Highest Inflation EVER In Modern US History
by Shari Dovale
I am not going to pretend to be a financial analyst. I refuse to do my own taxes even. But I do understand inflation when I go to the grocery store and cannot buy the basic food that my family needs. And when someone has to go without medicine, then you know the government is not looking out for their citizens.
Having said that, I also understand that the Consumer Price Index tracks the prices for goods and services the people are paying.
The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
According to U.S. Bureau of Labor Statistics (BLS), which keeps track of these numbers, over the last 12 months the all items index increased 8.2 percent.
The Misery Index, which is meant to measure the degree of economic distress felt by everyday people, stands at a crippling 11.96%.
This week we saw the release from the BLS that reported their shocking CPI. Zerohedge reported on some of the Wall Street reactions, here are just a few:
Jim Caron. Morgan Stanley Investment Management.
“It is brutal… I do think that prices will start to moderate — I thought that this would already be happening at this point,” he tells Bloomberg TV. The issue now is that inflation has moved from the goods sector and has permeated into the services sector.”
Chris Antsey, Bloomberg senior editor
“For Democrats, this is a disaster. Today’s is the final CPI report ahead of the Nov. 8 midterm election. You can bet that Republicans will be hitting this hard — worst inflation in four decades.”
Nick Timraous, Fed mouthpiece at the WSJ
For the Fed, the September CPI report seals the case for a fourth consecutive 75-basis-point hike. It calls into question the modal outlook from three weeks ago—that the Fed might be able to stop raising rates after 50 bps in December and 25 in February
Natural News reported it best:
“This isn’t the highest inflation ‘in over 40 years’ – it’s the highest inflation ever in the modern United States,” explained a commenter at a news report about the new numbers.
“Apples to apples using late ’70s and early ’80s methodology would have CPI at +16 percent to +18 percent easily.”
So when Dementia Joe tries to say that he is doing a good job, think back to the days when you could afford to take a road trip, buy sweets for the children, and go out to dinner occasionally.
And then think about how many candidates campaigning for your vote in just a few weeks that are continuing to lie to you about the current economy.
Sources and Further Reading:
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