"Shut up!"
Posted on 09/13/2022 5:53:44 AM PDT by Oldeconomybuyer
US inflation rose by a higher-than-expected 8.3% in August despite falling gasoline prices — adding pressure on the Federal Reserve as it decides whether to impose another super-size interest rate hike.
The August reading of the Labor Department’s Consumer Price Index, a closely watched measure of the costs of goods and services, rose 0.1% compared to July. Economists had expected a slight month-over-month decline.
American households remained under severe pressure. Core inflation, which excludes volatile food and gas prices, rose 6.3% year-over-year and 0.6% compared to July.
Headline inflation ticked lower as gas prices continued to recede from record highs reached in June. The national average price of a gallon of gas was $3.707 as of Monday, down from a peak of more than $5 in mid-June.
But the price of other daily necessities such as food, rent and many consumer goods have stayed uncomfortably high for cash-strapped Americans.
(Excerpt) Read more at nypost.com ...
DOW futures -530 @ 9:07AM
I hope people are hoarding gas.
Please show me one instance when this "soft landing" ever occurred in history. This was impossible nonsense BS talk.
The gas prices are only dropping because Biden is draining our strategic oil reserves to exhaustion to personally save the DNC.
Not correct.
The Chinese economy has slowed down dramatically.
They are buying less oil.
In addition the entire European economy is in twice as bad shape as ours. They are buying less oil.
Lastly, people ARE driving less in the USA. The price of everything else is up. People are having to choose what they are spending their money on. So, demand for gasoline is down.
"Shut up!"
Your analysis is spot on.
Also Biden draining the SPR effect.
“Wait until the SPR outflow stops.”
That coupled with the slaughter and market of livestock raised over the past year, raised on inflated feed and fuel prices, the grain shortages on the horizon due to the lack of fertilizer, or the fallow fields of the Midwest United States and all places Europe.
Wait until the death and freezing of thousands in Europe as Putin’s energy scythe comes down on thousands in his final death-rattle to the world.
Biden needs the next 56 days to be as calm and uneventful as he can muster before all Hell breaks loose in the world. He is confident that the collective American focus is malleable and blind to his evil intentions and his puppet masters.
Our only hope from this feckless dementia-ridden fool is a crushing electoral victory in November, where we send his party to the basement with him!
US inflation falls for 2nd straight month on lower gas costs
Meanwhile, President Biden, Treasury Secretary Janet Yellen and others are adamant that the US economy is not in a recession, despite GDP reports that have shown declines in two straight quarters.
I have written the following several times before. Congress and the Biden Administration have ignored, dismissed and miscalculated the economic problems everyday Americans. They use words like ‘transient’ to assuage the public. It does not work.
Biden has specifically placed his trust in the Federal Reserve to fix the economy. Meanwhile, Congress and Biden spend us deeper into inflation. That directly works against the interest rate hikes from the Fed. The Fed has few tools to adjust monetary policy.
In addition to changes in monetary policy, the cure to inflation requires changes to fiscal policy, regulatory policy, energy policy, immigration policy, and foreign policy. Jeez, just looking back on the prior sentence it becomes clear that EVERYTHING Congress and the Biden Administration is doing is wrong. Everything they touch turns into steaming piles of excrement.
If you feel powerless, there is one thing you can personally do if you still work. Inflation is ultimately cured by increased productivity. That leads to increasing the supply of goods and services while reducing per unit cost. In other words, work your ass off and produce more without getting paid more. Really, you have no choice. If you are one of the fortunate that remain employed over the next six months or so, you’ll be forced to be more productive. Look to the guy to your left and then at yourself. One of you will be unemployed. The sucker that keeps his job will have to do the work of two or more people.
The release from the SPR has very little impact in energy prices. As a percentage of global petroleum production, the release from the SPR is minuscule. The largest impact on petroleum prices is the closure of Chinese manufacturing facilities. China is still in the midst of massive lockdowns. That decreases energy demands and slightly lowers energy prices. Concurrently, the lockdown decreases supplies of consumer goods, which in turns increases the price of consumer goods. Just wait until China reopens. Oil prices will shoot right back up.
And if we use the calculations we used in 1980, inflation is running over 17%
The real budget buster is food prices.
A probable problem is that, shortly after the mid-terms, gas prices will shoot up again and inflation will roar.
But, it is still the best economy in history — just ask any Biden advisor and ole Joe.
[No wonder Ole Joe is weaponizing political opposition — he doesn’t have much success in anything so far. Jimmy Carter and Barak Obama are both smiling.]
I am...propane.
Gas prices are only dropping due to direct interaction by the admin to keep the numbers low going into the midterms.
Once the midterms are over, prices will jump to their ‘unmanaged’ levels
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