Note: Recently took a trip, and drove through through back country America. Poverty, Gambling, Disrepair, Cannabis, Sex Stores, Abandoned Houses, Abandoned Factories. Numberless smaller towns that look like hollowed out shells. The people left behind by the past 40 years of globalized train and brain drain were abandoned by their own country.
Meanwhile, consumer prices rose for a third straight month in June, jumping by 5.4 percent since this time last year. Everything, mainly staples like groceries and energy is putting more pressure many Americans, especially those that are already struggling financially.
The monthly Consumer Price Index, released Tuesday by the Bureau of Labor Statistics, is a broad measure of inflation for goods and services including groceries, airfares, cars and clothing, and shows how quickly prices are rising.
The spin coming out of Washington is that inflationary pressure is due to an economy that is finally recovering from the government’s Covid lockdown policies. There may be some truth to this, but let’s not forget it was policy that created this fine mess.
From the supermarket to the big box store to the gas station, we are paying more to get less. Shoppers are finding limited selection, slower service, longer waitlists, and lots of empty shelves.
Some so-called economists believe the economy needs some inflation to keep going and growing. It’s a dangerous line for policymakers to walk.
May’s CPI data showed that inflation was up 5 percent, the highest monthly increase in 13 years. For families already struggling to pay the bills, any price increase is hard.