Posted on 11/11/2021 11:52:08 AM PST by MNJohnnie
The managing director of a retail consultant firm said the soaring inflation crisis is one of the “worst” in modern history because it escalated quickly.
Strategic Resource Group managing director Burt Flickinger told Fox Business on Thursday that the current inflation crisis “was not a crisis 12 months ago.”
“This is the biggest emerging economic crisis for consumers for over a decade,” Flickinger said. “The average cost of living for a family of four is up about $5,000 a year so now it’s a choice between heating homes, feeding families, or giving gifts.”
Flickinger added that now, “you can’t do all three” due to “the massive amount of out-of-stocks,” which are “the highest in over 70 years.”
The consumer price index jumped 0.9 percent last month after climbing 0.4 percent in September, the Labor Department said earlier this week. The largest gain in four months hoisted the annual increase in the CPI to 6.2 percent. That was the biggest year-on-year rise since November 1990 and followed a 5.4 percent advance in September.
Food prices advanced 0.9 percent, mostly driven by meat, eggs, fish, vegetables, cereals, and bakery products. It also costs more to eat away from home. But prices for alcoholic beverages fell.
“Risks are clearly shifting toward U.S. inflation remaining elevated longer than previously thought, but that doesn’t mean that it’s permanent,” said Ryan Sweet, a senior economist at Moody’s Analytics in West Chester, Pennsylvania. “The Fed could face a situation where higher consumer prices begin to weigh on consumer spending, reducing GDP growth.”
The Internal Revenue Service (IRS) on Wednesday also announced inflation adjustments for 2022 pertaining to various subsections of the tax code, including tax brackets and the standard deduction.
Rising prices are already proving to be politically perilous for President Joe Biden and congressional Democrats, triggering a statement from Biden on Thursday that he will work with the National Economic Council to reduce energy costs.
“Today’s report shows an increase over last month. Inflation hurts Americans pocketbooks [sic], and reversing this trend is a top priority for me,” Biden said in a statement on Nov. 10. “The largest share of the increase in prices in this report is due to rising energy costs.”
Later, Biden urged Congress to approve his “Build Back Better” agenda, coming after the House approved a Senate-passed $1.2 trillion infrastructure bill last week. A larger, $1.75 trillion social spending package is currently being debated in Congress.
“We know that the recovery from the pandemic will not be linear,” Biden’s Council of Economic Advisers (CEA) wrote on Twitter, acknowledging the increase in prices. The CEA “will continue to monitor the data as they come in,” the office said.
AOC: I know what we should do!...RAISE THE MINIMUM WAGE TO $50 PER HOUR! That way all the high prices will be low again!................................................
Did she really say that?
Not yet.....................
Most caused by the price of oil.....people do not know what products are made of oil...they just think gas for there cars
This from our government,...
I love wind turbine blades
‘one of the “worst” in modern history ‘
I guess Germany (1923), Hungary (1946), and Zimbabwe aren’t modern enough. Or Venezuela.
Flickinger is a well regarded retail analyst who is not prone to hyperbole. His comments should be a cause for concern.
Makes sense.
Anybody who shops regularly sees the prices on consumer good going up fast.
And not by small percentages, big leaps.
Funny quotes unless you’re paying more and getting less as a consumer: various time 2020/2021
Jen Psaki says White House economic experts believe inflationary impact will be “temporary, transitory.”
Jen Psaki insists that inflation is temporary, ‘long anticipated’ ·
Psaki on Inflation: “The American People Are Not Looking at Cost-to-Cost Comparisons From This Year to Two Years Ago”
Yellen noted Thursday, as she predicted that elevated inflation would be temporary, that the pandemic caused major changes in spending patterns.
Corporate execs call on White House to fight inflation. “I don’t think the administration is on top ....” By BEN WHITE. Politico. Nov.10, 2021.
Inflation Hits 30-year High (Nov.10, 2021)
Joe Biden: "Did I do that?"
"We'll just do a $10 trillion stimulus bill so we can afford stuff from China!"
Has Jen returned to the public eye yet, or is she still on that extended fling with Gov Newsom?
It’s all part of the plan
“The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation.”
Vladimir Lenin
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This will just cue up SloJo to come out again and tell us that all of these economic issues are purely due to the fact that we all have much more money now, being in such an amazing recovery mode now.... etc.
And there is a oil and coal shortage going on.
Dark winter indeed.
This hasn't even begun to bite. Winter is knocking on the door but not here yet, and the warehouses are emptying, but not empty yet. By February this time will be a pleasant memory.
One of the worst?
How did we survive the other “worsts”?
Only one problem, they won't burn in my wood stove.
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