quote:

Originally posted by PASig:
I remember my Dad telling me about buying a house in 1980 and being glad he got a “good” rate on his mortgage.

It was something like 13-14%

Yep, I bought a house when my divorce was final in 1982. Paid 16% on the mortgage. Told my realtor that when the mortgage rates dropped to 9% to give me a call.

Two years later he called, and I refinanced for 15 years at 9 percent.

We're heading there again.

quote:

Originally posted by tatortodd:

quote:

Originally posted by Mars_Attacks:
6% is a deceptive.

I have seen 40+% increases across the board.

Greenspan and other slimeballs cooked the books on inflation back in the 90s. Their changes to consumer price index (CPI):

CPI no longer measures the cost of maintaining a constant standard of living.

CPI no longer measures full inflation for out-of-pocket expenditures.

With the misused cover of academic theory, politicians forced significant underreporting of official inflation, so as to cut annual cost-of-living adjustments to Social Security, etc.

Use of the CPI to adjust retirement benefits, private income or to set investment goals impairs the ability of retirees, income earners and investors to stay ahead of inflation.

Most egregious of all: Substitution Theory Essentially, consumers shift their buying patterns in response to changing prices, substituting one product for another. The [CPI] index is based on a fixed market basket of goods and services. But, for example, if the price on an item like steak gets too expensive, consumers may switch to hamburger.

Fortunately, there is a website called shadowstats that still calculates inflation using both the 1980 and 1990 methodology. 13% CPI using 1980 methodology and 9% CPI using 1990 methodology. We're on the verge of Jimmy Carter inflation.

Great post - kudos given - but I have one more. I believe they also adjusted for technological advances, so my Commodore 64 computer in the 1980s costed $1,000 and todays computers cost $1,000 dollars but they are 10 times better, well computer costs are down 90%. Head scratcher, may fall into your academic theory classification.

Damn inflation is out of control

Just got back from Home Depot, had to pick up a few GFCI receptacles. Plain Jane 15A Leviton, not tamper resistant or some special color, just white.

These USED to be $12-$15 each

Paid $20 each today

quote:

Originally posted by PASig:
Damn inflation is out of control

Just got back from Home Depot, had to pick up a few GFCI receptacles. Plain Jane 15A Leviton, not tamper resistant or some special color, just white.

These USED to be $12-$15 each

Paid $20 each today

Try grabbing a 4x8 sheet of birch plywood for ~$80 that used to be $38/$40 a sheet. Of course assuming they even have any on the rack.

Runaway Inflation Is About to Collapse the US Economy

Now, with an election in the fall, watch politicians propose a "cost of living" stimulus program that will continue to fuel the fire.
Much like the wage and price controls during the Nixon era that caused many shortages of those times, this will have the opposite effect.

What no one seems to understand is that there is a self correcting balance of nature in economics if the government doesn't manipulate things. The smaller pain that would have occurred years ago will now be replaced by a longer and larger pain.
I don't want to blame just Biden and the Democrats, although they are the latest to completely misread the situation. After 9/11 and again after the '08 meltdown, those in control felt they needed to "do something". Then it was Covid. They got hooked on the easy way to apparent prosperity.
But once they saw how they could artificially stimulate things, they didn't take their foot off the gas and allow things to normalize and somehow thought it would be fine anyway.

The only thing I've been buying other than food is ammo and stocking up on household commodities.
Shit's gonna get pretty sporty I think.

Stopped at McDonald's this morning for a coffee and noted that all the food items on the "dollar" menu were now $1.99 and up

More and more I wonder if all the ammo I really need is one bullet.

Biden goes into cloud cuckoo-land on inflation

Joe Biden is either stupid, or thinks you're stupid.

Because how else does anyone explain a speech like this, to the supposed working stiffs of the AFL-CIO Tuesday?

Biden, visibly angry: "I don't want to hear anymore of these lies about reckless spending. We're changing people's lives!" pic.twitter.com/0I3OgmIJGD
— Townhall.com (@townhallcom) June 14, 2022

Here's the whole thing:

WATCH LIVE: President Joe Biden speaks at AFL-CIO convention https://t.co/NGF1mEBc8K
— PBS NewsHour (@NewsHour) June 14, 2022

There's plenty to dislike about this, from the 1940s proletarian vernacular to the heaping helping of old hokey Irish Catholic gesturing, as if the abortion president were actually Catholic and not a guy who plays one on T.V. for political benefit.

The worst thing about it though was his incessant mockery of his runaway federal spending, which is the root of the current inflation. He wants more of it. More spending, more inflation, it doesn't get more obvious than that.

The appropriate response was here:

It’s truly shocking that the President of the United States of America doesn’t know what causes inflation.
— Shawn (@sps59t) June 15, 2022

Because at a time of an 8.6% inflation rate not seen since Jimmy Carter put on a sweater, it's pretty obvious Joe Biden doesn't know what causes inflation. Or he does, but he doesn't want you to know. He's mocking the hard reality, effectively admitted by Democrat economists such as Larry Summers, that inflation is "always and everywhere a monetary phenomenon," which was what Milton Friedman posited without compromise.

Biden has spent up a storm already through his largely unnecessary $1.9 trillion pandemic aid package in early 2021, doling out stimulus checks and paying people not to work, forcing the Federal Reserve to print money to pay for it. The Wall Street Journal called it "a tidal wave of federal stimulus."

Once printed, that money stays in circulation and prices across the board rise to absorb the excess cash. That's the verdict of the Federal Reserve itself, which ran a study on the matter and found just that.

A new analysis from the San Francisco Fed finds that U.S. core inflation is higher than other nations – and attributes a part of it to President Biden’s decision to continue unemployment bonuses and government stimulus after the pandemic receded.

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Democrat economists who care about their reputations certainly have said so -- here's one:

Jason Furman, a Democrat who was chairman of President Barack Obama’s Council of Economic Advisers from 2013 to 2017, said the latest effort tackled the wrong crisis. “We fought the last war,” he said.

and to combat inflation, is proposing to spend ... even more.

Here's another:

As you may know, early last year Summers sounded the alarm about President Biden’s $1.9 trillion American Rescue Plan, saying it was the 'least responsible' economic policy in 40 years and that it could engender significant and persistent inflation. Turns out Summers, a self-described progressive, was right.

...who's now pointing out:

"The Fed's idea used to be that it removed the punchbowl before the party got good," [former Democrat Treasury Secretary Larry] Summer[s] said. "Now, the Fed's doctrine is that it will only remove the punchbowl after it sees some people staggering around drunk."

Grosser still, he envisions himself as another LBJ, famous for his 'war on poverty' and Vietnam war spending:

Mr. Biden likened his ambitions to those of Lyndon B. Johnson’s Great Society during the 1960s. “This is the first time we’ve been able to, since the Johnson administration and maybe even before that, to begin to change the paradigm,” he said after signing the stimulus into law in March.

He apparently didn't get the memo about what followed from that spendathon -- a ruined presidency for Johnson, which scuppered his bid for a second term, and more to the point, a small GOP interval characterized by government expansion, and then the Carter years, broken only by Fed action from tight-money Fed chief Paul Volcker and the entry of the great Ronald Reagan, both of whom reversed the terrible trend.

Not so Old Joe, whose economic brain shut off right about when he was elected senator in 1973.

He's proposing more spending, more subsidies -- for prescription drugs, day care, student loan forgiveness, and a host of other idiocies, plus tax hikes for business (to keep their hiring down).

Biden is still blaming oil companies for the ongoing inflation, as if oil companies themselves were not subject to the higher transport, production, labor, and materials costs of taking oil out of the ground, vowing to punish them with "emergency powers" if they don't pump more oil to increase supply. He's begging the Saudis to produce more oil, despite an amazing array of oil resources in this country, which he has largely shut down, along with the Keystone XL pipeline from Canada. He's also reportedly releasing another round of oil from the Strategic Oil Reserve, as if the first huge release had had any effect. It didn't. He's blaming Russian President Vladimir Putin.

What he's not doing is addressing inflation itself and runaway federal spending that created it, it's as if he doesn't know, or thinks you don't know.

Because the flip side of what Biden is claiming is that he cut the deficit, which right there holds the premise that runaway spending is inflationary.

The hell he has. He's kept the deficit higher than it would have been as pandemic programs from the goverment have expired. He's also increased the national debt.

Here's lefty FactCheck:

In recent speeches, President Joe Biden has been misleadingly taking credit for cutting federal deficits by historic amounts, though most of the reduction in deficits is the result of expiring emergency pandemic spending. Deficits fell between fiscal year 2020 and 2021 far less than initially projected after Biden added to them with more emergency pandemic and infrastructure spending.

And the deficits under Biden and beyond are projected to remain historically high compared with pre-pandemic levels.

In recent remarks, Biden took credit for cutting the deficit by $350 billion in FY 2021 and claimed his proposed budget for FY 2022 will cut the deficit by $1.3 trillion this year.

The whole thing reeks of a president being out of touch on basic economics, and worse still, unable to do anything but make things worse.

Worse still, does not have any solutions for it, and therefore things are not going to get better.

And speaking of out of touch, here's an ironic aside, observed by my old colleague Sean Higgins from my Investor's Business Daily days:

Pretty sure that Joe Biden must be the first U.S. president ever to vow at the AFL-CIO's convention that he's going to build grain silos in the Ukraine. #AFLCIOConv
— Sean Geary Higgins (@SeanGHiggins) June 14, 2022

It's about par for this sorry presidency. This clown needs an intervention.

https://www.americanthinker.co...nd_on_inflation.html

I "got" retired just a few years early by company and decided to retire. Was comfortable, but by no means luxurious.

With current state of inflation in another 3-5 years I now expect to be worth (in spending power) about 1/3 less, and I cannot afford that type of drop. I expect that I'll need to get serious about working again. I'm more than infuriated Phuck this administrations policies!!

quote:

Originally posted by apprentice:
More and more I wonder if all the ammo I really need is one bullet.

+1 to this. Shit is really getting out of control with no end in sight.

I have come to the very real conclusion that this war on our economy, individualism and liberty is absolutely on purpose!

Think about it… It’s the only answer you can come to with any reasonable thinking.


The war on our food and energy stocks … The endless profligate spending to get you on the government dole. Cradle to grave 1000% more government whether you like it or not.

This is not Hanlon’s razor.

I realized in the grocery store yesterday how prices had changed more on some things than others. A couple years back I stopped eating certain things/ways and starting eating others. A bit healthier, and considerably cheaper.

But right now it's flip flopped. The cheaper way no longer is and I'm eating worse for it.

I bought some cooked chicken legs/thighs last night because it was close to half the price as buying uncooked ones.

Argentina is experiencing 6% inflation every month.

0-0

quote:

Originally posted by cas:
I realized in the grocery store yesterday how prices had changed more on some things than others. A couple years back I stopped eating certain things/ways and starting eating others. A bit healthier, and considerably cheaper.

But right now it's flip flopped. The cheaper way no longer is and I'm eating worse for it.



I bought some cooked chicken legs/thighs last night because it was close to half the price as buying uncooked ones.

Part of the price increase in food? The 97th “unexplained” fire at a food processing facility since Jan 2021 occurred in Wisconsin on Monday. https://www.thegatewaypundit.c...ca-county-wisconsin/

In addition, the largest pork processing plant in the country is closing down a site in CA!

“” Smithfield Foods Inc., the largest pork processor in the U.S. by volume, is closing an 1,800-person plant in California and shrinking the size of its hog herd in the region, saying the cost of doing business in the state wasn't worth it.4 days ago””

Unbelievable times!

Smithfield is owned by the CCP; Literally.

Had to buy a used car for work. The rate was 17%,no kidding.

Smithfield also closed a processing plant in Utah. Stock up on bacon and sausage!

Just got an email from Verizon stating the wireless service is going up $6.00 a month.

I already thought they were a bit high since there are more lower cost carriers.
.