Americans are getting more bad news as new inflation numbers spell trouble for their wallets.
Townhall reports:
The U.S. Bureau of Economic Analysis (BEA) released key data from June on Friday, and the news isn’t good. The Federal Reserve’s preferred inflation gauge showed the personal consumption expenditures (PCE) price index “increased 4.0 percent from one year ago, reflecting increases in both goods and services” as “energy prices increased 24.2 percent while food prices increased 0.9 percent.”
When calculated without food and energy, “the PCE price index for June increased 3.5 percent from one year ago” according to the BEA, and that jump is raising eyebrows as the index’s biggest move since 1991.
US Core PCE inflation rises to 3.5%, its highest level since 1991.
“We will not raise interest rates pre-emptively because we fear the possible onset of inflation. We will wait for evidence of actual inflation or other imbalances." – Fed Chair J. Powell
Charting via @ycharts pic.twitter.com/nAxzrBw7U5
— Charlie Bilello (@charliebilello) July 30, 2021
The PCE price index’s now second-highest jump was in May of this year when it rose 3.4 percent, suggesting that despite the Biden administration’s claims that inflation is a temporary problem, inflation is still getting worse month by month.
June’s increased inflation “more than wiped out income gains during the month,” explained Diane Swonk — an advisor to the Federal Reserve and chief economist at Grant Thornton — invalidating part of President Biden’s whispered appeal to “pay them more.” Because, as any Econ 101 student can explain, an increase in pay means nothing when inflation drives up the prices of goods and services.
On Thursday, the Commerce Department reported that the U.S. economy grew significantly less than expected in the second quarter, only 6.5% compared to the predicted 8.4%.
I believe the inflation is intentional, to aid in destruction of the economy and the country.
It’s more like incompetence.
It is not incompetence it’s other. Who owns the democrats? Can they not get anybody but the media on their side? We have a president(senile) VP(parents not American) Speaker completely out of control. Not to mention other democrats, governors, etc.
We have Elected a Slate of Economic Morons to Guide Us. Exactly what did you expect from a President who’s accomplished ZIP in 45 years of being a professional government parasite. And it flows down from there.
Trump has an eco the size of South America and can be a real jerk, But he understands Money and its function.
Government is a huge business being run by society rejects who couldn’t figure out how to deliver a Pizza.
It displays the ignorance at the ballot box.
God help us …. God bless America
Exactly. I’ve said the same myself for years. Not sure about “ignorance at the ballot box.” I believe that was crime at the ballot box.
I concur. The organized crime syndicate running our country is being appointed. Not elected.
Somebody ought to kick our Imbecile-in-Chief smack in the head for the damage he’s done to this great nation. He’s the biggest dope ever to rise to such political rank in U.S. history and the harm he’s caused will accumulate to record levels. Hopefully the people will rise to a peaceful revolt and physically throw his sorry butt out. What a mess.
America is being destroyed by a faux administration ….Trump won and if this is not reversed there will never be a free America for a Long long time.
The reason for this, is a racist,lying,corrupt,senile,frail,old,fool,puppet, with stage 3 dementia, that isn’t fit for the job, he is unstable,unhinged,incompetent,nincompoop that doesn’t have a clue what’s going on.He needs to be terminated by the 25th amendment, or impeached for total incompetence, before he destroys more of our country.This lawless administration,needs to held to account, so it’s time the repukes and sane dumbocraps to do something about this corrupt administration.
Just go to the grocery store and you will see the rise in prices. Go to the gas station, same. I called the propane gas people to find out the cost of propane, $3.19 a gal. Tell me something that hasn’t gone through the roof. I don’t know how people are going to make it this winter. Propane will go up the first cold spell we get. Right now, it would cost me about $1000 to fill my tank. This time last year I filled it for $1.21 a gal. Unbelievable.
Clown act, Pelosi/Biden Follies, Inflation getting worse, Biden blunders continue.
Pelosi an Biden two political hacks, Pelosi thinks she runs the House an Senate, Biden thinks he is also Governor of Texas, are they now trying to form their own government? Sorry, two old farts, who have lost their minds, they know the house will be republican soon, the investigations will begin, corruption of both will be well known. The Democrat party will become lost in time, just as their KKK was lost in time for democrat history. Both are in so far over their mental capabilities, IQ levels,
any cognitive control screens. Most Biden executive orders are illegal, most Pelosi edicts are worthless, just like most of San Francisco has become desolate to real Americans. There are so many law suits against the Biden administration he has to hire more and more layers at the tax payor’s expense, what a way to govern, Biden follies will continue right up till he is impeached or resigns, Biden border invasion an crisis continues up until Americans begin to die from the virus infected, criminal charges will be pending. House will be lost 2022 investigations against the traitors
will return law an order to out Country.
Pelosi/Biden Follies, Inflation getting worse, Biden blunders continue. Pelosi an Biden two political hacks, Pelosi thinks she runs the House an Senate, Biden thinks he is also Governor of Texas, are they now trying to form their own government? Sorry, two old farts, who have lost their minds, they know the house will be republican soon, the investigations will begin, corruption of both will be well known. The Democrat party will become lost in time, just as their KKK was lost in time for democrat history. Both are in far over their mental capabilities, IQ levels, any cognitive control screens. Most Biden executive orders are illegal, most Pelosi edicts are worthless, just like most of San Francisco has become desolate to real Americans. There are so many law suits against the Biden administration he has to hire more and more layers at the tax payor’s expense, what a way to govern, Biden follies will continue right up till he is impeached or resigns, Biden border invasion an crisis continues up until Americans begin to die from the virus infected, criminal charges will be pending. House will be lost investigations against the traitors will return law an order to out Country.