Monthly Inflation

GURPS

INGSOC
PREMO Member

Inflation Soars To New High Of 9.1%


Inflation refers to the percent change in the price level over a given period of time. The CPI tracks a hypothetical basket of goods and services that represents typical spending for an American household. Rises in the price level that outpace rises in wages imply that Americans are spending a greater portion of their income on goods and services.

Between June 2021 and June 2022, the price of food increased 10.4%, the price of energy increased 41.6%, and the price of new vehicles increased 11.4%, according to the Bureau of Labor Statistics.

“Enormous deficit spending of $2.5 trillion just in FY2021 and the first 8 months of FY2022 has meant more money chasing goods,” Heritage Foundation Research Fellow Peter St. Onge told The Daily Wire. “That federal spending competes with households, driving up prices by bidding away resources for government projects.”

Earlier this week, the Biden administration braced for the dismal inflation news — but argued that the June price data is somewhat outdated due to the possible easing of inflationary pressures, especially through lower gas prices. Indeed, prices at the pump have declined over the past several weeks after hitting $5.00 per gallon in early June. As of Wednesday, the national average gas price was $4.63, according to AAA.

“We expect the headline number, which includes gas and food, to be highly elevated, mainly because gas prices were so elevated in June,” White House Press Secretary Karine Jean-Pierre told reporters on Monday. “The President’s number one economic priority is tackling inflation. And looking ahead, there are a number of reasons why we expect those high prices to ease over the coming months.”
 

stgislander

Well-Known Member
PREMO Member

Inflation Soars To New High Of 9.1%


Inflation refers to the percent change in the price level over a given period of time. The CPI tracks a hypothetical basket of goods and services that represents typical spending for an American household. Rises in the price level that outpace rises in wages imply that Americans are spending a greater portion of their income on goods and services.

Between June 2021 and June 2022, the price of food increased 10.4%, the price of energy increased 41.6%, and the price of new vehicles increased 11.4%, according to the Bureau of Labor Statistics.

“Enormous deficit spending of $2.5 trillion just in FY2021 and the first 8 months of FY2022 has meant more money chasing goods,” Heritage Foundation Research Fellow Peter St. Onge told The Daily Wire. “That federal spending competes with households, driving up prices by bidding away resources for government projects.”

Earlier this week, the Biden administration braced for the dismal inflation news — but argued that the June price data is somewhat outdated due to the possible easing of inflationary pressures, especially through lower gas prices. Indeed, prices at the pump have declined over the past several weeks after hitting $5.00 per gallon in early June. As of Wednesday, the national average gas price was $4.63, according to AAA.

“We expect the headline number, which includes gas and food, to be highly elevated, mainly because gas prices were so elevated in June,” White House Press Secretary Karine Jean-Pierre told reporters on Monday. “The President’s number one economic priority is tackling inflation. And looking ahead, there are a number of reasons why we expect those high prices to ease over the coming months.”
In my best (which is not very good) bluecrabby voice, "Yeah, but what about those great job numbers?"
 
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Hijinx

Well-Known Member
I am not a mathematician, Is the 9.1 % added to last months 8.6% or
just 0.5% more.

It sure seems added to it to me.
 

GURPS

INGSOC
PREMO Member

Biden Claims Inflation Numbers 'Out of Date' Because of Lower Gas Prices the Last Two Weeks


Is Biden really that delusional, or is he just trying to put lipstick on a pig? America is in pain largely because of this man’s policies and he creates his own metric for consumer prices, believing we should only take the last two weeks to figure inflation for the entire month?


The point isn’t the month-to-month increase in gas prices.

As to Biden’s take on gasoline prices, while they have fallen steadily since mid-June, they remain roughly 46% more expensive on average than a year ago.
And even officials inside the administration acknowledge that any relief from the recent drop in pump prices won’t be enough to counter the rapid increase in rent and housing prices, which rose at an annual rate of 8.2% in the past three months. Food, meantime, has soared more than 10% the past year.

Biden’s laid-back attitude on inflation is getting under the skin of many Democrats — especially those running in swing states.
 

GURPS

INGSOC
PREMO Member

How Chuck Schumer Could Ram Through Democrats’ Inflation-Rocketing Build Back Bankrupt


That process, necessary due to the procedural protections afforded a House-passed reconciliation measure, brings another twist. By definition, all 50 Senate Democrats must vote for Build Back Better—the “temporary” programs Democrats want to make permanent, leading to approximately $5 trillion in new spending over the next decade—right before they vote against it. To put it another way, considering any reconciliation legislation in the Senate will first require Democrats to claim ownership of each and every word of the 2,135-page bill.

[clip]

Wednesday’s New York Times contained an article chronicling how Schumer and Democrats continue to work on modifying energy provisions in the bill to appease Sen. Joe Manchin, D-W. Va. Manchin, of course, represents the Democrats’ potential 50th vote for their agenda, but also comes from a coal-producing state and publicly supports fossil fuels. One paragraph at the end of the Times story suggested the possibility of some old-fashioned logrolling:

One person familiar with Mr. Manchin’s thinking, who asked to speak anonymously because the negotiations were not public, said Mr. Manchin could support some electric vehicle tax credits in exchange for an understanding with the Biden Administration that West Virginia would be selected as a hydrogen hub.

In other words, Manchin would agree to sign off on Democrats’ spending spree—including subsidies on electric vehicles that many West Virginia residents couldn’t dream of affording—in exchange for the Biden administration selecting West Virginia to receive billions of “hydrogen hub” dollars from the infrastructure law.

Manchin’s office, perhaps unsurprisingly, told the Times there was “absolutely no truth” to this rumor. But recall the many backroom deals and Cornhusker Kickbacks Democrats used to buy votes for Obamacare. A dozen years later, the senator born in Farmington, West Virginia, could easily receive his own feedbag (i.e., payoff) in exchange for his vote on this socialist spending spree.
 

GURPS

INGSOC
PREMO Member

‘I Was Wrong’: Paul Krugman Kicks Himself For His Awful Inflation Takes



The New York Times opinion section actually published a shocking project where eight of their columnists admitted they were wrong about either economics, tech, foreign affairs or politics. At the top of the list was none other than “transitory” inflation gaslighter Paul Krugman.

The Times’s economic columnist published an op-ed with a headline that didn’t beat around the bush – for a change – and acknowledged how bad his unrealistic takes on the inflation crisis were for the past year. “I Was Wrong About Inflation,” says the headline. The disgruntled economist actually conceded that Biden’s irresponsible $1.9 trillion stimulus package was inflationary, despite his earlier objections to the contrary.

“Some warned that the package would be dangerously inflationary; others were fairly relaxed," Krugman wrote. “I was Team Relaxed. As it turned out, of course, that was a very bad call.” Krugman’s latest concession comes after recent news that inflation spiked 9.1 percent year-over-year in June, wiping out estimates of an 8.8-percent increase.

[clip]

Still, it is great to see that The Times finally followed the MRC’s repeated calls to at least hold Krugman to account for the horrible economic arguments he’s been peddling for over a year:

It’s not necessarily easy for Times Opinion columnists to engage in public self-reproach, but we hope that in doing so, they can be models of how valuable it can be to admit when you get things wrong.

But true to form, Krugman tried to wiggle his way out of taking full responsibility. He excused that the situation was “complicated,” and tried to claim that his detractors were right for the “wrong reasons:”

[H]istorical experience wouldn’t have led us to expect this much inflation from overheating. So something was wrong with my model of inflation — again, a model shared by many others, including those who were right to worry in early 2021. I know it sounds lame to say that Team Inflation was right for the wrong reasons, but it’s also arguably true, [emphasis added.]


So those who criticized Krugman’s unfounded optimism were only right because of dumb luck? This is the same Krugman who argued in April that the “economy’s been pretty good” for poor people despite the fact that inflation was already soaring and crushing their wallets. Krugman should know that if it “sounds lame” to say your opponents are right for the “wrong reasons,” it probably is "lame."
 

stgislander

Well-Known Member
PREMO Member

‘I Was Wrong’: Paul Krugman Kicks Himself For His Awful Inflation Takes



The New York Times opinion section actually published a shocking project where eight of their columnists admitted they were wrong about either economics, tech, foreign affairs or politics. At the top of the list was none other than “transitory” inflation gaslighter Paul Krugman.

The Times’s economic columnist published an op-ed with a headline that didn’t beat around the bush – for a change – and acknowledged how bad his unrealistic takes on the inflation crisis were for the past year. “I Was Wrong About Inflation,” says the headline. The disgruntled economist actually conceded that Biden’s irresponsible $1.9 trillion stimulus package was inflationary, despite his earlier objections to the contrary.

“Some warned that the package would be dangerously inflationary; others were fairly relaxed," Krugman wrote. “I was Team Relaxed. As it turned out, of course, that was a very bad call.” Krugman’s latest concession comes after recent news that inflation spiked 9.1 percent year-over-year in June, wiping out estimates of an 8.8-percent increase.

[clip]

Still, it is great to see that The Times finally followed the MRC’s repeated calls to at least hold Krugman to account for the horrible economic arguments he’s been peddling for over a year:



But true to form, Krugman tried to wiggle his way out of taking full responsibility. He excused that the situation was “complicated,” and tried to claim that his detractors were right for the “wrong reasons:”




So those who criticized Krugman’s unfounded optimism were only right because of dumb luck? This is the same Krugman who argued in April that the “economy’s been pretty good” for poor people despite the fact that inflation was already soaring and crushing their wallets. Krugman should know that if it “sounds lame” to say your opponents are right for the “wrong reasons,” it probably is "lame."
Somewhere in the forumverse, a former member is rolling on the floor, tears streaming from his/her eyes screaming, "Why Paul... why?!!" :cds:
 

GURPS

INGSOC
PREMO Member

McDonald's increases price of cheeseburger for first time in 14 years


McDonald's is raising the price of its signature cheeseburger for the first time in over 14 years. It will also add between 10 and 20p to several menu items it says are impacted the most by inflation. Breakfast meals, main meals, large coffees and McNugget share boxes are among the menu items which could become up to 20p more expensive.





I went to Burger King on Saturday, 2 combo meals and a frozen coke $ 25 bucks

Bacon King and a Double Whopper .... lrg Fries and Drinks
 

LightRoasted

If I may ...
For you consideration ...

McDonald's increases price of cheeseburger for first time in 14 years


McDonald's is raising the price of its signature cheeseburger for the first time in over 14 years. It will also add between 10 and 20p to several menu items it says are impacted the most by inflation. Breakfast meals, main meals, large coffees and McNugget share boxes are among the menu items which could become up to 20p more expensive.

I went to Burger King on Saturday, 2 combo meals and a frozen coke $ 25 bucks

Bacon King and a Double Whopper .... lrg Fries and Drinks
After years of reducing its size, thinning the beef patty as much as possible, and changing to, and using, the cheapest ingredients possible, a smidgen of ketchup and mustard with one thinly sliced piece of pickle, McDonalds is now forced to increase prices.

Fixed it for the reporter.
 

itsbob

I bowl overhand

Biden Claims Inflation Numbers 'Out of Date' Because of Lower Gas Prices the Last Two Weeks


Is Biden really that delusional, or is he just trying to put lipstick on a pig? America is in pain largely because of this man’s policies and he creates his own metric for consumer prices, believing we should only take the last two weeks to figure inflation for the entire month?


The point isn’t the month-to-month increase in gas prices.



Biden’s laid-back attitude on inflation is getting under the skin of many Democrats — especially those running in swing states.
He knows his supporters are morons, and they'll believe anything he says, not matter what facts are presented to counter.
 

Hijinx

Well-Known Member
did you see the video yesterday and the bald faced lies about the J6 Protests
Yes, it was the damndest thing anyone that ever sat in the Oval Office has ever said about an ex-President, and it was lies . All of it.
 

herb749

Well-Known Member
Why does it take almost a month to release the quarterly economic numbers .?

Should take about 2 weeks tops. Now once they say we are in a recession, or once the dems try to change the meaning, how quickly will they try to release new numbers because gas prices are dropping.
 
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