The economy, at least from the perspective of the middle class, appears to be in chaos.
Middle-class homemakers who spend household income are seeing their purchasing power shrink, their choices disappearing, and more of their time consumed stretching the family budgets. Expect Christmas shopping to be a disappointment.
These problems are either not reported by the MSM or are masked by aggregate statistics like price inflation, i.e., the Consumer Price Index, low unemployment, wage increases, and extremely high stock markets and real estate, especially housing prices. These are nothing but feel-good stats made for people to feel less nervous.
Anyone outside of the wealthy northern come-heres can see there is real economic suffering. Small businesses are hurting and going out of business. Based on Help Wanted signs I drive by every day, it is extremely difficult to hire employees or purchase inputs. Local restaurants recently are noting the difficulty in getting basics such as chicken.
Nationally, businesses are finding roadblocks throughout their supply chains, primarily because of lockdowns and covid restrictions. This government roadblock to economic life is epitomized by the five hundred thousand shipping containers stuck off the port of Long Beach, California. Meanwhile, domestic inventories are dwindling for everything from cars and houses to mayonnaise.
Biden and Grifters
The actions of Biden’s Fed have been a force against the economy. Printing money has given some signs of prosperity, but its main known effect tangible effects are higher prices, malinvestment, and more wealth redistributed from the middle class.
The bottom line, the central bank needs to stop its policy of propping up the markets for government bonds and home mortgages and the perverse effects it is creating on the general loan market in the form of ultralow interest rates. Ending assets purchases by the Fed would limit the damage, and would make stocks, bonds, and homes more affordable for Americans.
The government’s policy of lockdowns and restrictions have gutted the US and world economies.
Why are so many cargo ships sitting waiting for unloading? Why are others going unfilled in the first place? Why aren’t truckers driving products to market? Why isn’t the product being placed on shelves? In many cases, workers are not available or are unwilling to comply with covid restrictions and requirements. Production is basically at a standstill. Just look across the bay, the new car lots are empty.
More grift. Special unemployment benefits and stimulus checks from the government mean that not working pays more than working, plus more leisure time for those that accept being on the public dole. Fast food places are offering 50 percent higher than minimum wage for fourteen-year-old kids, and they are still having trouble attracting workers.
The bottlenecks, empty shelves, business closures, reduced hours, and “worker wanted” signs are not the direct result of price controls nor are they the fault of the market economy. Basically, prices need to rise to temper supply and demand–entrepreneurs can’t work in an environment dominated by government interventions and heightened uncertainty.
Many more small businesses will shutter because they cannot find and maintain a workforce through the maze of restrictions of unemployment subsidies.
Let’s face it, nobody wants to work anymore.” The federal government, almost by design, is what is killing small businesses.
It should be clear that the cause of our new economic problems is massive across-the-board government intervention. The solution is to remove those government interventions.
This economic crisis is of the government’s making. Economic statistics and stock markets (led by a small number of super winners from the lockdowns, such as drug companies) have glossed over the real pain. We must end the interventions, the Fed’s inflationary policy, and the restrictions and subsidies on production and consumption.
This may help to restore the market economy to a functioning state. Or it may be too little too late.
Thank goodness we have the Cape Charles Mirror or we would have nothing but Biden-esque spews of pure political propaganda all day, every day, such as CNN again yesterday going on about the insurrection on 6 January 2021 which was not an insurrection, because no competent court has declared that there is evidence that an insurrection occurred on 6 January 2021, which does not in any way stop CNN and NPR from reporting on the “insurrection” of 6 January 2021 that never was.
But enough on that.
Let’s go to a Reuters story entitled “NY Fed’s Logan says she expects usage of reverse repo facility to come down over time” by Reuters Staff on October 14, 2021, where we have as follows on all the money the federal reserve, which is no friend of the ordinary American citizen, being in the nature of a PARASITE feeding off of them, like a tick, has been shoving down the pockets of the UBER RICH to keep them, uh, well, uber rich, because as Hussein Obama, a man who walked away from the white house a multi-millionaire after walking in with holes in the bottoms of his shoes, would say and often did, it’s the right thing to do, to wit:
NEW YORK, Oct 14 (Reuters) – The popularity of a Federal Reserve facility that allows financial firms to park cash with the central bank overnight is not concerning and usage should decline as rates on other investments start to rise, a senior New York Fed official said on Thursday.
“Over time, if rates on other overnight investments start to rise relative to the overnight (reverse repo facility) … I would expect the overnight RRP usage to come down,” Logan said during a virtual discussion.
Usage of the facility surged to record highs in recent months as firms struggling to invest their excess cash stash more than $1 trillion daily with the Fed.
end quotes
And as you sit there wondering whether to buy a loaf of bread to feed your family with, which will take away from the money you need to buy gas with to get to work to earn the money with which to buy bread, if you can afford it, or buy the gas and do away with the bread, opting for the old stand0by to feed your family, that being catsup soup, ask yourself where all that excess cash came from in the first place, and if you answer the federal reserve, you are dead right.
Joe Biden and his progressives, and here we have to include the federal reserve, which has gone progressive since Joe Biden came into power, are doing a real bang-up job of destroying America in record time, so they can BUILD IT BACK BETTER (BBB) to MAKE AMERICA GREAT AGAIN (MAGA)!
“Not an insurrection”
Plante, read this:
https://www.nytimes.com/interactive/2021/10/16/us/capitol-riot.html?unlocked_article_code=AAAAAAAAAAAAAAAACEIPuonUyYiZ_tU1Gw5CRWySB4B991rf3b-WnvshnTj1JTCUVTFGiv4UBJTG-1vIYeArQeoP6AmhZY0LNq4zFrs1z-lDMlZkQBWpvJbDwswLKXpspN72D2hrgteQB-9ntDbmZTb8JbguzrDjtR_YPGHhS7WfhSN6XHttoZRlfF6h33MP1_2FRrYzgo8iqK9nUpNqRj4AZD2Jvu3rAnh8OdaFZhLd72omSr0TGGGTzZPHteV2IEgFAknGTXh8_W4_9NpfXdoVN670JBQnE9Hs0bCKPkGk1K0c-ehFFAy9VA&referringSource=articleShare
Note: Is this Capital Police Officer waving folks in: https://twitter.com/JackPosobiec/status/1450128449948033033
IF you have a federal court judge saying based on evidence that there was an insurrection as he convicts someone for insurrection, and that conviction has then gone through the appeals process, because insurrection is a serious crime, and anyone in America charged with a crime is entitled to a fair trial and due process of law, and the Supreme Court has ruled that the conviction for insurrection must strand based on the law and facts, then and ONLY THEN was there an insurrection.
Some bull**** in any newspaper, or on NPR about an insurrection is fantasy.
In America, where we have RULE OF LAW, newspapers and NPR DO NOT get to declare insurrections.
And thanks for taking the time to point that out to all of us, because a lot of people in America don’t seem to realize that.
And I’m not going to play that stupid, childish and very dangerous political game the news media and the Pelosi-ite WITCH HUNTERS are playing of looking at pictures or movies of people at the Capitol whose names we do not know, nor do we know a thing about them, including what they are thinking, since no one can testify in a court of law or any other place for that matter as to what someone else was thinking at any given moment, and say based on those pictures or movies that any of those people are anything other than people in a movie or picture, and without knowing who they are or anything about them, I am not going to call them a Trump supporter when I have no evidence or proof that they are not a Biden supporter, instead, nor am I going to call anything they were doing there an insurrection, especially when so many of those people have been arrested for trespassing and spitting on the floor and such things as that, none of which rise to the level of insurrection.
That’s what they do in FASCIST COUNTRIES.
Despite the efforts of the Democrats to turn this country into a FASCIST country with one-party rule, it is not yet a FASCIST country and we still have RULE OF LAW operating here, despite the efforts of the FASCIST Democrats to have it be otherwise, which has within it a presumption of innocence until EVERY ELEMENT of an alleged crime has been proven beyond a doubt.
Are you for FASCISM in America, Ann and Phil Sagle?
https://www.msn.com/en-us/news/us/fbi-confirms-there-was-no-insurrection-on-jan-6/ar-AANxOuQ
You 2 are a problem…
Damn well done, Stuart Bell!
And in the meantime, while all those cargo ships are stacked up off the coast of California, waiting to off-load cargo for which there is no warehouse to store the cargo in according to the Reuters story “U.S. port’s supply chain fix challenge: selling 24/7 shifts” by Lisa Baertlein on October 14, 2021, where we were informed that the Port of Los Angeles is beginning the hard work of convincing terminal operators, importers, warehouses owners and trucking firms to embrace moving more cargo at night, while the White House efforts announced Wednesday are expected to account for just 3,500 additional containers per week being moved at night – a tiny fraction of the 120,000 containers already moving each week, and meanwhile, there are 62 container ships waiting to unload some 500,000 containers at Los Angeles/Long Beach – and another 25 are scheduled to arrive in the next three days, while the effort raises the question of where to put all the stuff as the Greater Los Angeles area logged a record low vacancy rate of 1% for warehouses and other industrial space during the third quarter, according to CBRE Group, a commercial real estate services firm, where oh where is Peter Buttigieg, the CULT OF BIDEN dude who is supposed to be solving all these problems?
Out of work on maternity leave?
“where oh where is Peter Buttigieg […]”
Plante, he’s just adopted 2 (two) children — have a little compassion, Eh? ::
https://www.nytimes.com/2021/10/15/us/politics/pete-buttigieg-parental-leave.html?unlocked_article_code=AAAAAAAAAAAAAAAACEIPuonUktbfqohlSFUaBibIRp8_qRmHmfnE2_ski2PzaSKIVSpDwOUYDM2Y8l3AY7ZqY5430j2FSZlBLLorDrRU_9NoAnZMGUOus4fW39MMOTk0ooa-GTtugs_DBO9ntGLkZTf8dbkvmPju7x_cdTTgWvSOgX0kJl4x8YB3Ng3_gQx-za_BEe9x0td62e5wRcwpAGddO1TZ-qXgGB58O92ZbhjD6ghQW-FRWzrbmN70-KtXOUwJSgqAFCUjlD56vNBMO9oXPLL8LwoieKf9ibYQCW9vLeS5FpjVGyzijOTv-bNk26FpChc&referringSource=articleShare
You two are a real trip, aren’t you!
Peter Buttigieg holds his position in Joe Biden’s cabinet as OUR SECRETARY OF TRANSPORTATION because he is gay, a prime qualification for Joe, and because he is a failed DEMOCRAST PRESIDENTIAL CONTENDER, not because he is competent, or has a clue as to what the job requires of the incumbent.
In fact, he is a mental lightweight who seems to think it is all about him being gay and now, my goodness, he has to be out on maternity leave because he and his husband Chasten have adopted a couple of kids, which is what thwe drama is about right now, so Peter has to stay home from his job, which he is too incompetent to do in the first place, and oh, yeah, according to Peter, these problems with moving stuff through the ports in California are going to persist into next year (CNN, “Buttigieg says US supply chain issues will ‘certainly’ continue into 2022” by Devan Cole and Jason Hoffman, CNN, October 17, 2021) but right now, he is too busy being a good mother to his children, so really, the NATION is just going to have to pound sand, so yes, Ann and Phil Sagle, as an AMERICAN citizen, I’ll be very compassionate and for the good of the nation, I will tell Peter to stay home forever, don’t come back, you’re too stupid and air-headed and full of yourself to be any kind of public official in a nation of FREE PEOPLE who are damn sick and tired of living in a country with an incompetent third-world gummint which apparently Ann and Phil Sagle are quite comfortable with,
And to gauge the sheer amount of dead air inside the head of CULT OF BIDEN SECRETARY OF TRANSPORTATION Peter Buttigieg, who incidentally found time away from his duties as a new mother to make a TV appearance to talk stupid nonsense praising his boss, Joe Biden, like a good lackey should do, never make the boss look bad, lets go to a CNN article entitled “Rising prices and empty store shelves spell grave political danger for Biden and his Democrats” Analysis by Stephen Collinson, CNN, on 18 October 2021, where we have as follows:
Joe Biden’s struggle to make America normal again after the pandemic is proving to be far more protracted and complicated than first thought, which has enormous political implications for the President and his party.
An admission by Transportation Secretary Pete Buttigieg on CNN Sunday that supply chain backups, which are having a corrosive impact on the wider economy, will linger into next year further underscored a tough midterm election environment for Democrats.
There is only limited action Biden can take to get containers stacked up at ports out into the country, meaning the situation is causing a real headache for the White House.
This time, with Democrats only possessing the narrowest of majorities in the House and the Senate, they badly need the economy to be racing ahead and the curse of the pandemic to be well behind the country in a year’s time.
But a catalog of problems, including a strapped labor market, rising energy prices, climbing inflation, political polarization over vaccines and an immigration crisis at the southern border, are creating a disgruntled national pre-election year mood.
Buttigieg, a rising Democratic political star who might have expected the Transportation Department to offer a comparatively safe political landing spot, now finds himself in the middle of a dicey political crisis.
He actually portrayed the crisis — at least the issue of high consumer demand — as a sign of success for the President.
“Every one of those ships is full of record amounts of goods that Americans are buying, because demand is up, because income is up, because the President has successfully guided this economy out of the teeth of a terrifying recession,” Buttigieg said on “State of the Union.”
The transportation secretary’s appearances on several Sunday talk shows — and a move last week by the President to convene port bosses and unions that led to the introduction of 24/7 operations at the port of Los Angeles — proves that the White House is acutely aware of the damaging political impact of the supply chain issue and its consequences for regular Americans after a grueling year.
end quotes
Every one of those ships is full of record amounts of goods that Americans are buying?
What a moronic statement that is, and only an idiot like Peter Buttigieg, with his head full of dead air would make such an absurd statement and then expect people to believe him becuase he is a gummint official, and in this now-FASCIST country, it is our obligation to believe everything a gummint official says.
Every one of those ships is full of record amounts of goods that Americans aren’t buying, because that stuff is stacked up on cargo ships out in the ocean waiting to be unloaded.
The American people don’t order stuff by internet from China and then have it shipped here in containers.
Commercial interests buy that stuff from China on SPECULATION and have it shipped here from China by container ship to stock their inventories with in the hopes that people will come in their stores to buy the stuff, which they can’t do right now, because it is out at sea on container ships that can’t off load, and meanwhile, besides being on TV talk shows touting Joe Biden, where oh where is Peter Buttigieg?
Oh, that’s right, he’s home trying to learn how to breast feed his new babies.
Left to a Democrat to run this massive country we ALL would perish. We have seen it time and time again haven’t we?? You weak Dems better hope like hell DJT comes back with a vengeance because at this point it’s going to take two of him!
Compassion for Sodomites? No Thank You!
What is wrong with you?
Leviticus 18:22 ESV
You shall not lie with a male as with a woman; it is an abomination.
“Let he who is without sin cast the first stone.”
Hi, Philip and Ann Sagle.
Are you saying Stuart Bell is a sodomite, too?
Leviticus 18:22 ESV
You shall not lie with a male as with a woman; it is an abomination.
PERIOD!
You know, Ann and Phil Sagle, you really sound like nice people, so I’m sure that both of you are going to understand that I can’t see where Peter Buttigieg needs any kind of compassion from me, or requires compassion from me, or is deserving of compassion from me because he has chosen to be a stay-at-home mom with his new borns, which some would say is a mother’s proper place, just saying, so I’m sure you are going to both understand, because you both do seem nice, that I am going to reserve my compassion for a lot of older folks in America to the north of you where it promises to be a bad winter who are going to be bankrupted this winter by heating bills, or who are going to freeze to death because they can’t afford oil or propane, and young families who can’t afford a used car because of price inflation, and who are going to be feeding their families on the old American stand-by, Ketschup Soup, while they huddle around a candle trying to keep warm because they can’t afford to heat their house.
I think they are going to deserve it a lot more than Peter Buttigieg, and because you both seem nice, I am sure you will understand exactly where I am coming from and why.
I bet his a$$ is sore…
He was APPOINTED to do a job. And now because of DEMOCRATS there is a nation wide transportation crisis and this mentally ill do nothing, no nothing is no where to be found. Maturnity leave?? What bull shit! DJT can’t come back soon enough!
And getting back on topic, since this is about the economic pain Joe Biden is causing for ordinary Americans, and not Peter Buttigieg, let’s go to a CNBC article entitled “Inflation notches a fresh 30-year high as measured by the Fed’s favorite gauge” by Jeff Cox on October 29, 2021 where we have the latest about the inflation everybody in the Biden administration is saying is “transitory,” a euphemism for it’s not going away, to wit:
Annual inflation rose at its fastest pace in more than 30 years during September despite a decline in personal income, the Commerce Department reported Friday.
Headline price pressures as gauged by the personal consumption expenditures price index including food and energy increased 0.3% for the month, pushing the year-over-year gain to 4.4%.
That’s the fastest pace since January 1991.
The continued inflation jump came as personal income declined 1% in September, more than the expected 0.4% drop.
The headline inflation rate was pushed by a 24.9% increase in energy costs and a 4.1% gain in food.
Services inflation rose 6.4% on the year while goods increased 5.9%.
The inflation and income numbers come as the Fed is grappling with the specter of higher prices and lower growth.
Gross domestic product increased at just a 2% annualized pace in the third quarter, the slowest since the recovery began off a recession that ended in April 2020.
Compensation costs also climbed, rising 1.3% in the third quarter, ahead of the 0.9% estimate, the Labor Department reported.
Earlier in the morning, Treasury Secretary Janet Yellen, a former Fed chair, said she still expects inflation to dissipate, though she and other officials have acknowledged that it has been more persistent and longer-lasting than expected.
Maybe Phillip and Ann will soon get to enjoy $5.00 gasoline..no food or goods on the shelve to buy at any price. A socialist utopia!
CNBC
“Wholesale prices rose 8.6% year over year in October, tied for highest ever”
Jeff Cox
9 NOVEMBER 2021
Wholesale prices rose 8.6% from a year ago in October, their highest annual pace in records going back nearly 11 years, the Labor Department said Tuesday.
The monthly pace was faster than the 0.5% increase in September.
Stripping out food, trade and energy prices, the index increased 0.4% month over month, slightly below the 0.5% estimate but an elevated pace from September’s 0.1% gain.
On a year-over-year basis, core producer prices increased 6.2%.
The year-over-year records go back to November 2010.
Federal Reserve officials are watching the inflation data closely.
However, the Fed has conceded that inflation pressures are lasting longer than thought, and last week voted to begin reducing the pace of its monthly bond purchases.
Goldman Sachs economists over the weekend noted the “inflation overshoot will likely get worse before it gets better.”
It’s interesting watching the Biden-istas and the CULT OF JOE trying to dig themselves back out the hole their anti-oil policies have put them into as they try to make us an ALL-ELECTRIC nation:
RIGZONE
“Oil Drops on Stronger Dollar”
by Bloomberg | Julia Fanzeres
Traders are also continuing to assess the Biden administration’s plans to quell rising energy prices.
The White House didn’t announce a strategic petroleum reserve release on Tuesday and said it continues to look at all the tools it has available to limit the impact of high prices on consumers.
“The market is feeling around in the dark for clue as to how the U.S. administration responds to higher energy prices,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Management.
Oil surged to a seven-year high last month as economies recovered from the coronavirus pandemic and a global energy crisis aided demand, boosting U.S. gasoline prices and fanning inflation.
Rising prices prompted President Joe Biden to weigh the merits of an emergency crude release with the Organization of Petroleum Exporting Countries and its allies refusing to hike output faster.
Eleven Democratic senators, including several known for their concerns on climate change, urged Biden in a letter this week to act quickly with the national average price for a gallon of gasoline at its highest level since 2014.
The senators invoked the “undue burden” on families and small businesses and pressed for the release of oil from the nation’s strategic reserve or even the more drastic step of banning export of U.S. crude.
There was also speculation the U.S. might coordinate reserve releases with other nations including Japan, which has also been pressing OPEC+.
These SOCIALISTS should have thought things through better before imposing their SOCIALIST policies on us that are going to crush the common folks in this country, but SOCIALISTS are famous for emoting, not thinking, going with their feelings, so they didn’t think things through at all, and now they have an emergency that they created, to wit:
RIGZONE
“Dems Press Biden to Consider Oil Export Ban and SPR Release”
by Bloomberg | Ari Natter
Wednesday, November 10, 2021
President Joe Biden faces growing pressure from fellow Democrats to address rising gasoline prices by taking steps that include a possible ban on oil exports and the release of crude from the nation’s strategic reserves.
Eleven Democratic senators, including several known for their concerns on climate change, urged Biden in a letter this week to act quickly with the national average price for a gallon of gasoline at its highest level since 2014.
The senators invoked the “undue burden” on families and small businesses and pressed for the release of oil from the nation’s strategic reserve or even the more drastic step of banning export of U.S. crude.
“As the United States works to boost the development of clean and renewable energy over the long-term, we must ensure that Americans are able to afford to fill up their cars at the pump in the meantime,” said the letter, which was signed by climate hawks such as Elizabeth Warren of Massachusetts and Green New Deal author Ed Markey.
The letter could give Biden political cover to unleash millions of barrels from the Strategic Petroleum Reserve even as the administration participates in international climate talks concluding in Scotland this week.
It was only six years ago that Congress lifted a 40-year-old ban on U.S. oil exports, reshaping global crude markets, shifting geopolitical power and upending entire economies.
The U.S. has emerged as the world’s largest oil producer and its oil has reached more than 50 countries, with shipments often surpassing those of any OPEC nation aside from Saudi Arabia.
In August alone, the U.S. exported nearly 3 million barrels of crude a day, Energy Information Administration data show.
The White House has said it is considering “all tools available” to it as increasing oil and gasoline prices threaten the economic rebound and pose a political risk for the president.
But his options for taming the surge are limited, and many of them would be either short-lived or conflict with his agenda of fighting climate change.
For Joe Biden’s socialistic “BUILD BACK BETTER” agenda to succeed, where Joe is going to rebuild, or “build back better” (BBB to MAGA) the American economy from the bottom up and the middle out while destroying it from the top down, Joe first has to destroy our economy, and working class Americans with it, who are going to be crushed by the inflation Joe is stoking, which he is doing in record time:
REUTERS
“Surging gasoline, food prices fan U.S. inflation”
By Lucia Mutikani
November 10, 2021
WASHINGTON, Nov 10 (Reuters) – U.S. consumer prices accelerated in October as Americans paid more for gasoline and food, leading to the biggest annual gain in 31 years, more signs that inflation could stay uncomfortably high well into 2022 amid snarled global supply chains.
nflation pressures are also brewing in the labor market, where an acute shortage of workers is driving wages higher.
The number of Americans filing claims for unemployment benefits fell to a 20-month low last week, other data showed on Wednesday.
But high inflation is eroding the wage gains, adding to political risk for President Joe Biden, whose approval rating has been falling as Americans grow more anxious about the economy.
Broadening inflationary pressures could also complicate the Federal Reserve’s communication.
The Fed last week restated that high inflation is “expected to be transitory.”
Both the White House and the Fed have maintained that prices will fall once supply bottlenecks start easing.
“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 consumer price index jumped 0.9% last month after climbing 0.4% in September, the Labor Department said.
The largest gain in four months hoisted the annual increase in the CPI to 6.2%.
That was the biggest year-on-year rise since November 1990 and followed a 5.4% advance in September.
The broad-based increase in prices last month was led by gasoline prices, which surged 6.1% after rising 1.2% in September.
Food prices advanced 0.9%, mostly driven by meat, eggs, fish, vegetables, cereals and bakery products.
It also cost more to eat away from home.
Trillions of dollars in pandemic relief from governments across the globe fueled demand for goods, leaving supply chains overstretched.
Excluding the volatile food and energy components, the CPI gained 0.6% last month after climbing 0.2% in September.
The so-called core CPI was boosted by rents, with owners’ equivalent rent of primary residence, which is what a homeowner would receive from renting a home, rising a solid 0.4%.
The cost of hotel and motel accommodation rose 1.5%.
Prices for used cars and trucks rebounded 2.5% after declining for two straight months.
New motor vehicle prices increased 1.4%, marking the seventh consecutive month of gains.
Healthcare costs increased 0.5%, the largest gain in 17 months.
Consumers also paid more for household furnishings, recreation and grooming.
The so-called core CPI jumped 4.6% on a year-on-year basis, the largest increase since August 1991, after being steady at 4.0% for two straight months.
The Fed’s preferred inflation measure for its flexible 2% target increased 3.6% year-on-year in September.
“The heat seen in rents and across services could make the Fed begin to sweat as they wait out the return in the labor supply and easing of supply constraints over the coming months,” said Alexander Lin, a U.S. economist at Bank of America Securities in New York.
Wages are, however, lagging inflation, eroding households’ purchasing power.
A third report from the Labor Department showed average weekly earnings adjusted for inflation fell 0.9% in October and were down 1.6% year-on-year.
And for the goofball socialist dictator Joe Biden, the future is now:
CNBC
“Workers quit jobs in record numbers as consumer sentiment hits 10-year low”
Jeff Cox
November 12, 2021
Consumer confidence hit a 10-year low in November as inflation climbed to the highest levels since the early 1990s, complicating efforts from policymakers to sell the case that the current surge of price increases is temporary.
The survey showed consumers expecting still-higher rates of inflation, with the 12-month forecast nudging up to 4.9%.
“Consumer sentiment fell in early November to its lowest level in a decade due to an escalating inflation rate and the growing belief among consumers that no effective policies have yet been developed to reduce the damage from surging inflation,” said Richard Curtin, the survey’s chief economist.
The survey showed 1 in 4 consumers reducing their living standards due to price increases, while half of all families anticipated lower real income in the year ahead when adjusted for inflation.
Seemingly robust increases in average hourly earnings, which rose 4.9% in October from a year ago, still have not kept pace with inflation, bringing real wages down by 1.2% from the same period in 2020.
“Rising prices for homes, vehicles, and durables were reported more frequently than any other time in more than half a century,” Curtin added.
The gauge also indicated a low level of belief that policymakers are acting appropriately to handle inflation, which ran at a 6.2% rate for October, according to the consumer price index released Wednesday.
The news on consumer sentiment comes with President Joe Biden’s popularity levels dropping as consumers increasingly worry about inflation.
The Federal Reserve faces a similar dilemma as it seeks to meet its mandate for price stability without raising interest rates.
Both Biden and Fed Chairman Jerome Powell have said they expect the inflationary pressures to ease later next year.
Biden and his incompetent Administration are a CANCER on the country. They have actively pursued the destruction of the very successful Trump policies that made the USA energy independent, low fuel prices, no supply chain issues, no Racist programs being taught in our schools. Let’s return to sanity. Democrats who love America are welcome.
I don’t believe there are any Democrats who love America.
They certainly don’t love OUR Constitution.
If they don’t love OUR Constitution, which they proved on 6 January 2021 when they scrapped it to make Joe Biden president, albeit an illegitimate one, then they can’t love America, because America is the Constitution they hate.
It’s as plain as the incompetency occupying 1600 Pennsylvania Ave
Now exactly who are the Domestic Terrorist?????????????????????????
Not for the these folks…
https://medicalxpress.com/news/2021-11-pfizer-biontech-moderna-profit-analysis.html
Remember this when your liberal, whack job, neighbor wants to borrow something.
When “Authority Figures” want to take control of
your children, is that not enough?
“Authority Figures” will take as much power,
from you as you will allow, — and they will use it
as they see fit to rule you
We are seeing this in real time now. — Authoritarians
have taken your Government in Washington D.C. ,
— The Founders anticipated this, and formed a Union
of Independent States with a very weak Federal \
Government — with very limited powers. — for
a reason.
This will not wait until 2022 or 2024.
By then,the damage will be done