Inflation soars as goods disappear from shelves Oct 19, 2021 14:57:35 GMT -5
Post by jdv on Oct 19, 2021 14:57:35 GMT -5
Well there's been a boatload of economic news this week, and almost all of it's bad.
Gas prices up more than a dollar from this time last year, with more increases coming. Heating costs for this winter predicted to be more than twice as expensive as last year. No doubt all of this due to the reduction of domestic oil production, thanks to Joe Biden's policies. Oddly enough, the weather seems not to be affected in the slightest. It's gotten so bad that President Joe Biden has asked OPEC and Russia to sell more oil, despite the US being an exporter of petroleum just last year.
Gas isn't the only thing getting more expensive - Procter & Gamble today announced massive price increases:
"In July, the company said higher costs would add an additional $1.9 billion in expenses this year. On Tuesday, the company raised this estimate to $2.3 billion. “The input cost pressures are really broad based,” P&G Chief Financial Officer Andre Schulten told reporters at a briefing, describing the current market as “a very challenging cost environment.”
That's $2.3 BILLION with a B more expensive for just one company.
Meanwhile, more than 100 ships laden with goods continue to languish off the coast of LA. All major retailers and producers now saying that there will absolutely be shortages of everything for this Christmas.
Yesterday, the now back on the job after an un-announced 2 month vacation (after being on the job for less than 6 months), Sec of Transportation Pete Buttigieg claimed that the back log and lack of goods on shelves was proof that President's Biden's economic plan is working like gang busters, a claim so fantastically out of touch with reality one wonders where Pete buys his drugs, and is he willing to tell me his dealer's name?
All this despite Biden telling reporters last Wednesday that the port would now "remain open 24/7" to relieve the bottleneck. Unfortunately, no one seems to have told dock workers - the dock was completely closed Sunday (2 days ago now), and has not added any shifts. The ports in LA have actually piled up more ships to be unloaded since Biden's promise, not fewer.
Speaking of out of touch (and not to be out done for stupid) today Biden's press secretary Jen Psaki told reporters when asked about the supply chain problems that, "The tragedy of the treadmill that's delayed" is not a problem... but also that Biden formed a committee today to address the issue. She also claimed that inflation is a good thing because, "It means more people are buying goods".
She's either fantastically stupid, or simply reflecting the attitude coming from her boss. Maybe a bit of both.
And hey, speaking of products that aren't treadmills, food is also becoming vastly more expensive - when it can be found. According to the Labor Department, the following consumer items have been impacted by raising inflation under Biden’s presidency: rental cars: 42.9 percent, gas: 42.1 percent, used cars: 24.4 percent, hotels: 18 percent, TVs: 12.7 percent, furniture: 11.2 percent, meats, poultry, fish and eggs: 10.5 percent, new cars: 8.7 percent, appliances: 7.1 percent, electricity: 5.2 percent, restaurant prices: 4.7 percent, rent: 2.9 percent.
Pork is now 20% more expensive, and is expected to continue to rise in cost. Used cars now as much as twice as expensive as this time last year.
All told, the cost of living for an average American has increased by $175 a month, according to a Moody’s economist. “For households earning the US median annual income of about $70,000, the current inflation rate has forced them to spend another $175 a month on food, fuel and housing,” the New York Post reported.
Even CNN is reporting about the shortages & prices increases (they can hardly be denied at this point), but mostly they seem worried about the effect it will have on democrats getting elected during the mid-terms next year as opposed to whether or not you can feed your family or heat your home this winter.
In other words, it's a giant shit sandwich and we're all going to take a bite. But hey, I'm sure adding $3.5 trillion in completely unpaid for pork barrel spending (not to mention the $4 trillion per year in 'normal' taxes) will really kick start the economy!
But don't worry, we're in good hands