I agree but this is interesting:
https://www.in2013dollars.com/us/inflation/1967 $100 in 1967 is equivalent in purchasing power to about $805.97 today, an increase of $705.97 over 54 years. The dollar had an average inflation rate of 3.94% per year between 1967 and today, producing a cumulative price increase of 705.97%.
This means that today's prices are 8.06 times higher than average prices since 1967, according to the Bureau of Labor Statistics consumer price index. A dollar today only buys 12.41% of what it could buy back then.
The 1967 inflation rate was 3.09%. The current year-over-year inflation rate (2020 to 2021) is now 4.99%1. If this number holds, $100 today will be equivalent in buying power to $104.99 next year. The current inflation rate page gives more detail on the latest inflation rates.
Liberals are a clear and present danger to our nation
Pick your enemies carefully.
Peter1469 (07-12-2021)
Your statement has no point. I also do not think it we meant to have a point.
It sounds like you were saying "look over there".
Your fallacy the Biden is a steady hand is nothing but a media created talking point. He is extremely disruptive and unpredictable. Biden's presidency looks like an uncontrollable nervous disorder.
ECONOMYInflation climbs higher than expected in June as price index rises 5.4%
- Consumer prices increased 5.4% in June from a year earlier, the biggest monthly gain since August 2008.
- Excluding food and energy, inflation increased 4.5%, the largest move since September 1991.
- Used car and truck prices comprised about one-third of the total CPI increase.
“What this really shows is inflation pressures remain more acute than appreciated and are going to be with us for a longer period,” said Sarah House, senior economist for Wells Fargo’s corporate and investment bank. “We are seeing areas where there’s going to be ongoing inflation pressure even after we get past some of those acute price hikes in a handful of sectors.”
A separate report from the Labor Department’s Bureau of Labor Statistics noted that the big monthly hike in consumer prices translated into negative real wages for workers. Real average hourly earnings fell 0.5% for the month, as a 0.3% increase in average hourly earnings was more than negated by the CPI increase......snip~
CPI report June 2021: Inflation climbs higher than expected (cnbc.com)
Looks like Jen Psaki will have to circle back again, huh?
History does not long Entrust the care of Freedom, to the Weak or Timid!!!!! Dwight D. Eisenhower ~
Peter1469 (07-13-2021)
The Biden Economy: Americans See Biggest Jump in Inflation Since 2008
Inflation is again hitting Americans' wallets harder than it has in years as the U.S. saw its third straight month of rising prices, up 5.4 percent from last year in data released Tuesday — a larger surge than the 5 percent experts predicted. As even Morning Joe and the Associated Press note, that is the "sharpest 12-month inflation spike since June 2008."
Some Democrats and their media allies say increasing inflation is a sign that President Biden's "build back better" recovery plan is working, but when looking at the items driving inflation, their justification — that Americans are back to normal and active in parts of the economy for the first time since Wuhan coronavirus restrictions hit causing demand do outstrip supply — does not add up......snip~
The Biden Economy: Americans See Biggest Jump in Inflation Since 2008 by Spencer Brown (townhall.com)
Of course it doesnt add up. Democrats lie.
History does not long Entrust the care of Freedom, to the Weak or Timid!!!!! Dwight D. Eisenhower ~
Worst inflation in 30 years even worse than it looksWe’ve been warning that inflation would run out of control as multi-trillion-dollar federal stimulus crashed against broken US supply chains.
So-called “core” inflation (without food and energy) has increased at an annual rate of nearly 11% during the past three months, something the US hasn’t seen since 1981.
The overall inflation rate briefly touched the 10% mark in 2005 and 2008 due to spikes in the oil price.
Bad as the headline numbers are, the actual situation is much worse.
The US Bureau of Labor Statistics shows low inflation in the cost of shelter, despite a 23% year-on-year jump in the median sale price of existing homes (according to the National Association of Realtors) and a 14% increase in the estimated price of US homes (according to the Case-Shiller Index).
ΜOΛΩΝ ΛΑΒΕ
MMC (07-14-2021)
Inflation Has Arrived
Read the rest of the article at the link.Wildly excessive federal spending is causing major inflation and shortages, which may lead to a recession and perhaps a financial crisis. Despite the evidence of inflation, Congress is proposing to spend $3.5 trillion on top of the $1.9 trillion COVID relief bill passed earlier this year and the intended $1.2 trillion infrastructure bill. For comparison, federal revenue is only expected to be $3.8 trillion this year.
Evidently, the Democratic Party and President Joe Biden have adopted Modern Monetary Theory (MMT) to the peril of every American citizen. MMT, which is similar to Keynesian economics, says that the U.S. should not be constrained by revenues in federal government spending since the government is the monopoly issuer of the U.S. dollar. MMT is a destructive myth that provides cover for excessive government spending. And it’s not modern, since reckless government spending has been around for thousands of years.
Embracing MMT is similar to providing whiskey and car keys to teenage boys. We know the outcomes will not be good.
ΜOΛΩΝ ΛΑΒΕ
No $#@! Joe.* Your policies are causing it.
White House quietly signals inflationary run could last yearsThe White House is sending mixed messages on the United States's post-pandemic inflationary run, with quiet signals suggesting the period might last years longer than administration officials have publicly indicated.
The Consumer Price Index report for May published by the Bureau of Labor Statistics showed that year-over-year inflation jumped 5.4%, marking three straight months of increases and the single-largest increase since the Great Recession of 2008.
Still, the White House's Council of Economic Advisers noted roughly 60% of that increase could be attributed to auto industry demand, exacerbated by severe semiconductor shortages.
Cars once again accounted for a large share of the increase. Used cars, new cars, auto parts, and car rentals together made up about 60 percent of core month-over-month inflation 2/ pic.twitter.com/SeYSQZXRjyThat two-year time frame appears to match the total inflationary period lifespan hinted at in a recent white paper quietly published by CEA Chairwoman Cecilia Rouse and economists Jeffery Zhang and Ernie Tedeschi on July 6.
The article titled "Historical Parallels to Today's Inflationary Episode" that, unlike many administration publications, was not disseminated through the White House's press lists, suggests the past inflationary period that most resembles our current run is the nearly three-year episode that followed World War II.
The article does note that "no single historical episode is a perfect template for current events" but did eventually conclude that "the inflationary period after World War II is likely a better comparison for the current economic situation than the 1970s and suggests that inflation could quickly decline once supply chains are fully online and pent-up demand levels off."
The White House sent a much more visible signal on inflation Tuesday when former Treasury Secretary Larry Summers met with Deese and Rouse at the White House.
Scoop: Former Treasury Secretary Larry Summers was at the White House today meeting with top economic advisers Brian Deese and Cecilia Rouse. He’s been raising alarms about inflation for months and visit came on the day when surging June inflation numbers were reported.
ΜOΛΩΝ ΛΑΒΕ