You’re doing great, Joe!
Inflation in the US rose at a 6.2% annualized rate in October – above 5% for the fifth straight month – the most since November 1990, as consumer demand and a crippled supply chain hit Americans squarely in the wallet.
The Labor Department said the Consumer Price Index, which measures how much consumers are paying for goods and services, rose 4.6% from a year earlier, more than September’s 4% increase and the largest increase since 1991.
The Labor Department added that the price increases were broad across categories and sectors, but primarily hit the new and used autos industry, energy, furniture, rent and medical care the hardest.
On the bright side, average prices for flights and alcohol fell, so at least you can drink away your sorrow about your money losing its value on a nice island somewhere.
“I do think we’re moving into a new phase where inflation is broader and where things are going to get a little more intense,” economist Laura Rosner-Warburton said. “Part of that reflects that [supply-chain] bottlenecks are not resolved going into the holiday season, when a lot of purchases get made, and that the economy is doing really well, so you have strong demand.”
(YWN World Headquarters – NYC)
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The thanks belongs to the seditious immoral adulterer, for the incompetence and refusal to attack covid that tanked the economy, from which we are recovering.
At this point it is only annoying inflation. Biden hopes it doesn’t become “crushing” until the second week of November in 2022. The biggest threat is that the Federal deficit, will force the government to “print” lots of money, and American bonds will need to pay high interest rates while the currency starts losing value internationally.
this is why the frum didnt vote Democrat last week despite FJCC and vaad saying otherwise as this is hurting OUR pockets.
I am surprised that neither rt nor akuperma picked up a fundamental problem with this article. That fundamental problem is that the YWN authors of the article do not understand the difference between “percent” and “percentage points.” If the annual rate of inflation was, e.g., 4.0 percent in September, and the annualized rate rose 6.2% in October, the resulting inflation rate in October would be the sum of 4.0% plus 4.0% multiplied by 6.2%, which is 0.0248%, for an annualized inflation rate in October of 4.0248%
But the greater problem with this article is attributing the inflation rate to presidential policies, rather than the problems throughout the world economy caused by the pandemic, e.g., layoffs, supply chain disruptions and other effects resulting from the pandemic. Biden’s policies, e.g., mask mandates, testing mandates, vaccine mandates, and strategies to increase the supplies of vaccines, are the right policies, but they will take time to work, and many people, e.g., Aaron Rogers and Gov. Ron deSantis, are resisting those efforts.
@rt:
covid did NOT tank the economy. that doesn’t even make sense. how could a virus tank an economy??
Rather, those that suffer severely from covid-fobia and freedom-fobia, tanked the economy. and by the way, 2020 was one of the best years economically.
Stam, but L’diddach………
It’s big business taking advanatge led by the oil drillers and refiners for taking advantage of pent up demand after a year-plus slowdown/stay at home economy.
THANKS BIDEN!
GDP growth at record 5.7%.
Stockmarket at all-time highs.
Real estate values at all-time highs.
Average earning us 4.9%.
6 million new jobs created.
Unemployment rate at 4.6%
Trump never came close to these numbers.
Biden’s infrastructure plan passed with bipartisan support and hailed by Mitch McConnel will invest in ports and roads so that Americans don’t have supply chain shortage filed inflation that is due to the inability of current infrastructure to handle the demand. If only Trump and Republicans had invested in infrastructure while in power perhaps our ports wouldn’t be backlogged and unable to unload goods purchased by Americans in our booming economy.
INFLATION…
At least there’s ONE thing Biden accomplished with flying colors!!