In our neck of the woods, gas price fell to about $2.70, but now, it is over $3.50, highest in years.
Beef is outrageous. Prime ribeye steaks at Costco were $30 lb last weekend. Last year, I think they were $15.99. Not so long ago, I could buy prime sirloin tri tio steak for the same price as choice NY strip steak, both under $10/ lb..
I can’t imagine markets will allow this to last for long, because with the price of gasoline so high, who is going to pay those prices for beef , especially at a restaurant.
Price of gasoline and beef doubled one time in recent memory. ...ie under lightweight Obama, after 2009. Producer inflation hit about 8%, but consumer markets could not bear the price increase, so it resulted in a job meltdown, and the unemployment rate rising fron 7.5% to 10%, which con artist Obama blamed on Bush ,claiming “ it’s worse than we thought.” ,even though the recession ended by June 2009, more than six months earlier than Obama’s people predicted. Obamacare then thwarted the recovery ,along with the rising prices.
Obama had 0% fed funds rate for 8 years, but he ran up twice as much debt as Bush did after inheriting a recession, 6.5% fed funds rate, then getting hit with 9-11, and Bush went on a spending binge from 2007-2009 because Pelosi, Reid, Schumer, Obama and Biden voted for all that spending. Obama then got away with lying and claiming he fixed the deficit, when in fact, he promised to balance the budget and did not even come close after 8 years of growth and low interest rates. Bush’s Bernanke was part of the problem.
Biden did lasting damage to energy markets, so I don’t blame Trump....but what is going on with beef? Did Trump kill the supply by tariffs? If so, he needs to tell leople tariffs are a targeted tax increase and remind voters that he cut their taxes and kelt them low, A tax is not inflation, it’s a tax. Trump could cut the corporate income tax to 10% or eliminate it tk help producers and importers now. We do NOT want a recession, which will lead to social and economic chaos and only will make inflation worse by bigger deficits and more soending, followed by more Fed easing. Businesses lose money dumping products for clearance prices, then take an ax to their workforce. Nothing gets solved by allowing a recession.
“Nothing gets solved by allowing a recession.”
A recession is what the ‘Rats want to help them win the Mid-Terms.