Tag: inflation
WHAT CAUSED THE 2021/2 INCREASE IN GAS PRICES?–Video Sources
How Much Of The Gasoline Price Surge Is President Biden’s Fault? Robert Rapier. 2022 3 13. Forbes. https://www.forbes.com/sites/rrapier/2022/03/13/how-much-of-the-gasoline-price-surge-is-president-bidens-fault/?sh=31618bce7c8b 4 reasons high gas prices aren’t Joe Biden’s fault—and one critical way he’s adding to the problem Will Daniel. 2022 6 8. Fortune. https://www.yahoo.com/video/4-reasons-high-gas-prices-090000545.html
How the Fed’s inflation battle is already slamming the economy
https://www.politico.com/news/2022/07/27/what-fed-rate-increases-really-mean-00048042
The inflation numbers are bad — but how bad are they?
“Inflation isn’t getting much better: Consumer prices surged again in June, reaching a new four-decade high as many Americans are already feeling frustrated with higher costs denting their budgets.
The US Consumer Price Index (CPI), which measures the change in prices for goods and services, rose 9.1 percent from a year earlier and 1.3 percent from May, according to Labor Department data released on Wednesday.
The new numbers mean the Federal Reserve is likely to continue aggressively raising interest rates, making it more expensive to borrow money in the hope that Americans will spend less. The jump in inflation is bad news for President Joe Biden, whose approval ratings are stubbornly low. And although gas prices have started to drop in recent weeks, economists and forecasters warn that the situation might not significantly improve for some time, making it harder for people to afford essentials like housing and groceries.”
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“Nearly everything grew more expensive, but the price gains were mainly fueled by an increase in energy, food, and shelter costs, which have been climbing for months amid supply chain disruptions and Russia’s invasion of Ukraine. Energy prices drove most of the gains, with gas prices up 11.2 percent in June from the month before. Food prices increased 1 percent as consumers paid more for cereal, dairy products, fruits and vegetables, and other items at the grocery store.
Core prices, which exclude volatile food and energy costs, rose an uncomfortably high 0.7 percent from May to June, a slightly bigger increase compared to the month before, when core prices jumped 0.6 percent.”
Biden’s incredible shrinking infrastructure plan
“The inflation plaguing Joe Biden’s presidency is also shrinking what’s so far been his crowning legislative achievement — the infrastructure bill that Congress enacted just seven months ago.
Democrats have hailed the infrastructure law, with its $550 billion in new road, rail and broadband funding, as a transformative shift for the country. But inflation — which reached a 40-year high of 8.6 percent last month — has already slashed billions from its value, forcing states to cancel or delay projects as costs balloon.”
California Fights Inflation by Sending People Free Money
“Every taxpayer earning less than $75,000, or joint-filers earning less than $150,000, will receive a $350 check, plus another $350 if they have children, reports CBS. A married couple with children would qualify for the maximum of $1,050. Higher-income people would receive smaller refunds.
The checks are the most advertised portion of a budget deal totaling some $300 billion. They help dispense with a $97 billion budget surplus buoyed by unexpectedly high tax returns from the highest-income Californians.
It should almost go without saying that giving out individual stimulus checks is more likely to exacerbate inflation than cure it. The $1.9 trillion American Rescue Plan, passed in March 2021, which included $1,400 stimulus checks, is estimated by one Federal Reserve Bank of San Francisco analysis to have raised inflation by 3 percentage points.”
Why meat is so expensive right now
https://www.vox.com/future-perfect/23156862/meat-dairy-egg-prices-inflation-plant-based-diet-costs-affordability
Tariffs Are Adding to Inflation. Biden’s Commerce Secretary Says Repealing Some ‘May Make Sense.’
“Tariffs raise prices. That is literally the thing they do.”
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“Tariffs, by design, raise prices.”
Inflation strikes twice for many retirees
“Spiking inflation is helping push up taxes on a group that lawmakers are loath to cross: the elderly.
While Social Security benefits increase along with rising prices, and seniors just received a fat cost-of-living adjustment, the threshold at which they can begin to owe taxes on that money is not adjusted for inflation — and hasn’t been changed since the Reagan administration.”