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Inflation Surges 5%, Largest Spike Since 2008

Inflation Surges 5%, Largest Spike Since 2008

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Dave___Smith

5% inflation yet the cost of everything has gone up 20-300% 👌🏼


Dragonmaster_Ghaleon

But at least there's no mean tweets!


Ineedmoney0420

From last may, year over year lumber is up 280%. All this started last year because of covid shutdowns. Not because of a specific president. Edit: I get downvoted for stating data? It could open up good discussion and help a lot of people learn instead of just downvoting. Cheers everyone


jmm701

It's because of all the money printing


eatmypis

Amazingly no one seems to mention the 11 trillion that was printed last year.


jmm701

Yup that's included in what I meant. The printing is causing the inflation. Mostly due to Wuhan


phantom_phallus

It was a year ago we had all the Jerome Powell money printer memes. I guess people forgot or thought the economy immediately responded to that a year ago.


InvestingBig

Yeah, the trillions printed while Republicans controlled 2/3rds of government. A Republican Fed Chair Jerome Powell who is an inflationist. It saddens me that conservatives are so team-oriented that most of them cannot even see how their party has betrayed them. It makes me have little hope for the conservative movement in the US. Trump deficits were twice what Obama's were. How can conservatives excuse this behavior from their party?


cchris_39

Deficits to keep the economy afloat during a massive economic shutdown are understandable. We know now that the we were lied to and the shutdowns themselves were not necessary, it was all a ruse to get Trump out. There is no reason for any of the massive deficits Biden rolls out month after month. The inflation won’t stop until we stop the madness and contract the money supply.


M-B-E

From last year they had one vote in the Senate and democrats held the house for last 3 years remember all they worried about is to impeach the president


diavolo1120

Yes, caused by supply chain issues. This inflation will not last


DrMaxwellSheppard

That is not a certainty. Much of the lumber that is skyrocketing in price is grown on land in the Florida-Georgia area. The price increases are not resulting in higher profits for the growers and they are having a hard time just paying property taxes on the land. Meanwhile, developers are wanting to build vacation homes in that area. So if they sell the supply will contract.


binkie-bob

Georgia forester here. The current lumber prices have squat to do with raw wood supply or land prices. The price for trees has not moved nearly as much as lumber. Plenty on supply on the ground.


Lustan

Diesel will not go down. This will keep the prices up.


diavolo1120

Actually when oil prices are up my little Texas oil town does pretty well. So what should I hope for? Rising prices or falling prices?


agentbarron

If you own mineral rights then you live for the day it reaches $500 a barrel


jbslol

Well, my family owns a lot of mineral rights but it’s mostly natural gas. I hope for electric vehicles.


Ineedmoney0420

I agree 100%. I said this in a post farther down, supply and demand is undefeated


D4rk50ul

Once they set a new bar they won’t lower it again


diavolo1120

We are talking about markets here.


diavolo1120

Who is "they"?


swiss_cheese_pervert

and the powers the be caused this by overreacting to a mild virus... shocker there are disasterous results for every day americans while they sit in ivory towers.


Ineedmoney0420

I'm not going to defend politicians. Generally speaking they are all bozos with their lies and manipulation.


swiss_cheese_pervert

There was no lockdown for poor people, they were just delivering your amazon fresh


mdws1977

Today gas price US average: $3.07. This day one year ago US average: $2.08. I wonder if that has anything to do with higher prices. https://fuelinsights.gasbuddy.com/?\_ga=2.257260744.295034409.1623348888-1320703473.1623348888


ChemE_Wannabe

The unusually low prices a year ago were due to a price war between the Russians and the Saudis as well as incredibly low demand. https://en.wikipedia.org/wiki/2020_Russia%E2%80%93Saudi_Arabia_oil_price_war


mdws1977

Just look at US National prices for the last five years with this tool and you will see that we are higher now than in those last five years. https://fuelinsights.gasbuddy.com/charts


milkcarton232

Lol the day oil futures went negative was hilarious


eatmypis

I wanted to buy some barrels but wtf am i gonna keep them


RepublicKev

If you think this is from covid only your sadly mistaken.


miziidris

This one specific president wants the shutdowns though. Perhaps you need to state this fact too. In the scenario if this one specific president and his fellow party members collaborated with the former president instead of going all the way against him which resulted in some moronic morons follow his "guidelines", you might not end up in this inflation. This is called chain effect you might want to look it up. It is very similar to supply chain.


Ineedmoney0420

This problem is global just not just a US caused thing though ya know. China and a lot of chip manufacturing countries shut down as well. Pretty much every country really. I'm not sure what shutdowns you are referring to. I know states have lifted almost all restrictions who are in charge of that. Just looking for civil discussion. No need to get upset.


miziidris

The fact is that china reopened when the US only started to lockdown, or rather crying to shut down. If you haven't realized, the impact is because the materials and goods are unable to be delivered due to the domestic shutdown not because of the factories stop producing them. Perhaps you are still not aware all the things you thought were not manufactured, they are actually at the ports pending clearance and transfer, because guess what, you domestic facilities are short of hands and in a shut down.


Ineedmoney0420

I agree 100% that the ports are fucked. They were fucked before the pandemic and this just made it waaaaay worse. What ports are in a shut down now? Genuinely curious. And factories did stop producing a lot of stuff during that time. China isn't the whole world also ya know. But I do agree the ports are a big issue


milkcarton232

China also locked down gnarly hard and south east Asia in general had really strict laws governing travel etc. Even now if you want to go to Thailand you have to quarantine for 2 weeks upon arrival (even if you are vaccinated)


AAkacia

By April 29th of last year, Trump pumped $2.3 trillion into the economy in a 6 week time period. 1/5th of that went to families and workers. Its not about the mean tweets.


yourPizzaIsMine

Just wait a bit, you know who they’re gonna blame for this. Not Biden.


nekomancey

Came to say, that number is complete bullshit and everyone knows it. Year to date we are approaching a ridiculous number, 20% sounds fair based on gas, groceries, and construction/repair materials.


y90210

Housing alone is up massively


milkcarton232

Renting/leasing a house is massively down since so many people lost jobs. Buying home prices is up massively cause supply side has been squeezed and rates have been at historic lows for a long time


theLucror

2 years ago I could have found a decent winter rental for 6 or 7 hundred a month where I live. Nothing is less than 1400 now. It's insane. So many landlords are just selling those properties because they can make a ton and don't have to risk the government telling tenants they don't have to pay. It's making full time working people in their early twenties have a real tough time.


Mas113m

Rent has been increasing dramatically as well. There was a story the other day about the large increases just announced from the nations largest rental companies. I am a little fish, but even for me I raised rents on my properties 15% recently. Probably could have gone a bit higher. So many people have been moving down here the demand is insane. I do not try to squeeze every penny out of it though.


milkcarton232

I work for affordable our rents have been fairly stable. I'm sure there are pockets where it's gone up but this past year lots of ppl have been out of jobs, city rents specifically have gone way down


likeitis121

I want to know how in the world they came up with inflation rate of only 2.2% for food. That would seem reasonable, unfortunately chicken is up 20%, milk is up 50%, and most produce is up 25%+. Have the people calculating these numbers stepped foot in the grocery store in the past 3 months?


Dragonmaster_Ghaleon

I was shocked to see a gallon of whole milk at $2.99. It was $2.30 a couple months ago.


nekomancey

I'm big on fresh veggies, produce cost is jumping hard. Georgia peaches were 1.49 a lb yesterday, they are usually 89 cents!


jamesbeil

Previous money printing coming home to roost - expansion of the money supply and devaluation of the dollar doesn't happen on a 1:1 basis, or even on a timescale that makes sense, but nobody gets away with free lunches forever.


APotatoPancake

> groceries I normally buy the cheapest cuts of meat because I'm broke. I can no longer afford pig feet & hocks and I'm hoping I'll still be able to afford chicken thigh quarters. Seriously pig trotters shouldn't be $1.79/lbs it's a fucking foot.


rbaut1836

Bro for real.


checkoutasguest

Friendly reminder that this was not a market crash, but an artificial shut down.


pimanac

npr was spinning how this was a _good_ thing on the radio yesterday.


Bashota

“Bread lines are a good thing” Commies just happy to see the great reset plan going into action


XIIXOO

“Give them bread and circuses and they will never revolt.” — Juvenal


widdlyscudsandbacon

"Girl you look good, won't you back that thang up" - Juvenile


FlipGeorgiaBlue

What's this whole great reset plan exactly? I never understood it and no one ever seems to have an actual answer.


Mrsparkles7100

From World economic Forum https://www.weforum.org/agenda/2020/06/now-is-the-time-for-a-great-reset/ “COVID-19 lockdowns may be gradually easing, but anxiety about the world’s social and economic prospects is only intensifying. There is good reason to worry: a sharp economic downturn has already begun, and we could be facing the worst depression since the 1930s. But, while this outcome is likely, it is not unavoidable. To achieve a better outcome, the world must act jointly and swiftly to revamp all aspects of our societies and economies, from education to social contracts and working conditions. Every country, from the United States to China, must participate, and every industry, from oil and gas to tech, must be transformed. In short, we need a “Great Reset” of capitalism.”


FlipGeorgiaBlue

Lmao does this mean we get to cancel our federal deficit?


nekomancey

It's a switch over to global socialism. These elite pseudo rulers are straight up fucking lunatics, they want to turn the entire first world into communist China. They are really pissed Trump beat Hillary in 2016 and derailed the plan. Covid was a wonderful opportunity to try again. It's working better in some places then others, so far total fail in the US outside some deep blue cities. Over half of America won't even put a mask on if "their betters" tell them to, instead we buy record amounts of guns and ammo lol 😆 🇺🇲 I absolutely love my country. We have 2 things no other nation does, a history of defeating totalitarian powers, and the second amendment 🇺🇲


Walrus_D0ngs

Slight correction they don’t want a communist state. It’s an authoritative state like China they really want.


Bashota

They want an Oligarchy of rich wealthy elites that have taken everything from everyone.


BabiStank

Haven't we proven already the US is a half oligarchy. Yeah we vote for people but a lot of laws are written by the large corporations.


Bashota

And I am in high favor of term limits, lowering the pay of these 'public *servants*', removing lobbying... something wrong with politicians becoming millionaires and then they act like we are the peasants.


mOdSrBiGgHeY

And once you realize that, the push for gun crackdowns/confiscation make a little more sense.


Bashota

Yeah, absolutely... They'll either just make everyone poor. Or it could go the way the likes of Cambodia, Russia, Germany, etc. They've already started the dehumanization and claiming one group has 'privilege' over everyone else. And they've drummed up a base of people ready to burn everything down and riot/fight/kill


mOdSrBiGgHeY

I’m of the maybe conspiratorial mindset that we’re in a cold civil conflict right now, with only one side fighting at the moment. Which I could be completely wrong on, but it’s the feeling I get with current events being what they are.


widdlyscudsandbacon

And all these reddit keyboard socialist dipshits think they're gonna get a position in the new politburo lol. They never fucking learn


Walrus_D0ngs

A significant portion of them are paid Chinese trolls/bots


02201970a

I don't like variety in food choices. I am looking forward to only 1 or 2 options when I do meal planning.


XIIXOO

Treasury Secretary Yellen Says Higher Interest Rates Would Be Good For The Country https://www.breitbart.com/economy/2021/06/07/yellen-welcomes-higher-rates/ . I must be in the twilight zone


jbcgop

She isn't wrong. This would help fight inflation.


superAL1394

Fucking Chase paying me a fraction of a percent on my “oh shit” bank account. Stock market is all over the fucking place. Crypto has shit the bed. Every house I try to buy gets bought out from under me by some middle aged Californian willing to overpay in cash while running from their tax rate. I make good money but sometimes I feel as trapped as I was after college. I did what I was supposed to and carried very little debt for my 20’s. Now no one will give me a mortgage matching my income and I had to eat a ridiculous rate on my car. I want to move to Mars. Fed should set the yield to 10% for a couple quarters. Fuck the easy money for hedge funds and private equity.


ihaveasandwitch

Don't the low interest rates contribute to inflation through all the cheap lending? Its definitely contributing to pushing up home prices.


Titans_are_Fun

And a few big banks, lenders, and investors are hoping for this. Some in all this group are backed by the Fed so they do not have to worry about risk. They will be buying up everything and turning our society into a renters society. Literally cooperate sponsored by the US Govt socialism. All while the socialist are saying this is a failure of capitalism. Um, no. Government taking the risk out of the market for a select few to profit is not capitalisms.


artisanalbits

Yes


artisanalbits

Low interest rates make money easier to borrow because it lowers payments. Easier money means people will spend more and pay higher prices. Paying higher prices is inflation. Raising rates is a go to tool for fighting inflation.


eatmypis

The fact that people don’t understand this and yet make an argument that is baseless is shocking, economics and politics are not the same thing..


fretit

It is a good thing if you are counting on adding trillions of dollars of extra debt.


pimanac

It's a good thing for the entrenched political class that's making money off grift...not so much for the average joe.


fretit

Just to be clear in case it wasn't, I was being sarcastic.


pimanac

it's all good.


typhoid_slayer

Ngl, I kind of hate npr


scroto_gaggins

How?


pimanac

"It's a sign that the economy is coming back! People are spending money again! Demand has outpaced supply! It has nothing to do with the fact that we've printed 1 out of every 4 dollars in circulation in the past year or that the government is paying people to stay home!"


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merkmerk73

lol jobs market took a nosedive whenever Trump was gone because now that we have a leftist regime running the show, they're (SURPRISE) killing jobs all over the place


SometimesBob

Sudden demand surge meets just in time supply chains.


shakhaki

This should be higher up, this is what's driving a ton of the price increases. I'm seeing companies price their products uncompetitively so they can normalize demand and operations again.


SometimesBob

If there were underlying signs of inflation we'd be seeing moves in the US Bond markets, especially the TIPS. https://www.bloomberg.com/markets/rates-bonds/government-bonds/us


jbamg55

We need to print more money. That's how you solve this


MarvelousWhale

Update: in the 12hrs since thie comment, we've printed but the problem has not abated. We have determined that the answer must clearly be to print even MORE money.


Rick-P45

First inflation yes. But what about second inflation?


NautianDream

Supply chain shock. I don’t think it’ll turn into a recession but what did people expect when parts of the world is going back to normal and demand goes up yet in other parts supply can’t match the demand? Ports in YTN are slow because of Coronavirus, commodity market is out of whack in China because of speculation. This has been brewing for a year.


Krampus1313

another .5% in a month?


RoundSimbacca

Yup. And it doesn't look like it's gonna quit anytime soon.


Largo1954

My son’s $4.00 an hour raise isn’t temporary,it’s permanent.The company I work for has price increases planned for next month,and they aren’t temporary either.


Frunk2

Are you saying your son getting a pay raise is a sign of economic weakness? Not surprised fear mongering is driving out rationalism here but please understand. Inflation is actually raising slower than last month and the stock market moved sharply to bet against the inflation narrative right after the CPI report..


rasputin777

Printing money results in inflation. Cutting tens of millions of people checks (for no real reason) causes inflation. Paying people to stay at home causes inflation. Inflation punishes those who save, and rewards those with massive debt. Everything is upside down. Instead of encouraging thrift, savings and sensible personal decisions we're rewarding massive mortgages, living paycheck to paycheck and punishing people who are literally working, paying their debt and holding up the economy as it stands. Atlas should have shrugged a while ago.


TheMer0vingian

Well said.


Lostraider

Wholesome is the only award I have to give. Well stated.


Bingobango20

Damn


goodoleboy1983

Hmmm 2008??? Hmmmm


Top_Advance195

*Raises hand* I know what happened in 2008!


dabbledazzle

The global financial crisis of 2008 that actually started in summer of 2007?


Ralondr190

Wasn’t old enough to remember 08 but now I can’t wait to get fucked by the government yet again


TearsForPeers

If you want costs to go up and freedom to go down, vote for a Democrat.


Ralondr190

Lol no I’m good


TearsForPeers

Oh, okay… just be that way. The Dems don’t need your vote anyway. They already have your great-great-grandparents votes in 2024. /s^(but probably not)


Ralondr190

Let me go ask who they plan on voting for… oh wait a minute


shanel3rannan

You are exactly wrong. The 2008 crisis was literally caused by George Bush. This inflation was caused by Trump.


mmartinutk

Do you? Because Obama was sworn in January 20, 2009.


eatmypis

Lmao but they want to hate the left, no mention of credit default swaps or Lehman brothers, it was wall street not politics.


Lazy-Career261

If Republicans can't win back the house & senate, and turn this guy into a lameduck (which he sorta already is), I don't know what to tell you.


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Telineye

Democrats practice what I like to call "barbed politics." > a sharp projection near the end of an arrow, fishhook, or similar item, angled away from the main point **so as to make extraction difficult**. Everything they do, they try to make as permanent as possible. Take welfare, for example. If Republicans got the trifecta with a fillibuster-proof senate, could they just end welfare? Sure, legally. But practically? The reality of welfare is that a significant amount of people have shaped their lives around it, and worse, staked the lives of their *children* around it. If you end welfare programs overnight, children in America would starve to death. That would just be a reality, a reality that no one would want to be the one to usher in. So you can end the legislation, but can you *really*? No, because the legislation was set up in such a way that it would inherently extort the American people into continuing it. To speak hypothetically, legislation that would mandate transgender indoctrination in schools would be another "barbed" bill. Sure, the bill could be repealed by Republicans, but if it was served to children for four or eight years, then the damage is already done. There is no way to undo it. You can't repeal the indoctrination. Now think about the kinds of things that Republicans do. What is similarly permanent? What are the things that Republicans want that can't be undone? The only thing I can think of would be abortion bans.


Lazy-Career261

The legendary Thomas Sowell claimed liberals care more about institutions. This is why they took control over - education, media, social media, academia, etc. While old GOP wanted to only take care of oil reserves and their donors. Until people started to realize "Wait a minute this critical race theory shit is insane". So now they control the culture, this is why it's difficult for us to assert our policies.


merkmerk73

>The reality of welfare is that a significant amount of people have shaped their lives around it, and worse, staked the lives of their children around it For generations Instead of this reluctant bread line, it's a fucking discretely delivered EBT card that entire generations have grown up using.


Crapocalypso

10% reduction in welfare payments for people currently on it per year until 0. 2 year maximum welfare pay per time, 5 years max for life. Simple enough.


Telineye

> Simple enough. No, that's not simple, because it's easily interrupted by the next administration. You can't combat something that took a pen stroke to implement with something that takes years to achieve.


Crapocalypso

It’s worse than that. You asked for a way to wean them off welfare. I gave you one. The problem is that over 50% of the population is taking more from the government than they put in. How do you fix a problem when you can’t get votes from people who never grew out of childish reliance on others to pay their way? These same people, who don’t fully support themselves, have an equal say in how much we tax people that support them. Ask a person that is working a minimum wage job if they support 50% taxes on anyone making $100k. Ask that same person if they would be ok with 50% tax for everyone, including them. Of course they will vote to tax the other guy and refuse to pay the same percentage, even if it’s a paltry amount when compared to the higher earning person. That’s where we are now. We now have a population that will only vote for politicians that will give them more and more and more of the sweat of the other person’s brow.


FreeRadical5

Absolutely agree with you. This is the natural conclusion of democracy. We need a better system.


Crapocalypso

We had a Republic! We failed to keep it.


ETChunter95

Yep. Crazy how it works this way. The left's defeats are temporary and their victories are permanent. It's exactly the opposite for the right. Except we don't really get any victories.


Lazy-Career261

Thank god for Joe Manchin


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VamboRoolOkay

Hey - I'm grateful he's for the filibuster and hugely partisan voting bills.


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Lazy-Career261

He's the only leverage we have


TheZoneRanger

Hyperinflation here we come


AlexanderDenorius

If they admit 5% then the real inflation is 10%.


Sean1916

You are right on. If we go by how they measured the states in the 70s we are closer to 15% [source](http://www.shadowstats.com/alternate_data/inflation-charts)


Deluxe78

The American peso is on its way to being worthless but at least there are no more mean tweets and at this rate minimum wage will be $60 hr by December


DTMD422

“How do you expect me to live on 60$/hr when a loaf of bread costs 25$ ??? We need to raise the minimum wage” -leftists by January


widdlyscudsandbacon

"How could Trump do this to us???"


FlipGeorgiaBlue

Can't you vile conservatives at least push for $600/hr instead? $60/hr clearly isn't liveable in San Francisco.


Deluxe78

I just don’t get it .. it’s like that building with the teachers and books was supposed to give me more then minimum life skills while I was making duck face iPhone pics for 12 years ... anyway im double majoring in useless life skills at an Ivy League I can’t possibly afford and can’t for the life of me figure out why I’m not making big bucks at a job that requires zero skill


FlipGeorgiaBlue

I mean that doesn't change how they're all on food stamps leeching off welfare and don't have enough money for college (which is caused by our higher education system's corruption). Then, there's also the fact that kids born into wealth turn out better than kids who aren't. Clearly, money and resources impact their success. I made it out with a bachelor's degree in computer science and it took me five years with my parents paying a good chunk. I can imagine there're guys out there who could've turned out like me if their parents were a bit richer. On the other hand, I had a friend whose parents paid for college in full for his computer science degree and he sat at home for a year or two playing videogames afterwards to the point where he decided to actually get a job one day. His parents helped this grown ass 23 year old out saying shit like "Okay Thomas, for every 30 minutes you spend playing your game, you need to spend 30 minutes applying to jobs! I've already sent your resume out to all my connections and everything!" He fucking blamed him being unable to get a job on Trump for ruining the economy. If anyone can't get a job with a computer science degree, they're a useless bum. There are three times as many job openings as people qualified. It'd be a disaster if we paid for people like him to go to college with our taxes. And look, I'm a liberal too, but he needed to take some personal fucking responsibility and not blame shit on politics. That's why a lot of countries offer more affirmative action and keep their college prices in check for people who have proven themselves to be qualified or can do well enough on given exams that anyone can take for free at any time rather than just blindly giving free shit to anyone and everyone.


Deluxe78

My parents payed nothing... I took out loans for a state school and majored in the field I eventually would work , while sloping shit in the dinning hall and working after classes and 3 jobs during summer and paying off my loans after... I blows but it can be done


FlipGeorgiaBlue

Yeah, but I got two main arguments against this. 1. Our GDP could still be higher than it is right now if we had more people in higher paying jobs. 2. The logic of "I suffered, so everyone else should too" can be applied to a lot of things. Older generations of African Americans were enslaved. Do African Americans today deserve the same? Older generations faced segregation in public. Same shit with gay marriage and anything ranging from women's rights to Social Security and FDIC. So I think we should argue on the basis of whether it would be beneficial for society to make these seemingly radical changes rather than keeping it how it's always been. Congratulations on your degree and everything btw.


widdlyscudsandbacon

I can't wait till we're all millionaires!


Ineedmoney0420

Chipotle just raised their wages to $15 and the cost of food went up 4%. This is completely business specific and is not a comparison to a mom and pop. Let's just relax with the wild exaggerations though


banmeonceshameonyou_

Chipotle sucks anyway. They don’t have enough selections compared to other burrito places. And now they want to pay 15/hr? I’m good with just Taco Bell then


Ineedmoney0420

😅 I can get down with that


arseniic_

It's funny that you think that Trump would have solved or done anything different with this. I remember back in July of last year when he was asked a softball about minimum wage and he says "I'm going to get back to you in two weeks with a statement." He never did. You can watch it [here](https://www.facebook.com/FoxBusiness/videos/751837888953969). Do you think a guy who can't answer a simple question about minimum wage has the intelligence to deal with inflation issues after a global pandemic? The answer is no.


Deluxe78

I trust the guy who confuses his wife/sister, can’t figure out stairs, and an expert in you know the ... um thing


arseniic_

Isn't it ironic that you joke that Biden isn't an expert in anything, but yet you guys praise Trump for being such a "successful" businessman that he can't even answer the simplest of questions about the minimum wage? Surely, that would bother you that he scapegoated such an easy question. Also, you mentioning stairs is hilarious considering he had to hold someone's hand to go down a ramp. Don't forget that he bragged on national TV about passing a dementia test where he was so excited that he pointed to the elephant.


Spysix

> yet you guys praise Trump for being such a "successful" businessman Nobody is exactly running laps in the subreddit about how successful he is, but objectively, he is a successful businessman. If anything, he lost more money doing this presidency shtick than not. And before you say, "But muh gorillion bankruptcies." The short, lazy version is; It's already established he buys into failing businesses and condos and uses the fallout for tax write-offs. Skeezy? Yes. Legal? Unfortunately. He said it himself. He just plays the game everyone else does. Keep your broad brushing outside of the subreddit. >He never answered that question. [He did](https://www.westernjournal.com/trump-gives-epic-answer-15-national-minimum-wage/). Granted three months later, but better than most politicians "circling back" on a question. >Don't forget that he bragged on national TV about passing a dementia test That everyone in the media demanded he take. When Biden is asked to take a competency test he goes on a tangent about pushups and slang from the 60s.


widdlyscudsandbacon

Huh. Now where have I heard "we'll circle back around to that" before... 🤔


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GingerCoog

Inflation Joe


InvestingBig

Can we at least be intellectually honest tho? All this inflation was the result of the enormous 2020 stimulus packages that totaled around 6 trillion dollars. Republicans controlled 2/3rd's of government at the time. The inflationist Jerome Powell head of the Fed was also Republican appointed. I really hate when fellow conservatives cannot hold the Republicans accountable for the damage they have caused. When will people start talking about balanced budgets again? Democrats are a lost cause, but are Republicans also a lost cause?


crek42

You’re right, I mean come on, a president can cause this amount of inflation in 6 months? As much as people would like to believe, the president doesn’t have all that much power over the American economy. Sure they can attempt to steer the ship with introducing legislation, but it’s a mild impact at best. We’ve been wildly spending money for the past 16 months. It’s unfair to blame it on Joe or Trump. Point the finger at Congress and the Fed.


InvestingBig

Exactly. Even now Republicans are promoting an infrastructure bill spending without tax increases. It is more spending with no revenue source. That is not a fiscally responsible party. This is being enabled by the artificial low interest on gov debt that Jerome Powell (a republican appointee) has created. My point is that US culture is going down a dangerous path. A path where it believes spending is a free lunch and that the piper never has to be paid. Short-term populism rules the day for both parties. Unfortunately, there is not a fiscally conservative party left. There is a big spending high tax party. And a big spending tax with inflation party.


NotaClipaMagazine

Witness me! -some BlueAnon idiot, probably


Ineedmoney0420

Dating back to last may, lumber is up 280%. It has nothing to do with a specific president. Supply and demand is undefeated and when supply is shit because of shutdowns in almost every sector, thats what happens


rbaut1836

When shit hits the fan, I’m remembering every single person in my life who asked for this.


jayden9271

At least we don’t have to worry about any mean tweets.


Quigleythegreat

My rent went up 15% this year, cold cuts are $13/lb....but my 3% raise will cover it...yeah.


blipblop896

What cold cuts are you buying at $13/lb? I just went to Kroger and got turkey and ham for $7/lb not on sale


AcidicNature

Just the beginning...you ain't seen nothin yet.


VamboRoolOkay

"Never underestimate Joe's ability to f--k things up." - Barack Obama. And it hasn't even been been six months.


Jolaasen

One of the only things I will ever agree with Obama on.


PenIsMightier69

Next we will see a large run up in oil prices. Nearly every recession is preceded by unusually high oil prices. Democrat's economic plan at it's finest.


NoGardE

Next? I'm already paying 1.30/gal more than I was in December 2019.


PenIsMightier69

I mean we'll see oil near or above $100 per barrel. Right now it is still below $70.


Zerksys

A run up in oil prices at this point is pretty natural. As people come out of the pandemic, the demand for gas will increase. A sudden uptick in the price of certain goods doesn't not equate to poor economic policy all the time. Right now, there are shortages on semiconductor chips, cars, computing hardware, and bicycles causing a massive inflation on the prices of these items. No same person is blaming the soaring price of computer graphics cards on economic policy by the Biden administration. The rising price of gas is the same. More people traveling means more people are competing for the same fuel.


FlipGeorgiaBlue

Fuck bro, I had to struggle so hard to get my 3090 RTX at MSRP.


ApatheticSkyentist

Isn't that expected regardless? Covid restrictions lifting combined with summer travel is going to spike prices. I'm not saying that Biden isn’t having an effect. Simply that its important to look at the context.


widdlyscudsandbacon

I think it's the money printing machines running 24/7 that's the problem. His fiscal policy (or lack thereof) is actually my biggest complaint about Trump. I really don't think Biden has any clue what's going on - this wanton destruction of our currency is being perpetrated by unelected elites who transcend elections and have a "higher loyalty" than to the USA.


poggeredditwholesome

5% is a pretty low estimate. Ive seen studies showing Inflation is up about 34% due to some of bidens new rules. Search Biden inflation rule 34 for more info.


Monty_Monster

He do be right doe 😲😎


icomeforthereaper

Yeah, but he is totally not raising taxes on the working class you guys! It's just that the price of everything they need to buy is skyrocketing thanks to his idiot policies and the price of the assets that his rich buddies own will go up even more. Cash is trash. People that hold it by necessity or choice are the ones paying for this moron's magical thinking economic policy.


Savant_Guarde

Even though the numbers are purposefully low, you know it's bad when they even have ti admit it.


redsand69

Dumbocrats are excellent at getting triggered and virtue signaling but poor at governing.


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eds91

It's obummer all over again only worse! 🤬


Obamasamerica420

I guess when they promised "economic equality" they meant that we're all going to be poor.


widdlyscudsandbacon

🌎👨‍🚀🔫👨‍🚀


Moosemaster21

"The inherent vice of capitalism is the unequal sharing of blessings. The inherent virtue of Socialism is the equal sharing of miseries." \- Churchill


BeachCruisin22

Enjoy your 3% raise everyone, you're only falling somewhat behind!


Financial-Train6407

Didn’t 81 voters ask for this?


ReverendCatch

this\_is\_fine.gif


KingXDestroyer

Money Printer Go Brr


Dantebrowsing

Wait, shutting down production for over a year and printing money to cover for it has lead to *inflation*?!? I don't know who could have seen this coming.


AbroadSignificant942

Thanks Joe!


Riceomaholia

This is an “undervalued” number. Namsayin


battleaxe0

Perhaps these "economists", who are so often "unexpectedly" wrong, should find another line of work - perhaps sanitation engineer?


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MtMetNO

Nothing the Dems want more than to bring us back to the halcyon days of 2007-2008. Can't have prosperity, jobs and a profit-generating economy cause then you don't need the government dole.


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RepublicKev

Aka BIDEN HAS NO CLUE WHAT HES DOING.


Nucka574

THERE SEEMS TO BE A COMMON DENOMINATOR. HOW BIZARRE!


greatatdrinking

who could've predicted this? Oh wait. It's us. Yet the left thinks these things just randomly happen to them because of.. *shuffles card deck* also us. Not their crap policies or their messaging that makes the market skittish.. It must be greedy conservatives //s


spanky2588

Thanks a lot Obama 2.0


Domini384

I'm sure it was all Trump's fault as well right media?