is totally verboten.
And that’s the rigged number…
I suppose it’s good that they didn’t get their wish which was a slightly lower number for June that would have allowed them to say that their policies are “working” and the Fed can’t say that the rate hikes did any good.
There will be a lot of pressure on the Fed to reduce rates as the country slides deeper into recession.
People are going to wind up looking back on Jan 6th as a missed opportunity to hang the lot.
Well they leaked a fake 10% number, so they could say it (their printed fake number) wasn’t that high…. LMAO.
(Reality is it’s far higher.)
That’s why the FIB is still tracking and arresting Jan 6 protestors every day and judges sentencing them to jail. They, along with big tech who assist them, know it was our missed opportunity.
They are staking out treepers too…., spying on them, J6 committee and schiffhead also enlisted leftist in the military to spy on anyone who doesn’t like FJB.
Hell, even my 5 gal. bottled water went up 20% last month. You can’t get a commodity cheaper to produce than water!
My water went up 30% the second time, I think it was like 20% when FJB got installed and he raised EBT free food allotments. (Most items went up when he did that, what a coincidence?)
Also, my tea went up 30% last month, which is 33% when sales taxes are included. Damn Commies.
Pine needle tea. It’s free, just find the tree.
Almost 100% of the cost of bottled water is the bottle and transportation. Both use oil.
Called car dealer for an appointment. Asked when can they get my car in. Was told it was wide open.
This never happens with this dealer.
I’ll ask and the will tell me but my guess is people have cancelled summer vacations and aren’t getting pre-trip service.
Summer vacations are a privilege for most folks. (Not really in the schedule.)
Sam I’m a little slow today. Can you ‘splain this to me further?
Do you have a problem understanding what I said? Summer Vacations are a privilege, for people who can’t afford basic things, gas, food, rent, car payments! They are not an option, unless people are stupid with their money! LOL. needany moresplaingin???
Thanks for the explanation.
The first part I understood. The second was not clear.
I would say something about your uncalled for snark but then I would be as rude as yourself.
Have a day.
I was in a large Toyota dealership about a month ago for a PM. No problem getting an appointment on a Saturday. But the really sad thing was the six salespeople in the showroom with nothing to do but look out the windows.
And the irony is that Toyota, like many manufacturers, does not have enough cars on the lots.
Generally speaking, traditionally speaking, Toyota tends to sell a lot of cars when the economy drops some because people want reliability.
What’s coming soon, at the rate things are going, no one will be able to pay for anything.
Amazing how all of this seems lifted right out of Saul Alinsky’s Rules for Radicals.
The democrats are doing all they can to turn this into a communist country, and they are doing it as fast as possible.
“A live look at the economy”
**
Seems they have a committee that declares a recession but they wait a year before they declare it.
CNN complaining that they are white people
https://www.cnn.com/2022/06/30/economy/recession-economists-nber/index.html
Another down day for the markets.
DOW 30,771.54 -209.79 -0.68%
S&P 500 3,801.59 -17.21 -0.45%
NASDAQ 11,247.58 -17.15 -0.15%
This is not just Joe Biden. This is the DNC. Don’t let them try to separate themselves from the guy who is implementing their policies. The entire DNC owns this and so do a handful of RINO’s.
^^^ THIS.
The inflation rate for June 2022 of 9.1% is on top of the inflation rate of June 2021 of 5.4% which is a total of 14.5% over the prices of June 2020….And we all know, that the Official Government Inflation reports are far below the actual inflation rate.
It is more like prices have increased by 25% since June of 2020.
It’s not additive, apply the law of compounding interest.
1.054 x 1.091 = 1.1499
So it’s a 15% increase using government numbers, since two years ago.
And since they lie by a factor of 1/2 on each report, the actual inflation over the last two years in closer to 31%.
Can we at least bring back Jimmy Carter, he would be 100% better than this clown. Seriously, can we survive another 2 1/2 years?
Jumpin ju ju bones
If SD won’t say it, I will
Sundance has said this before:
Prepare accordingly.
And this:
There are trillions at stake.
Wait until the Bureau of Labor issues the June Producer Price Index report tomorrow. PPI increases always come first, and every PPI increase translates to consumer price increases down stream.
CPI will go up more, as PPI increases have not been fully priced into consumer prices yet.
My advice? NEVER pay Retail. Since I live a deliberately modest lifestyle … that’s ALWAYS been my shopping mode. If it’s not discounted (and I KNOW what the market price are) … I don’t buy it.
That is wise counsel. I do the same thing. My wife let’s me do the shopping, thank goodness because at one time she would pay full retail and would buy only brand names. I know people who pick up items and never look at the price.
I was at Sam’s today and saw a lady looking at some sleep wear men’s pants. The price was $14.95. I buy them for $3 when on sale and $5 when not on sale. I have a good many because I wear them as lounging pants. I started to stop and tell her where she could get them for $3 or $5.
I have never paid retail for clothes. Never. If it is not at least 60 to 70% off, I don’t buy it.
I have bought brand new with tags still on , top designer name brand clothes at Goodwill for a fraction of the retail cost.
rasmus.com is going to have a boom year. liquidating everybody.