Inflation

[rogpodge]

Came in higher than expected, .1% rather than -.1% (monthly), with 8.3% year over year.

Keep an eye on real wages.

Here’s the wages v Bidenflation chart for August. The gap still huge. Real wages have fallen every month since Biden & Dems went on their wasteful $1.9T spending spree in 3/21. The absurdly named Inflation Reduction Act will make things worse. They apparently just don’t care. pic.twitter.com/c8O3xzzMHg

— Andy Puzder (@AndyPuzder) September 13, 2022

Average hourly pay in America **adjusted for inflation** is -2.8% in the past year.

Inflation has been eating up wage gains since April 2021 and shows little sign of significant easing. pic.twitter.com/7CsAi8ltQx

— Heather Long (@byHeatherLong) September 13, 2022

Food prices went up 13.4%.  Highest since 1979.  I don’t know if you’ve been to the grocery store lately, but I used to be able to buy a loaf of bread for under a dollar.  Now it’s about $1.69 on sale (regularly over $2).

@cvpayne pic.twitter.com/GcjS8dsOyK

— ItzStockChartz (@itzstockchartz) September 13, 2022

Basically, there is no refuge from higher prices now.  You may have noticed your favorite restaurants have increased prices.  Now if you cook at home, you can’t escape high prices, either.

Part of increased prices was mitigated by the drop in gas prices (although energy prices went up).  The administration is mismanaging the Strategic Petroleum Reserve, which is designed for supply shocks (i.e. when hurricanes disable a bunch of offshore platforms).

China will generously sell all the US SPR oil it bought from Biden back to the US at $150 next spring. https://t.co/7cwvoZI2x6

— zerohedge (@zerohedge) September 13, 2022

Granted, source, etc., and it’s sort of a joke… but it has a ring of truth to it.

It’ll get better for a while, then get worse once the Inflation Reduction Act hits.

Runaway Inflation:
This is most consequential legacy of Biden administration – universal economic pain masked by free money that has made the pain more acute. Can't wait for the trillion dollars in the queue to hit. https://t.co/U9ZfRn3oVh pic.twitter.com/uND05DnOSU

— Charles V Payne (@cvpayne) September 13, 2022

Estimated Budgetary Effects of Public Law 117-169, to Provide for Reconciliation Pursuant to Title II of S. Con. Res. 14 https://t.co/VP9nornVBe

— CBO Cost Estimates (@USCBOcostest) September 7, 2022

We’re in for a rough ride.

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