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Is Joe Biden's admin destroying America? The Serious You: How Current Events Affect You
Started 4/18/22 by WALTER784; 116149 views.
Staff
From: WALTER784
2/1/23
BIDEN ECONOMY: Inflation Still at 40-Year High, Core Prices Increase on a Monthly Basis in December, Wages Down 21 Months in a Row
By Joe Hoft
Published January 12, 2023 at 8:45am
The report on inflation was released this morning by the BLS and it shows the price of goods in December is 6.5% greater than the price of goods a year ago.
The BLS released its monthly results for inflation and the results were still terrible.
Core prices increased 0.3% on a monthly basis in December, after growing 0.2% in November, as overall prices rose by 6.5% year-over-year, matching investor expectations as energy and gas prices declined, according to Bureau of Labor Statistics (BLS) data released Thursday.
Overall, prices declined by 0.1% on a monthly basis in December, while “core prices,” a measure that discounts food and energy prices, climbed 5.7% year-over-year, matching investor expectations, the BLS reported in its monthly Consumer Price Index (CPI). After two back-to-back inflation readings that were lower than investor expectations in October and November, investors had hoped the Federal Reserve would further slow its pace of aggressive interest rate hikes designed to blunt inflation, MarketWatch reported.
Earlier this year, The Gateway Pundit reported on the inflation rate in September and compared the 8.2% to the last 40 years of inflation. 6.5% is still greater than any period since the early 1980s.
Since Biden took power, inflation has sky rocketed.
Zerohedge reports on today’s news as follows:
Services CPI Soars To Highest In 40 Years, Real Wages Shrink For 21st Month In A Row
This is not good news for hard-working Americans.
FWIW
Staff
From: WALTER784
2/1/23
New Inflation Report Has Some Shocking Price Increases
Spencer Brown
January 12, 2023 9:45 AM
Consumer prices decreased 0.1 percent in December according to the latest read of the Consumer Price Index released on Thursday morning, but still advanced 6.5 percent over the last 12 months, in line with Wall Street expectations for the latest report on the costs paid by Americans,
As the Bureau of Labor Statistics explained in its release of December's CPI, the index for gasoline was "by far the largest contributor to the monthly all items decrease" — a volatile index that is not expected to remain on a downward trajectory as spring and summer approach.
CPI for all items falls 0.1% in December as gasoline decreases https://t.co/dJyJeKlXDJ #CPI #BLSdata
— BLS-Labor Statistics (@BLS_gov) January 12, 2023
Other components in the energy index, however, continued their uphill climb in the last month of 2022 to take the full category to a 12-month increase of 7.3 percent.
Even as fuel oil costs fell 16.6 percent in December, the cost for the necessary expense to keep homes warm through the winter is still 41.5 percent more expensive than it was one year ago. Meanwhile, electricity costs for Americans advanced 14.3 percent over the last 12 months and piped utility gas bills increased 19.3 percent in 2022.
The more stable core CPI number — which excludes food and energy — increased 0.3 percent in December, an acceleration from November 2022's 0.2 percent increase, for an annual core inflation rate of 5.7 percent as most indexes continued to see prices rise.
Among the indexes that continue to spike is food, up 10.4 percent in the last 12 months. Food at home — what Americans fill their pantries with — increased 11.8 percent while food away from home — the cost of eating at a restaurant — advanced 8.3 percent.
The surging price of eggs has been in the news lately, and December's CPI showed that those prices increased 59.9 percent in the 12 months ending in December 2022 after increasing more than 11 percent in December alone. But eggs aren't the only grocery store items that saw double-digit percent increases in 2022.
According to the latest Consumer Price Index, here's how much costs for necessary grocery staples increased from December 2021 to December 2022:
lettuce 24.9 percent
margarine: 43.8 percent
butter: 31.4 percent
flour: 23.4 percent
salad dressing: 18.3 percent
hot dogs: 18.2 percent
frozen vegetables 16.4 percent
crackers and bread: 16.0 percent
olives, pickles, relishes: 15.8 percent
soups: 15.7 percent
roasted coffee: 15.5 percent
sauces and gravies: 15.2 percent
ice cream: 15.0 percent
rice: 13.8 percent
fresh whole chicken: 13.3 percent
potatoes: 12.9 percent
milk: 12.5 percent
baby food: 10.7 percent
Even man's best friend hasn't been spared from inflated meal costs, with pet food costs advancing 15.2 percent over the previous 12 months.
The growing cost of food products saw a staggering 305.2 percent increase in the cost of food at elementary and secondary schools.
Another priority cost for Americans is shelter, which advanced 0.8 percent in December for a 7.5 percent increase on the year while transportation services returned to upward movement in December for a 14.6 percent 12-month increase. Airline fares grew to become 28.5 percent more expensive through 2022.
Comparing the still-rising costs of necessary goods with the latest unemployment report for December 2022 — the weakest of the year — that showed wage growth advancing 4.6 percent over the
...[Message truncated]
Host
From: Showtalk
2/1/23
They are predicting a bigger egg shortage and shortages of bread, beef, cooking oil, tomatoes and other vegetables, among others.
Staff
From: WALTER784
2/1/23
And don't forget that all of these things are only going to get even more expensive due to this too:
EPA Finalizes Rules to Decimate US Trucking Industry and Send Consumer Goods Prices Soaring
By Jim Hoft
Published December 28, 2022 at 7:20am
On Tuesday, December 20, crazed EPA Administrator Michael S. Regan announced the final national clean air standards to cut smog- and soot-forming emissions from heavy-duty trucks.
The new standards will slash dangerous pollution from semi-trucks.
The EPA insists the new rules will protect public health, especially the health of vulnerable populations in underserved, overburdened communities.
This is pure leftist insanity and will force underserved, overburdened communities to pay more for their food and consumer goods.
These people are dangerous and insane.
The Daily Caller reported:
The Environmental Protection Agency (EPA) finalized a rule Tuesday that will impose stricter nitrogen dioxide emissions standards on new heavy-duty trucks, a move that will substantially hike operating costs for truckers, experts and industry representatives told the Daily Caller News Foundation.
The EPA’s rule, which is more than 80% stricter than the previous regulation, will require large trucks, delivery vans and buses manufactured after 2027 to cut nitrogen dioxide emissions by nearly 50% by 2045, according to an agency press release. The agency’s rule is intended to push truckers to phase out diesel-powered vehicles and use electric vehicles (EV) instead; however, the compliance costs associated with such rules could suffocate an industry that is not ready to transition to EVs, experts told the DCNF.
“It’s an overreach that is indicative of this administration’s tendency to set aside balance to achieve the goals of activists that they are politically aligned with,” Mandy Gunasekara, a senior policy analyst for the Independent Women’s Forum and former EPA Chief of Staff during the Trump administration, told the DCNF. “It’s going to squeeze out the mid-sized and smaller trucking companies because they’re not going to be able to afford to purchase the new, extremely expensive equipment required to continue to do what they do.”
FWIW
Staff
From: WALTER784
2/2/23
Voters Overwhelmingly Concerned About National Debt, $1.7 Trillion Omnibus Is ‘Disaster for Our Country’
BY NAVEEN ATHRAPPULLY
January 12, 2023
American voters are concerned about the country’s national debt, which has ballooned over the past decade, with many expressing worries about the $1.7 trillion spending bill that President Joe Biden signed into law last month, according to a recent survey by Rasmussen Reports.
When asked how worried they were about the U.S. national debt, which currently stands at $31 trillion, 76 percent of respondents said they’re concerned about the situation, with 53 percent claiming to be “very concerned.” Only 21 percent weren’t concerned about the debt size.
Politically, 87 percent of Republicans, 73 percent of unaffiliated voters, and 67 percent of Democrats were somewhat concerned about the issue. A total of 69 percent of Republicans, 53 percent of unaffiliated voters, and 38 percent of Democrats admitted to being “very concerned” about the debt.
When asked about the $1.7 trillion omnibus spending bill, only 45 percent said they “somewhat approve” of the legislation. Among Democrats, 73 percent approve of the bill. However, almost 46 percent of Democrats also agreed that the bill is a “monstrosity” and “disaster for our country,” while only 32 percent “strongly” agreed with it.
Overall, 61 percent of total respondents either somewhat or strongly agreed with this stance. The survey was conducted among 1,000 likely U.S. voters between Jan. 2 and Jan. 4.
On Dec. 31, 2021, the federal debt was $29.62 trillion. It rose to $31.42 trillion by Dec. 30, 2022, which is an increase of $1.8 trillion in a year.
Ballooning Debt Level
The U.S. national debt crossed $30 trillion in January 2022 and $31 trillion in October 2022. A decade back, the national debt was only $16 trillion, roughly half of what it is today. And in 2000, the debt stood at $5.7 trillion.
At $31 trillion, the current national debt is 121 percent of the U.S. gross domestic product (GPD). The national debt has never been this high in American history, either as a proportion of GDP or nominally.
According to a Dec. 19, 2022, report by Penn Wharton Budget Model, the national debt is projected to rise to 225 percent of GDP by 2050 and keep increasing thereafter.
“Current U.S. fiscal policy is in permanent imbalance as current debt plus projected future spending outstrips future tax revenue,” the report reads.
“Achieving fiscal balance would require the federal government to permanently increase tax revenues by over 40 percent or reduce expenditures by 30 percent or some combination of both.”
The report cites “total skill-adjusted adjusted labor input” as a “key productivity measure” that’s critical to government finances. This metric is predicted to fall by more than 50 percent in the next three decades.
The total skill-adjusted adjusted labor input measures three types of important workforce data: changes in population size, labor force participation, and relative wages.
Debt Consequences
The massive $31 trillion debt can result in serious negative consequences for the U.S. economy. In an interview with the Washington Examiner, Brian Riedl, a senior fellow at the Manhattan Institute, said that U.S. debt is going to exceed even Japan’s debt, which is the “largest debt as a share of the economy in the entire industrialized world.”
If the debt levels go out of control, the United States could end up being unable to meet its debt obligations. This can spook investors, cause interest rates to rise, push up inflation, and trigger a recession or depression.
To prevent a default, the government might even consider raising taxes sharply or cutting back on spending significantly. If the administration resorts to money-printing, this also adds to the risk of inflation.
“The real danger is if they wait 10 or 15 years, seeing the debt really grow to an uncontrollable level, and then have to do drastic and brutal tax increases and spending cuts that will cause a lot more pain,” Riedl said. “If they do it now and do it right, I think that the economic pain can be minimized.”
...[Message truncated]
Host
From: Showtalk
2/2/23
They can’t keep spending the way they are. There isn’t enough money to cover it.
Staff
From: WALTER784
2/2/23
They'll just print more further driving the price of the dollar down and increasing inflation in the process.
FWIW
Staff
From: WALTER784
2/2/23
You slow inflation by increasing production and reducing borrowing.
To increase production, you need to have increased purchasing, but with the inflation and high pricing, this causes reduced procurement which means less production.
In Aug 2022, the FRB should have raised the interest rate 3% ~ 3.5%. That would have been a big pain on Wall Street for about 1~2 months, but after Oct 2022, things should have recovered.
However, current FRB is determined to prolong the pain to the economy by only slowing increasing the interest rate 0.5 ~ 0.8% points for 6 or more times. Each time they increase the interest, you will feel a 1~2 month pain, and then a month later, they raise it 0.5 ~ 0.8% again which means yet another 1~2 month pain and they do this 6 times or more over a year.
Think about that, each time they raise the interest rate, you have a 1~2 month pain period. 0.5% x 6 times = 3%.
So instead of 1~2 months of pain once @ 3% = 1~2 months of pain... vs 1~2 months of pain times six @ 0.5% = 6~12 months of pain.
When our government spends more than it produces, that's the biggest inflation cause!!! Thus, the best way to drop inflation is to stop unnecessary spending, but they're still looking at a 3~5 trillion spending package this year!!!
Bottom line: They're doing it all wrong!!!
FWIW
Staff
From: WALTER784
2/2/23
BREAKING: Top Biden Cabinet Member Hit With Impeachment
By Chris
February 1, 2023 Updated: February 2, 2023
Joe Biden has been hit with scandal after scandal.
Now things just got worse.
Rep. Andy Biggs (R-Ariz.) proposed a new impeachment article against Homeland Security Secretary Alejandro Mayorkas, and alleged violation of his oath of office and failure to enforce U.S. immigration law.
Biggs, who has repeatedly demanded Mayorkas’ removal, introduced the articles in 2021, accusing Mayorkas of having engaged in behavior inconsistent with his duties as an officer of the U.S. With a record high of 2.3 million migrant encounters in FY 2022, including 251,000 in December alone, and Republicans now in control of the House, the impeachment effort has been revived.
The articles said:
“Secretary Mayorkas has failed to faithfully uphold his oath and has instead presided over a reckless abandonment of border security and immigration enforcement, at the expense of the Constitution and the security of the United States. Secretary Mayorkas has violated, and continues to violate, this oath by failing to maintain operational control of the border and releasing hundreds of thousands of illegal aliens into the interior of the United States.”
The articles accused Mayorkas of breaking the Immigration and Nationality Act (INA) by releasing undocumented immigrants in the U.S., contravening what Biggs claims is a requirement to detain them.
“The Secretary of Homeland Security does not have the option of simply releasing those aliens into the interior of the United States,” the articles say. They also cite his ending of the Migrant Protection Protocols (MPP), a Trump-era program that kept migrants in Mexico for the duration of their hearings, according to Fox News.
The article continued:
“The actions of Secretary Mayorkas have made the border less secure and encouraged aliens to enter the United States illegally, instead of taking actions to maintain operational control of the border. His actions have subverted the will of Congress and the core tenants of the Constitution.”
The GOP leadership has shown some support for the impeachment effort against Mayorkas. Now-Speaker McCarthy stated in November that Mayorkas must resign or face impeachment.
House Speaker, Kevin McCarthy said, “he cannot and must not remain in that position. If Secretary Mayorkas does not resign, House Republicans will investigate every order, every action and every failure to determine whether we can begin an impeachment inquiry.”
The DHS countered by saying that Mayorkas has no intention of resigning and that the previous administration left the immigration system broken and dismantled, which Congress is responsible for fixing.
One DHS spokesperson claimed: “Members of Congress can do better than point the finger at someone else; they should come to the table and work on solutions for our broken system and outdated laws, which have not been overhauled in over 40 years.”
The Border Patrol union stated that its agents might support the impeachment in order to highlight the border crisis. Despite this, the administration claims its recent border measures are effective, as they led to a significant reduction in numbers in January.
National Border Patrol Council vice president Jon Anfinsen told Fox News: “How else are we going to drive the message home to Mayorkas and the White House that this is truly a disaster down here and we need help?”
Republicans are opposed to the inclusion of a pathway to citizenship for millions of undocumented immigrants.
BREAKING: Top Biden Cabinet Member Hit With Impeachment (trendingpoliticsnews.com)
FWIW
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