January inflation numbers

[g5000]

Thank God for Joe Biden and the left for bringing inflation down from 6.5% to 6.4%, even though many Americans can't afford food or shelter. But, not worry, it's all probably transitory.

It's the Fed's job to bring down inflation, not Biden.

Then again, it's the Fed's fault for causing inflation to begin with, along with the massive overspending by Obama and Trump.

 

[jc456]

Consumer prices increased at an annual rate of 6.4% in January — a slight slowdown from the 6.5% seen in December, but above analysts' prediction of 6.2%.

Food prices increased 10.1% from last January, the ninth-consecutive double-digit annual increase for that category.

Shelter costs, which includes rent and the cost of homeownership, increased 7.9%. That's the fastest annualized rate since 1982. Rent costs increased 8%, another new record.

January inflation hits 6.4%, missing analysts' expectations for a faster slowdown

But the economy is good! Nudge nudge, wink, wink know what I mean?

 

[jc456]

Okay.

Now prove the figures are wrong.

Under Trump, Americans Have Seen Their Best Wage Growth In 40 Years​

BY: ROBB SINN
NOVEMBER 02, 2020
[...]
Yet, during the first three years of the Trump presidency, wage growth was off the charts, especially for low-income workers and African Americans. The third-quarter economic data released Thursday confirm once again that Trump is on the job for U.S. workers.
[...]
Over the past 40 years, the inflation-adjusted growth trend for the U.S. median weekly wage has been $4.05 per quarter. During the first three years of the Trump administration, it was a staggering $6.90 per quarter.* During the Obama years, median wages grew at the anemic rate of $3.20 per quarter.
[...]
Obama oversaw the addition of 2.1 million African American wage earners during eight years in office, about 250,000 per year. Table 2 reveals the tepid results in terms of wage growth. Trump oversaw the addition of 1.3 million African American wage earners in his first three years, more than 400,000 per year. Excellent wage growth occurred across the spectrum. The results for the 10th and 25th percentiles were remarkable.

The 10th percentile U.S. weekly wage grew by $3.25 per quarter for African Americans during Trump’s first three years, nearly double the historic rate of $1.65. The best Obama growth rate was only $1.68. Perhaps having a businessman at the helm of the world’s largest economy is not such a bad idea. Will any deniers admit they were wrong?

Under Trump, Americans Have Seen Their Best Wage Growth In 40 Years

More than any other president in 40 years, Donald Trump has benefited working-class Americans, especially African Americans.

thefederalist.com

Orangemanbad

 

[task0778]

From the OP's link:

Consumer prices increased at an annual rate of 6.4% in January — a slight slowdown from the 6.5% seen in December but above analysts' prediction of 6.2%.

Food prices increased 10.1% from last January, the ninth-consecutive double-digit annual increase for that category, though still down from its August peak.

Shelter costs, which includes rent and the cost of homeownership, increased 7.9%. That's the fastest annualized rate since 1982. Rent costs increased 8%, another new record.


What this means is that inflation is still trending up, but not quite as fast as it was last year. Nobody should be celebrating this; prices are still going up for food and shelter, well above what the increase in wages is or will be. Can anybody tell me one single thing that Biden and the democrats have done that addresses inflation? And don't tell me about the so-called Inflation Reduction Act, that is bullshit that does nothing to stop or even reduce inflation.

 

[Ralph Norton]

Capitalism is a system built to fail eventually.
We are just seeing the beginnings of it's death throes now.

What "death throes" would that be?
Please be specific.

 

[Markle]

10 million jobs says otherwise

US job losses due to COVID-19 highest since Great Depression​

Stephanie Soucheray | News Reporter | CIDRAP News​

May 8, 2020
COVID-19

Natalie_magic / iStock

The US jobs report for April brings sobering, if not unexpected news: The country has lost 20.6 million jobs since mid-March, resulting in an unemployment rate of 14.7%, a level not seen since the Great Depression in the 1930s.

The number of jobs lost more than doubles the number seen in the 2007-2009 Great Recession, when 8.7 million Americans lost jobs.

Before the pandemic, the United States marked a 50-year unemployment low in February, with just 3.5% of Americans unemployed.

According to USA Today, of the 20.6 million jobs lost, 18 million are expected to be temporary when the pandemic recedes.

Restaurants, bars, travel, and retails are the hardest-hit sectors. Though 40 states are now in the process of reopening parts of the economy, economists warn recovery is not expected for many months, or even years.

US job losses due to COVID-19 highest since Great Depression

www.cidrap.umn.edu

 

[jc456]

From the OP's link:

Consumer prices increased at an annual rate of 6.4% in January — a slight slowdown from the 6.5% seen in December but above analysts' prediction of 6.2%.

Food prices increased 10.1% from last January, the ninth-consecutive double-digit annual increase for that category, though still down from its August peak.

Shelter costs, which includes rent and the cost of homeownership, increased 7.9%. That's the fastest annualized rate since 1982. Rent costs increased 8%, another new record.


What this means is that inflation is still trending up, but not quite as fast as it was last year. Nobody should be celebrating this; prices are still going up for food and shelter, well above what the increase in wages is or will be. Can anybody tell me one single thing that Biden and the democrats have done that addresses inflation? And don't tell me about the so-called Inflation Reduction Act, that is bullshit that does nothing to stop or even reduce inflation.

Got to bring gas prices back to normal

 

[Catsnmeters]

How much bigger has the government gotten in the last ten years?

Much bigger. Repubs have the government in our doctors offices, in theme parks, schools, sports....not sure when it will end.

 

[jc456]

US job losses due to COVID-19 highest since Great Depression​

Stephanie Soucheray | News Reporter | CIDRAP News​

May 8, 2020
COVID-19



The US jobs report for April brings sobering, if not unexpected news: The country has lost 20.6 million jobs since mid-March, resulting in an unemployment rate of 14.7%, a level not seen since the Great Depression in the 1930s.

The number of jobs lost more than doubles the number seen in the 2007-2009 Great Recession, when 8.7 million Americans lost jobs.

Before the pandemic, the United States marked a 50-year unemployment low in February, with just 3.5% of Americans unemployed.

According to USA Today, of the 20.6 million jobs lost, 18 million are expected to be temporary when the pandemic recedes.

Restaurants, bars, travel, and retails are the hardest-hit sectors. Though 40 states are now in the process of reopening parts of the economy, economists warn recovery is not expected for many months, or even years.

US job losses due to COVID-19 highest since Great Depression

www.cidrap.umn.edu

Yep, and xiden’s still not created a job

 

[Catsnmeters]

Thank you, you're starting to see the problem now. I knew you could get there.

So you want to make it worse? Was that your point?

 

[Lesh]

Until it hits above inflation, wages are not keeping up with inflation. That is the meat and potatoes, right?

Now, when all the Biden's spending this year takes effect with money we don't have, that will again
put pressure on inflation, which will be countered against with higher lending rates from the fed reserve.

All of Biden’s spending… what caused this inflation was largely (but not exclusively $ the COVID spending under both Biden AND Trump.

That money is being burned through. By the way those increases wages ALSO add to inflation

 

[JusticeHammer]

Inflation continues to drop

It increased you dumbfuck.

 

[jc456]

Much bigger. Repubs have the government in our doctors offices, in theme parks, schools, sports....not sure when it will end.

Look at this word salad mumbo

 

[rightwinger]

Much bigger. Repubs have the government in our doctors offices, in theme parks, schools, sports....not sure when it will end.

Give me numbers
How much bigger is Government today vs ten years ago?

 

[Catsnmeters]

No, we want the government to stop interfering with how people live.

That IS the very definition of fascism.

Nice to know you are an avowed fascist.

So why are Repubs have in this thread waiting for the govenrment to fix their issues?

 

[Lesh]

Yep, and xiden’s still not created a job

False. The COVID job losses were recouped long ago.

 

[jc456]

False. The COVID job losses were recouped long ago.

Nope, already a thread on it that has all the data

 

[Lesh]

Inflation is not trending down. Do you really not understand the inflation numbers or are you being intentionally obtuse?

Apparently. I understand better than you. Inflation rates have been trending down for some time now

 

[jc456]

So why are Repubs have in this thread waiting for the govenrment to fix their issues?

Who’s that?

 

[Catsnmeters]

Look at this word salad mumbo

To many words for yah?

Here you go... Republican government big.