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Sal wrote:I dunno.
Maybe when you hear “smash and grab”, you numbskulls should fantasize less about a nonexistent shoplifting epidemic, and think more about the very real four year attempt by Trump to loot the Treasury.
But, the misogyny was a nice touch.
Sooo on brand.
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PkrBum wrote:Inflation at 40-year high pressures consumers, Fed and Biden
https://apnews.com/article/consumer-prices-inflation-c1bfd93ed1719cf0135420f4fd0270f9
WASHINGTON (AP) — Inflation jumped at its fastest pace in nearly 40 years last month, a 7% spike from a year earlier that is increasing household expenses, eating into wage gains and heaping pressure on President Joe Biden and the Federal Reserve to address what has become the biggest threat to the U.S. economy.
Price gains could slow further as snags in supply chains ease, but most economists say inflation won’t fall back to pre-pandemic levels anytime soon.
“U.S. inflation pressures show no sign of easing,” said James Knightley, chief international economist at the financial services company ING. “It hasn’t been this high since the days of Thatcher and Reagan. We could be close to the peak, but the risk is that inflation stays higher for longer.’’
High inflation isn’t only a problem for the U.S. In the 19 European countries that use the euro currency, inflation rose 5% in December compared with a year earlier, the biggest increase on record.
Businesses struggling to hire have hiked pay, but rising prices for goods and services have eroded those income gains for many Americans. Lower-income families have felt it the most, and polls show that inflation has started displacing even the coronavirus as a public concern.
The United States hasn’t seen anything like it since the early 1980s. Back then, Fed Chair Paul Volcker responded by pushing interest rates to painful levels — the prime rate for banks’ best customers hit 20% in 1980 — and sent the economy into a deep recession. But Volcker succeeded in taming inflation that had been running at double-digit year-over-year levels for much of 1979-1981.
High inflation has put President Biden on the defensive. His administration, echoing officials at the Fed, initially suggested that price increases would be temporary. Now that inflation has persisted, Biden and some congressional Democrats have begun to blame large corporations. They say meat producers and other industries are taking advantage of pandemic-induced shortages to drive up prices and profits. But even some left-of-center economists disagree with that diagnosis.
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