I want to say that today I have good news to report about the inflation that we are convinced will be temporary. Unfortunately, it is only accelerating, and middle-class families have seen the wage growth of the past few years disappear within a few months.
Today, the record year-on-year increase in producer cost inflation is set at 7.8%, and there is no end in sight.This broke Previous record It is scheduled for June this year.
⚠️Suddenly:
*U.S. producer price inflation rose by 7.8% in July, the largest year-on-year increase on record pic.twitter.com/E6rhvSy9az
— Investing.com (@Investingcom) August 12, 2021
Producer cost inflation comes from the producer price index, which essentially measures the cost of selling different products to retailers (wholesale costs) compared with the previous year. In other words, these are costs directly passed on to consumers. Things are so out of control that between June and July alone, PCI rose by 1%. This is only a figure that we usually need a year to reach (about 2% per year).
Here are some examples of the most significant growth.
Stop complaining that you saved $0.16 on barbecue meat pic.twitter.com/IxOoqHxJ7l
-Matt’s Creative Shop (@MattsIdeaShop) August 12, 2021
What is Joe Biden’s response to this? Well, he brought a teleprompter to let people know that his “rebuild better” policy was actually reducing costs. He is like on another planet.
More work. Tax cuts. lower the cost.
That is my better agenda for reconstruction. pic.twitter.com/fYp0GwKF1U
-President Biden (@POTUS) August 12, 2021
Have you cut taxes? Because I don’t remember the tax cut? Maybe he is talking about trying to restore the SALT tax deduction, but this is just a gift to the very wealthy people in the blue states with high income taxes. In any case, he will definitely not do anything to reduce costs. On the contrary, what we see is just the opposite.
People’s savings are disappearing (that’s why it’s wise for you to transfer some money into mutual funds, real estate, or anything that generates returns) without them having to spend a penny. What is Biden doing? Lie to people, eat chocolate, eat chocolate ice cream in front of the camera. The reality of optics and all of this is crazy.
The Democrats have no answer to this, because it is caused by their spending policy, and they are deeply rooted and cannot reverse the situation. Instead, we get stupid qualifiers and more false assertions, thinking that these are all transitional. at the same time, Republican Senator At the same time, the adoption of a $1.2 trillion infrastructure package to give the Democratic Party a major victory will only make the inflation plight worse. Isn’t Washington very good?
As if this is not bad enough, we have an elderly man leading us, he just reads the 40 font words entered for him by his leftmost processor. Does he realize how ridiculous his voice is when he insists on lowering costs when inflation continues to set new records? Honestly, I’m not sure he will do this.
