My past is now my future – again. And Government is doing it with GLEE!
My adult life start during the Jimmy Carter Administration – grown up, out of school, and in the workforce for the first time. Frankly, an awful time for many given the stagflation that was starting in – but ESPECIALLY the high interest rates due to inflation were hitting we younger adults pretty hard trying to get started. Those older adults, already with families AND IN HOMES were sitting mostly quite well as their house valuation, like in 2006 AND now, were skyrocketing. The problem? Too many dollars chasing too few goods. Like NOW (due to TRILLIONS of dollars being dumped into the economy). So why should ANYONE be surprised at this (reformatted, emphasis mine):
Annual Inflation Soars to 5 Percent in Biggest Jump Since 2008
Inflation took a fresh swipe at American consumers in May, with the consumer price index surging by 5 percent over the past year, the biggest annual spike in the measure since 2008. On a monthly basis, May consumer prices rose by 0.6 percent from April, Labor Department figures showed, a slight drop from 0.8 percent the prior month, which was the biggest gain since June 2009.
…The Fed’s preferred inflation gauge, the so-called core personal consumption expenditures (PCE) gauge, which excludes the volatile food and energy components, rose 3.1 percent in April, the biggest jump since 1992. May’s PCE inflation number is scheduled for release on June 25.
Yeah, how many of us don’t eat and don’t drive. Or buy stuff that has, in part, fossil fuels involved either in the manufacture of those goods or the transportation thereof? Nice way to “Hide the Rise”.
“We have not yet seen the peak in inflation, but that should occur in the current quarter, though existing pressures should keep the year-over-year pace elevated for the remainder of 2021,” said Sam Bullard, a senior economist at Wells Fargo.
Yeah, lately those “experts” have gotten rather little correct and I’m still waiting for the Law of Unintended Consequences start to kick in on all of the money (e.g., Government “Stimulus”) now flooding the marketplace (see above) AND the effects of having just printed (“borrowed”) it all. Printing money, after all, is Government’s favorite way of papering over the resulting inflation; it makes ITS debts more manageable by paying with dollars that are worth all that much less.
For us, we still have to fork over that tax money because on top of the debt, Government spending ALWAYS increases. As well as the cost of everything that WE buy gets more and more expensive for smaller and smaller quantities (e.g., look at both the cost of your food in the grocery store – higher. But the amounts (fluids, weight, et al) are smaller).
And we are allowing them to do this to us?
(H/T: The Epoch Times)