Voters seem angry about inflation despite economists telling us how great things are. A few pictures explain. 
Why Biden Is Losing on the Economy
The Wall Street Journal comments on Why Biden Is Losing on the Economy
Democrats and the press keep telling Americans that they don’t know how good they have it. The U.S. economy is great, Bidenomics is the reason, and don’t worry, be happy. Yet the voters, those numbskulls, keep telling pollsters they don’t feel the boom and they don’t approve of President Biden’s economic performance.
If our friends on the left want to stop berating voters and admit reality, they might look at the chart nearby from Dan Clifton of Strategas Research Partners. It compares the average annual consumer-price inflation rate across the first term of the last eight presidencies. As you can see, Mr. Biden’s average inflation rate of 5.5% is second only to Jimmy Carter’s average rate of 10.3%, and Mr. Carter wasn’t re-elected.
The President keeps telling voters that inflation has fallen on his watch to 3.5% from that peak, but voters remember how low inflation was for some 40 years before Mr. Biden took office and went on his historic spending spree. Americans can also see that prices aren’t falling back to where they were when Mr. Trump was President. They know their average real earnings have declined since Mr. Biden took office.
Voters aren’t stupid, and this is why they don’t like Mr. Biden’s economic record.
The Journal explains what I have been talking about for months.
But the article misses a big point. Neither the Fed nor economists in general view housing prices as inflation. The economic illiterates do not count asset prices in general as inflation.
Home Prices Hit New Record High, Don’t Worry
The Case-Shiller national home price index hit a new high in February. That’s the latest data. Economists don’t count this as inflation.
On May 2, I commented Home Prices Hit New Record High, Don’t Worry, It’s Not Inflation
Not Inflation?!
Economists, including the Fed, consider homes a capital expense, not a consumer expense.
As a result, they all ignore economic bubbles and blatantly obvious inflation on grounds it’s not consumer inflation. This has gotten the Fed into trouble at least three times. The first was the dot-com bubble, then the Great Recession housing bubble and now.
It’s really pathetic when you make the same major mistake over and over and over. It’s a result of groupthink.
Inflation Since January 1, 2020
- CPI: 20.3%
- OER (Owners’ Equivalent Rent): 22.1%
- Rent: 22.5%
- Case-Shiller National Home Prices: 47.2%
Allegedly, the latter has nothing to do with inflation. And adding insult to injury for those seeking to buy a home, mortgage rates have sky rocketed.
Mortgage News Daily Average Mortgage Rates
On January 1, 2020 the mortgage rate was 3.76. Now it’s 7.16% with home prices up 47.2%.
But hey, let’s claim that this has nothing to do with inflation.
Trapped In Your House?
A New York Fed survey shows 1-year and 3-year look ahead moving expectations are at record lows.
On May 6, I commented Trapped In Your House? Moving Expectations Hit Record Low
The above post started some interesting discussion on Twitter. One person noted that expectations had been declining anyway.
OK but two things. From 2014 to 2022 expectations fell from 20.8 percent to 16.4 percent. A decline of 4.4 percentage points in 8 years. In the next two years, expectations fell another three percentage points,
Trapped offers a reasonable explanation for the acceleration.
Second, those are “expectations” not actual results. Unfortunately, we will not have 2024 data for two more years.
According to data from the U.S. Census Bureau, moving rates for Americans declined from 12.8% in 2021 to 12.6% in 2022. Thus, more people thought they would move than actually did.
I suggest 2023 and 2024 will be lower for obvious reasons. But if for some reason it’s higher it will be more renters moving around, not homeowners.
We do not have the precise data that proves homeowners are trapped, but we do have strong enough data to suggest that is the case.
Young Voters Bail on Biden
On March 7, I commented Polls Show Biden is Losing Black, Hispanic, and Young Voters to Trump
Q: Why is Biden losing black voters and young voters?
A:Those are the groups most likely to rent. In general, those are the groups most impacted by inflation whether you count home prices or not.
People Who Rent Will Decide the 2024 Presidential Election
Immigration won’t decide the election. Polls have not yet captured what will. This may come as a surprise, but the top issue housing. More explicitly, it’s shelter costs.
On April 30, I commented People Who Rent Will Decide the 2024 Presidential Election
The economy is a very broad category that encompasses inflation, jobs, unemployment, wages, rent, and housing.
Other polls split the economy in various pieces, such as inflation and jobs. Not a single poll mentioned housing specifically.
Q: What is it that young voters really have on their minds?
A: Rent – Unaffordable Housing
I said people who rent will decide the election. One might also say young voters and blacks will decide the election. It’s really the same issue, but none of the polls framed it the way I just did.
Trump would be wise to pick a candidate who appeals to young voters and also women for the abortion issue. Trump might win even if he doesn’t.
This was a discussion among several friends of mine recently.
One friend accurately noted that VP candidates don’t swing many voters. Yep, that’s true, but even half a percentage point could swing the election. It would behoove Trump to choose wisely.
Increase in home value is driving property taxs insanely high, Double edged retired people are getting pounded because they don’t know how good they have it
They want to lower rates? weat moving
Unfortunately, I’m only purchasing food, gasoline, heating gas and electricity. Thus, my inflation is over 30%, therefore I’m in an economic depression.
My competitors are in Europe, working for the same US companies (online, since 1997). They are not receiving 1099s from US companies, and they do not declare their revenues to their local tax authorities (foreigners working for US companies online, almost never disclose their income voluntarily). Translators, computer programmers, consultants etc. – the key today is to be abroad, while working for a US company. US companies do not sent 1099s abroad, so your income is tax-free. All my “colleagues” in Greece are doing it. No CFA, no CPA, no IRS, nobody has figured this out yet. In total, billions annually.
It’s worse: They count expensive housing as wealth.
There are 350,000 millionaires and 60 billionaires in NYC. They are not paying their
fair share of their taxes. Wrong. The Fed raided bank accounts since Oct 2008 and paid back 70 cents/dollar in the biggest bank heist in history. The Fed is worse than
the IRS.
The next president will have to deal with the falling stock price. deflation and recession.
Trump is experienced with situations like that. He knows how to eliminate debt without going BK and rising from the ashes.
Inflation under Biden is roughly the same as under Nixon in 1968-1972. This is not a political thing, but part of the 60 +/-1 year interest rate cycle. The current cycle is ~43 years old. All presidents in the next 20 years will face stubborn inflation, regardless of political affiliation.
Interest rates and inflation have left peak cycles every 30 to 40 years for the past 100 years.
Are we seriously going to take a subset of macroeconomic trends and artificially map a single data point to occupants leading the executive branch of government?
Meanwhile, those who complain about inflation have absolutely no complaints about sitting on a RECORD $11T in home equity, up $1.3T in Q4 ’23.
More of that, right?
Let me guess. None of that is Biden’s fault, but, somehow, Trump should get credit for having passed through?
Business owners I know have had approximately 30% rise in costs of operation under Biden. They are not capable of absorbing these costs so have raised prices.
This in turn has lead to falloff in demand for their services and products.
Consumers are getting stratified and that in turn means those who have been unable to keep up are now experiencing lower standards of living .
Even those earning middle six figures (500,000 +or – ) have to count their pennies as they first did when starting out.
If Fed takes further steps to fight inflation they will crash economy. If they don’t do anything but stay the current course the economy is more then likely to seize up for the Bulk of population as prices cut into spending ability. This is reflected in voter turnout at Rallies.
Biden staged one last week supposedly had 100 people show up. Trump in New Jersey had estimated 40,000
Does not matter any longer what the Media says, the Fed says, the Government statistics offices say, Biden Says. Nobody is listening.
The US government (federal, state, and local) needs radical downsizing. Millions of useless bureaucrats need to be fired, and the positions eliminated for good. That is the one and only thing that can “save” the US from becoming a second tier economy over the next few decades.
Biden simply does not have it. He is corrupt. He is senile. He was never very smart even before he went senile. He has never held a real job outside of government. A very brief “career” as a failed lawyer (about 18 months?) barely qualifies as an internship. He personifies government bureaucracy with no connection to the real economy.
Trump has the ability to fire lots of useless bureaucrats, but he had that ability in his first term. He pandered to corrupt bureaucrats and allowed two war criminals (Fauci and Berklin) to impose medical martial law based on a virus that Fauci helped create. Trump has the ability to fire millions of bureaucrats, but does he have the will?
Quite frankly, I don’t care what the lifetime losers in Congress think. They are part of the problem.
I hope Trump picks Tulsi Gabbard as VP. The rest of the field is quite lacking. Given her military background, I wonder if Gabbard has the courage and the spine to fire millions of bureaucrats? I have doubts, but would love it if she proved me wrong.
The US is going to go the way of IBM and GE (massive downsizing), or else it will go the way of GM and Kodak (total bankruptcy and global irrelevance). More subtle measures might have been possible a decade or two ago, but the US has waited until the last second, so radical downsizing is no longer a choice, its a necessity for survival.
Direct taxes are missing from these inflation estimates.
Those rent inflation figures are gross underestimates. Rents have increased 30%+ in plenty of places.
US gov debt is $34T. What’s the Real gov debt.
True debt is at least $170 trillion … if you think that Social Security and Medicare are supposed to make good on their promises. That does not include critical infrastructure (bridges, tunnels, highways, waterways) that have been deliberately neglected for budgetary reasons.
A partial default is inevitable, regardless of how many people think the US can print like Zimbabwe and not get Zimbabwe outcomes.
PS … you didn’t ask about state and local govt debts, but there the debt is also an overwhelming disaster.
There are a handful of states with fully funded pensions… they tend to be the ones with smaller bureaucrat headcounts.
There are states (NY, NJ, IL, CA especially) where government pensions are less than 25% funded in reality – though they use accounting gimmicks to appear “only” 50% underfunded. Enron would blush at the off balance sheet gimmickry. These states represent millions upon millions of government bureaucrats, the majority of the weighting.
And there are plenty of other states that legitimately have pensions funded about 30-40% (though those states fraudulently claim to be 50-70% funded, they too are using accounting gimmicks).
On average, state and local pensions are only 35-40% funded on average, with the big government states (NY, NJ, IL, CA) in far worse shape. The federal PBGC (kind of like the FDIC, but for pensions) is broke and cannot bail out the federal bureaucrats, nor the state and local bureaucrats, much less all the above.
The bureaucrats are going to get (on average) 35-40 cents on the dollar. The rest will be defaulted on, though politicians will no doubt spin it with some fraudulent BS.
The average Gen X and younger person does not get a pension at all – the “younger generations” (under 60 is VERY young compared to Washington DC politicians) have to fund their own retirements. Some boomers get a pension, many have 401ks / IRAs. The public lost our pensions many years ago,and we can’t afford to bailout these corrupt bureaucrats even if we wanted to (and most of us do not want to).
I suspect there will be lots of temper tantrums and screaming and diaper soiling about all this, just like the UAW and USW and whatever in the 1970s. In the end, broke is broke. The temper tantrums will be for not. The longer they fight and scream, the less there will be remaining to distribute.
The increase in the cost of a college education is also way under reported. Since 2020, the interest rates on the government loans for college has increased from about 1.5% to about 5.5%. Students come out of college with about $30k in loans. Over a 20 year repayment term, the total cost of the loan with the extra interest is about 40% higher.
Sorry to nitpick, but the PRICE of a college education is “way under reported”. The COST is “way overstated” as most of the education costs cited by colleges are in fact political indoctrination expenses, social justice expenses, and overpaid faculty expenses.
The typical student must take 3-4 courses per semester to be considered full time.
The typical professor teaches less than 2 courses (often with grad students acting as TAs) per semester. They work part time, but get paid full time, often twice as much as full time workers in the private sector
Again this increase in interest expenses is also not counted in the economic politbureau statistics. This and housing prices used to be included in the CPI. We are being played.
19% cumulative inflation since Biden took office. Possibly 40% at the end of a second term.
Biden told CNN’s Erin Burnett that inflation was 9% when he took office. Of course Burnett didn’t correct his bold face lie.
Why bother interviewing him Erin if you are going to let him get away with that???
Sorry to go slightly off topic… but why the &*()%$ were you watching CNN?
The day Bernie Shaw left/retired, that station lost any and all sense of credibility.
The endless bullsh!t they peddled after 2010 or so proved they are now completely divorced from reality.
Don’t know if Discovery Communications can actually turn around the failed TimeWarner properties as a whole, but CNN jumped the shark long ago.
Totally with you Willie. I don’t watch CNN or any other main stream media source. But I get great highlights from Citizens Free Press.
Its the same with Fox. If I hear David Asman state that Reagan whipped inflation one more time I will vomit. Paul Volker was attacked by the Reagans and pressured to lower rates although it was his high rates that actually defeated inflation. Fox never mentions Reagan’s record deficits or his failed promises, like a balanced budget.
I agree that inflation is out of control. I agree that Biden seems to be excessively money pandering to the electorate to be elected. But I do recognize that when I travelled to Palm Beach in February 2020, I was virtually the only one wearing a mask because viral aerosol epidemics behave exponentially unless controlled exponentially. (My father had talked of the 1918 flu.) Anyone who’s dealt with exponential disease knows that early, sure action is a must. Yet In Palm Beach Trump was sashaying around Southern Avenue calling Covid a nothing-burger
I grew up a Republican with fellow students from the Hoover, Taft, and Goldwater families. They were decent, intelligent folk. But I had believed and learned economics at UPenn/Wharton. When Covid stalled/stopped the productive economy, it seemed reasonable to embrace Keynes. And yep, Biden’s done that with gusto.
The Fed can raise rates, but slowing inflation takes time. Volcker took years and shocking rates to 20% to get control. It cost Carter his presidency and it is costing Biden. I personally don’t understand why I should have a 2.75% mortgage offset by 5.4% T-bills, but it’s with bipartisan government consent. I really don’t understand why Republicans are now pushing Freddy Mac to create helocs to stimulate credit, since that just creates more money chasing stuff? (And encouraging Fannie Mae, etc to do the same.)
Trump will keep low corporate rates, low capital gains, and high estate exclusions. (Great, make me richer!?) Meanwhile slobs who labor get hosed. Maybe we should throw out all the bums?
If I were 18 to 34 taking that poll, I’d be most worried about ChatGPT and AI. Because even if Government suddenly gets religion, many of the most lucrative jobs could disappear, inflation or not. We need a president who is neither an ignorant sleaze, nor a corpse. We need a smart, vigorous person who can pull a Roosevelt with a national fireside chat to curb our worst instincts.
I live in Palm Beach (or rather across the bridge in West Palm since I don’t have Trump’s money). You are right that we were mask less in 2020 and for good reason. For 99.9% of the people it was nothing more than flu season.
The .001% with underlying conditions had it bad. If it was anything even remotely close to 1918 this country would have melted down (we are way less civilized now than we were then).
The reported spikes in hospitalizations and deaths during the Pandemic do not corroborate your assertions. Hard data is difficult because much went unreported. In November 2023 the state finally released past figures after a court settlement. PB Post reported “Nearly 92,000 COVID deaths recorded in Florida; 6,500 fatalities in Palm Beach County”.”While 82% of Palm Beach County’s victims were elderly, the detailed data reveals an explosion of deaths in 2021 among residents younger than 65.”
That’s not nothing! Much of Florida can be lived outdoors so it helps that ‘dilution is the solution to pollution’. But what’s the point of posting made up crap?
I have said for years, the creation of the Federal Reserve in 1913 was, and continues to be the worst/biggest mistake this country has ever made! Nothing else comes close! NOTHING
Just saw this article. Apparently a new refrigerant standard is rolling out starting January 2025. As a result,
get ready for much higher heat pump and A/C unit costs should you need to replace your unit. Inflationary forces are rearing thier heads all over the place.
Snippet from the article linked below.
“…With the changes in refrigerant, they’re factoring in about a 20 to 25% cost increase for an A/C install overall once the new refrigerant comes out. That’s due to testing of new equipment, producing the new equipment, training,” he said…”
https://www.fox10phoenix.com/news/big-changes-are-coming-to-air-conditioning-units-in-2025-industry-expert-says
The deficit spending (currently at a rate of $2.2 trillion a year) is what is fueling the continuing inflation.
Either cut the spending or raise taxes. The problem is, nobody wants to do either.
The inflation rate experienced by low income people coming out of the pandemic was much much higher than estimated.
Many households didn’t pay rent or utility bills for more than a year because it was illegal to evict or cut off services. Starting to pay those bills again would feel like at least 200% inflation.
This shows how hard it is to quell inflation once it gets going.
Yes, once the genie is out of the bottle it doesn’t like to go back in.
It’s probably going to take the better part of the rest of this decade to slay inflation and that’s ONLY IF leadership everywhere (Government, President, Federal Reserve etc) is committed to it. Otherwise it could easily last into the 2030’s because there is so much money sloshing around still.
People don’t need the msm to tell them the inflation rate. We know based on our bank accounts. Inflation/economy/illegals is why Trump is going to win in November.
Please explain how losing two elections by a combined total of 10M votes (a rather conservative number, considering his admitted sabotage of the mail system leading up to, and, beyond the election) is a reasonable projection for a ’24 victory, for a person holding 88 felony counts, 4 indictments, hundreds of millions in debts owed to questionable entities, such as, a Caribbean shell company, and, consistently under-performing his primary polls by 20-25%. Factor in the 25% of Republicans who pledge not to vote for him with criminal conviction. Please then explain, beyond the space of the typical bumper sticker, or, tweet, what re-electing IQ45 will do for an inflationary trend that is a consequence of (1) the end of a 40-year disinflationary trend, and (2) global reactions to the characteristic, post-recessionary inflationary trends, only this time, further enhanced by lingering supply chain constraints from a once in 100 year pandemic. Don’t forget to include the part about the April ’20 deal between IQ45 and the Saudis, to cut oil production, raise oil prices, and, help stimulate Vladimir Putin’s oil revenues. Then, explain how an economy inherited by IQ45, the first such 90+ month expansion at inauguration in over 120 years, can continue to be erroneously projected into the future, for him to erroneously claim, again. Then, tell us what can be accomplished on immigration, in years 5-8, that could not be accomplished in years 1-4. Don’t avoid the significance of the recent hostage-taking of the immigration issue, at his command, when a major initiative on immigration policy, crafted by both parties, was deliberately sabotaged by him, for his election advantage, as with many of his other so-called accomplishments. You and the election-denying, seditious mob boss have a mutual desire for a continuing, deceptive relationship.
Biden Is Doing It All Wrong
May 12, 2024, 1:00 a.m. ET
By Mark Penn – Mr. Penn was a pollster and an adviser to President Bill Clinton and Hillary Clinton from 1995 to 2008. He is chairman of the Harris Poll and chief executive of Stagwell Inc.
President Biden appears behind in all the swing states and his campaign appears all-too-focused on firming up his political base on the left with his new shift on Israel, a $7 trillion budget, massive tax increases and failing to connect on the basic issues of inflation, immigration and energy. By pitching too much to the base, he is leaving behind the centrist swing voters who shift between parties from election to election and, I believe, will be the key factor deciding the 2024 race.
I’ve spent decades looking at the behavior of swing voters and how candidates appeal to them, including for Bill Clinton’s re-election campaign in 1996. If Mr. Biden wants to serve another four years, he has to stop being dragged to the left and chart a different course closer to the center that appeals to those voters who favor bipartisan compromises to our core issues, fiscal discipline and a strong America.
People usually assume that turning out so-called base voters in an election matters most, since swing voters are fewer in number. And it’s true that in today’s polarized environment, Mr. Biden and Mr. Trump each has about 40 percent of the country in their bases already and nothing will change those people’s minds. But in that remaining 20 percent of the electorate, swing voters have disproportionate power because of their potential to switch. It’s simple math: Take an electorate of 10 voters in an election tied 5 to 5. If one voter swings, the margin becomes 6 to 4. Two voters then need to be turned out just to tie it up and a third one is needed to win.
…
https://www.nytimes.com/2024/05/12/opinion/joe-biden-swing-voters.html
Garbage in/garbage out.
Polling accuracy is influenced by the derangements in our society, no matter where it materializes.
Pollsters got it wrong in 2018, 2020, and 2022. Here’s why political polling is no more than statistical sophistry
https://fortune.com/2022/11/16/pollsters-got-it-wrong-2018-2020-elections-statistical-sophistry-accuracy-sonnenfeld-tian/
Im not sure I can go along with this thinking. We are paying the SAME amount for a gallon of gas that we paid 11 YEARS ago (chicagogasprices.com). We also are paying a natgas rate (home heat) so low they are practically giving it away. The inflationary 1970s was almost entirely attributed to energy prices (damn Arabs). So does this all fit? The inflation today seems to be more a factor of: 1) Businesses taking advantage of everyone raising prices instead of one crappy business doing it alone and everyone jumping on the bandwagon 2) Covid killed lots of businesses making for reduced competition, at least in the short term (competing with 3 other business instead of 7). 3) Businesses trying to reclaim some of their Covid losses while they can ($6 for a sandwich instead of $5) which is at best a temporary situation 4) Property tax and home insurance surging due to government retirements and hurricanes. I just dont think Biden can be blamed a lot, if at all. The 1970s (definitely inflationary) doesnt look at all like the 2020s.
Heretical thinking.
Propane was $2 to $2.20 under Trump, and now its $3.40. Diesel was $2 and now it’s $4.40.
I agree the prices were even lower during Trump as the frakking had just started in 2014 and prices collapsed. Propane is small potatoes and Ill have to look for a price chart for diesel …
According to the chart I just saw, diesel in 2011 was $4.06 per gallon. In 2024, it was $4.02. Over 13 years .. flat.
Would you like a major recession with that lower propane, or, diesel price, as ‘under Trump’?
We won’t see a significant decrease in prices until we’re in a depression which will be in a few years.
Your right that inflation in the 70s was mostly due to energy (oil prices quadrupled).
Today’s inflation is almost entirely due to the unwarranted massive covid stimulus (3 rounds of it) that put trillions into peoples hands with zero work being done. So of course they spent the money and that triggered inflation. Biden has since doubled down on his previous mistakes with the policies Mish mentioned (loan cancellation, bad energy policies etc). But the absolute primary driver was the stimulus money which let the inflation genie out of the bottle.
History is going to judge the Covid response very harshly. Shutting down the entire economy (world wide, not just the US) and handing out trillions was an incalculable mistake that’s going to take a very long time (decade) to get under control. All to maybe, just maybe save a few thousand lives at best.
On the news this week they mentioned all the Covid savings people had has now been spent. So you’d guess inflation has now stopped from this point forward then?
Spent where? As in people lit the money on fire or aliens took it away?
They spent it on goods / services. But the money itself didn’t disappear. It just went to someone else (business owners, stock dividends etc) which meant different people now had more money to spend. Which of course they spent it too (sometimes on higher salaries, sometimes on their own personal goods/services). And on it keeps going. Money doesn’t disappear, someone somewhere always holds it and then spends it.
What’s killing the people at the bottom is that now that they don’t have any more of the covid money they can’t afford the more expensive stuff. Higher salaries which means more costly goods/services are forever.
Stimulus also created the largest excess deposits at banks in the metric’s history…people had savings. This meant they could continue to pay higher prices for some time creating an environment for sustained inflation. “Transitory inflation” was always a lie. That lie perpetuated support for further inflationary policy.
Trump tomatoes cost $0.50/lb. Biden tomatoes cost $2.99/lb or $1.50 each. That is annual inflation of ~70%.
Trump was the first president since Herbert Hoover to leave office with a record of lost jobs. I’m sure that tomato prices weren’t on anyone’s list of priorities when those jobs went bye-bye.
Cherry-picking, and, selective math.
It’s not working.
Ummm…Covid, port closures, businesses shuttered, etc. Any of this ringing a bell?
Mish is the only economic analyst mentioning the absurdity of not including housing price inflation. I always wondered why the mainstream financial publications don’t point this out. No can be that ignorant. Are they being told to suppress this.? At Powell pressers no one questions him about this. Young people are despondent about being priced out of housing. The purchasing power lost to inflation is never recovered.
Anyone who could lick a pencil and hold it behind his ear could get into Journalism School. Now days all they need is a cell phone.
If the Fed didn’t exist, we would have to invent it to upon blame all our misfortunes. Let’s give it our daily two minutes of hate for the Fed and Emmanual Goldstein.
Mish,
Be smart for election 2024. Tulsi Gabbard as VP and Trump wins.
That is my opinion. Trump may easily win anyway.
I am rooting for Tulsi.
Another insurrection if he doesn’t want to leave office in ’28? Count on it.
Ok by you.
There was no insurrection you dumbass. If there was, you’d fukin know it. I PROMISE YOU.
The easy read would be that everybody would be strapped and plated and the range would be hot
Your qualifications aren’t specified here.
Therefore, you have none.
You missed this…the Colorado Supreme Court decided it, and, the U. S. Supreme Court let it stand.
Slander is your skill.
Stick with it, and, leave the thinking to the adults.
I’m rooting for Kristi Noem. I await her next memoir: WOKing My Dog
Is that because you think she’s a moderate and/or Trump needs to pick a woman as VP?
Just remember, the Fed, since its founding in 1913, have used their expertise & economic superiority, to reign over a decline of 96% in the value of our dollar. Let’s have more of that, and pick FJB for another 4-year term. See if we can reach zero-worth. We’ll show those Zimbabweans a thing or two.
The LYING Federal Reserve says YoY inflation has been:
2020: 1.2%
2021: 4.7%
2022: 8%
2023: 4.1%
REAL inflation has been at least 2x that. When the LYING Fed said inflation peaked at 9.1% in June 2022, the TRUTH is that using the previous inflation formula, from a year or two prior, the REAL peak inflation was almost 19% in June 2022
Many/most consumer items, goods and services and asset prices are up 100% to 350% over the same 3 or 4 year period.
The FEDERAL RESERVE is a LYING cabal of criminals and THEY HATE YOU.
When the riots against the Eccles building start, I will be on my way. I DESPISE those fucking people
The Fed does not calculate the inflation numbers. Try again.
Now we know at least one source of Hank’s confusion, don’t we.
Are down votes on this board indications of denial?
Another fukin wise guy…..
So, you’re fond of bubbles, and, insults for those who disagree with them?
The first step to unraveling a delusion is to acknowledge it, rather than ATTACKING it when it’s challenged.
Do you still stick with your ‘lying Fed’ statement, no matter how wrong it is?
Yea no shit. I recognize the fraud goes WELL BEYOND the sea of PhDs at the FED and the BLS is a mere extension of the same cesspool. If you’d like to split hairs and ping pong semantics, well I guess have at it. My main point still stands
The Fed does not report inflation. CPI, PPI, and all the other nonsense statistics come from the Bureau of Labor and Statistics (BLS) which is part of the Department of Commerce.
Thousands of government bureaucrats doing “work” that can and should be done by a single PC and simple web scraping software.
Don’t blame the Fed for a lie given by the BLS or Commerce Department
💥 boom. Im aware Willie and because I enjoy all/most of all your commentary/posts…. I will just bid you a good night 😴
Right? The Fed is reactionary…mostly to bad government policy.