by Sundance at The Conservative Treehouse
The Bureau of Labor Statistics (BLS) released the December inflation data today [DATA HERE] for December. Readers on these pages are not surprised to discover that inflation in the U.S. economy has now reached a forty year high at 7 percent. {Go Deep}
Unfortunately, the 7% in June of 1982 was when inflation was on the way down from Jimmy Carter’s failed economic policy. This time our 7% milestone has been achieved while inflation is on the climb thanks to Joe Biden’s failed economic policies.
Carter’s mess was created by regulation, policies and oil prices. Biden’s mess is created by the same and much more.
Yes, it will be getting worse.
That weird picture with the Bidens and the Carters comes to mind. The scale within the picture is appropriate when considering inflation and what is to come. Biden’s inflation is much larger than Carter’s.
As you know, the top line number of 7% is a false premise. We are feeling much, much higher overall prices in our lives with gasoline, home heating fuel, electricity costs, housing and the astronomical prices at the grocery store. The BLS data is backward looking, meaning it was compiled in early December 2021 for comparison to December 2020. Where we are CURRENTLY is much worse than where we were in early December.
We are feeling the front side of the inflation hurricane right now. The consumer prices at end of January and through February are now reflecting new purchase order prices and contract prices to wholesalers, buyers and retailers. The higher energy costs, fuel costs, warehousing costs, transportation costs and delivery costs are cumulative. As a result, the December report is simply the precursor to what will be much more damaging inflation data in Feb (showing this month) and March (showing Feb).
Additionally, the BLS data captured gas prices at their slight drop from oil prices in late November and early December. The price of oil has now gone even higher, and the price of gasoline is once again on the rise. We have not yet seen the worst of this folks. Hopefully most are prepared.
I modified BLS Table-1, taking out some of the noise, to give the snapshot of how the bureau is compiling data:…
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