Seriously, it is very inconvenient. So what if your cost of living is going up? So what if you’re paying more now for just about everything? This could cause problems for Joe
Soaring prices draw both shrugs and screaming in Washington
A continued inflation spike could make it a lot harder for the president to push through trillions of dollars in additional federal spending.
The White House says it’s not concerned. The Federal Reserve is showing no alarm. Bond investors are chill.
But with consumer prices soaring at the fastest pace in more than a decade, some economists are joining Republicans in arguing that it’s time to drop the nonchalant attitude and start seriously worrying about inflation taking hold and possibly crushing the economic recovery from Covid-19.
And if the surge in costs for everything from rental apartments to airline tickets and used cars kicks off a wider inflation dynamic, it could make it a lot harder for President Joe Biden to push through trillions of dollars in additional federal spending while forcing the Fed into growth-choking rate hikes.
Really, that’s their concern? Joe spending trillions and trillions on unnecessary initiatives? Not “the citizens of the U.S. are seeing inflation eat into their paychecks?
Concerns over inflation were rekindled on Thursday as the Labor Department reported that consumer prices rose by 5 percent in May from a year ago, the quickest pace in nearly 13 years. The so-called core rate of inflation, which excludes volatile food and energy prices, rose 3.8 percent, the sharpest rise since June 1992.
Democrats and many economists say that since the numbers are year-over-year comparisons, they look worse than they are, given the severely depressed economic activity during national Covid lockdowns this time last year. And they note that much of the increase was driven by the rising price of used cars and trucks, as well as airline fares and clothing — all of which you’d expect as the country emerges from lockdown.
Well, of course they’re downplaying the inflation, even though inflation hurts the lower and middle class income people they need to win elections.
Republicans are increasingly seizing on every bit of inflation data to slam the Biden agenda and call for the Fed to stop pumping so much money into the system.
Seizing!
And many economists are sticking to their belief that the sharp inflationary pressures will be short-lived, especially given how much used car prices contributed to the most recent report.
“Vehicle prices alone boosted core CPI by 0.38 percentage points last month and by 0.32 percentage points this month,†Eric Winograd, senior economist for fixed income investing at AllianceBernstein, said in a note to clients. “That seems highly unlikely to be permanent—once shortages ease and production ramps back up, prices of used cars in particular should settle down.â€
Let’s hope so. But, what is short term? Because there seems to be no change in the limited amount of used vehicles at this time. And this shortage has driven the value of used up quite a bit, like up into the thousands above normal. And for new the shortage means less discount off MSRP. Eventually, shortages will end, but, will prices come down? Particularly for food and other essentials. Or, will all the prices just stay the same? How about housing? Wood?
(NPR) Rising labor costs are pushing prices up in some areas, but officials don’t believe that’s the beginning of a runaway, upward spiral, like the U.S. experienced in the 1970s. Chipotle said this week it’s raising menu prices about 4% to help cover its new $15-an-hour average wage for employees.
Oops. Anyhow, this is tough for Biden.
Heckuva job Joey!
https://moonbattery.com/as-gas-prices-rise-biden-shuts-down-alaska-drilling/
#10%ForTheBigGuy
#YouMyNiggaBarack
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Don’t get get ahead of yourself there
Puppy boy
The tariff was 20% under Trump but he reduced it to 9% which is where it us now
Might biden bring it back to what Trump had it at ?
Maybe
Thanks retard for the opening.
https://fortune.com/2021/05/29/lumber-prices-canada-wood-tariffs-homebuilding-costs/
Get back to your rice pudding.
#Over70Idiot
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USA oil production peaked st 12mbpd Jan 2020 under Trump
It fell to under 10 million in August of 2020
When Trump left it was at about 11million
It has gone up slightly under Biden
Puppy boy you must always be most sceptical of any data that you WANT to believe
Oil companies are reporting record profits in 2021 Exxon almost 3 billion first quarter
Surely puppyboy you can not object to the capitalists charging as much as they can?
Retarn admitted he is an over 70 idiot.
And proves it again with his idiotic comments.
“Record profits” WTF.
#RicePuddingFriday
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I posted this in another comment section which was inappropriate. I shall repost it here so that other readers might learn the truth and not some half baked set of facts that make little sense.
A bit of perspective is in order.
OBAMA the president who was tasked with ending the wars in Iraq and Afghanistan and got the nobel peace prize did neither. He was also tasked with ending that evil OIL and Natural gas but sadly he wasnt able to do that either.
If you look at U.S. production in terms of barrels, in 2015 the U.S. produced 9.4 million barrels per day (BPD) of crude oil, versus Russia’s 10.8 million barrels and Saudi Arabia’s 10.4 million barrels. But the U.S. also produced 3.3 million BPD of NGLs in 2015, versus 249,000 BPD for Russia and 1.6 million BPD for Saudi Arabia. Thus, in terms of barrels of what the EIA defines as petroleum, the U.S. was already in first place in 2015. In fact, we had achieved that distinction sometime in 2013.
U.S. oil production turned sharply upward in 2009, President Obama’s first year in office. Natural gas production had turned upward a few years prior.
****READ CAREFULLY HAIRY******Oil production had the largest gain under President Obama of any president, nearly doubling during his tenure.
Following strong gains from 2009 to 2014, oil production briefly dipped when prices crashed before resumed the climb at the same trajectory. This is the claim Trump uses which is accurate that in 2017 and 2018(After this crash) oil production was increasing in the U.S. under President Trump at about the same speed it did under President Obama (albeit at a lower growth rate, because the overall volumes were greater).
Who then is responsible for what was — at least before the Covid-19 pandemic — the highest oil and natural gas production in U.S. history? President Obama? President Bush? President Trump?
None of the above.
NOPE. The person most responsible is the late George Mitchell, who is generally considered the “Father of Fracking.†It was hydraulic fracturing that enabled the enormous growth rates of oil and natural gas production over the past 15 years and Who was president is largely irrelevant. Hence, we see oil production ironically decline under President Bush and surge under President Obama.
Now you know the rest of the story Hairy et. al.
Great post!
Note: Obama did everything he could to ban fracking in the U.S. however fracking and oil exploration provided so many jobs in the depressed economy at that time that it became politically unfeasible.
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