Why, what a surprise! Inflation is worse than expected
You probably already have noticed it in your daily life, but the latest figures on inflation are not good at all:
Inflation has now hit the highest rate in 40 years, jumping 7.5 percent since last February, the biggest year-over-year increase since February 1982, more than experts had expected. Among the reasons that the AP blamed were “shortages of supplies and workers” as well as “heavy doses of federal aid.” Paging Joe Biden, his mandates, and his spending, although, of course, they don’t say that. Unfortunately, they’re not expecting it to slow anytime soon.
The place I’ve noticed it most is at the grocery store. I’ve long gone to Market Basket, which has the best prices in my area, but I’ve watched the tab go up and up. The other day I decided that I might buy some loin lamb chops as a treat. I don’t buy meat very often, and so although I’m aware that meat has had one of the biggest increases, I was still shocked to see that the price of this already-expensive item had doubled. Four little lamb chops = $23.00. I didn’t buy them; I opted for lamb shanks, which are still a treat but you get more bang for your buck. I make them Greek-style, something like this, but I’ve found it works better in the oven than top-of-the-stove.
Do not believe your lying eyes.
Biden Administration ASSURES us that there is NO INFLATION.
Let’s Go, Brandon!
P.S. The Ottawa police returned the truckers’ diesel fuel, but first they added water to it. Just to let them know they do not like those facist, racist truckers.
I went to MB and WF yesterday for lamb chops as well: interestingly enough, WF was $17/lb, and MB 22/lb for the same product. Usually, I can’t stand going to more than 1 store, but I am tired of the veg. quality all over, and was trying to find something decent for dinner.
I doubt that things will be getting better soon: I can’t wait for the summer growing season- I will be trying my own for the first time in quite a while. I’ve found that seed prices are significantly and it’s feeling like people are preemptively raising prices causing other prices to go up… where it ends, I wish I knew, but I’m uncomfortably beginning to understand how Venezuela fell so quickly.
Kate in MA:
I’ve noticed in the past that sometimes Whole Foods is cheaper for lamb. I’ve no idea why. I don’t go there much, but I used to go there solely for ground lamb. It was a decent price, and it was really good.
Here’s a solution, cancel that earlier Democrat party trillion dollar pork fest so there’s no need to print more money. Inflation will disappear pretty fast. There will be a lot of lefties who become homeless without the government spoils to finance them but the up side is that they will be sleeping in the streets with all the people they love and sharing brand new crack pipes courtesy of Hunter’s dad.
One thing the last two years indicate is that over the period running from 1980 to 2015, the Democrats learned nothing and forgot everything. What bothers me is that last I checked, the responsible parties here (the Federal Reserve Board) still consisted mostly of Trump appointees. For all his good instincts, I cannot think of anyone he put in a line position other than Ric Grennell who wasn’t in the end an embarrassment.
Tyson Foods had blow out profits last quarter. Really outstanding.
Ranchers are furious because the price they get for cattle hasn’t kept pace. The packers and grocery stores are capturing all the profits.
So, a group of ranchers is opening their own packing plant in North Platte, NE; just south of the Sandhills. Good for them.
Cornhead reporting from Nebraska!
I too notice at the grocery store, but I see it everywhere, especially dining out. Rental cars have gone way up; if you can find one. And, of course, home prices and construction materials.
We paid $3.50 a gallon for gas in Tucson, AZ. A year ago, it was $2.00. I am waiting to see my new gas bill for heating. Fortunately, Arizona has mild winters but it was 27 last week one night.
Bit by bit getting closer to the day when, one way or another, the elite and corporate ‘winners’ assets will be seized or nationalized.
The West’s elite have been stealing from the middle class for a very long time, arguably in America since 1913.
Has a thief the right to complain when their ill gotten gains are seized from them?
One of two possibilities will eventuate. Assets seized and placed into a national trust similar to Alaska’s civilian dividend oil program.
Or nationalization by the left, ala; “The capitalists will sell us the rope with which we will hang them.” Vladimir Lenin
‘Pay them more’: Biden uses stage whisper to tell business how to fix staff shortages
In Milton Freidman’s “Money Mischief” he teaches us that inflation is primarily a monetary phenomenon. He uses the example of a helicopter dropping large amounts of cash from the sky onto a community. That’s how “helipcopter” Ben Bernanke got that nickname. He used that Friedman example as a hypothetical cure-all for any economy ailing from deflation.
But in Money Mischief Friedman also speaks of the psychological aspect to inflation. He claims that while shoppers viewing inflation do psychologically enhance the persistence of inflation, it tends to be a smaller effect since people are used to seeing some level of price volatility and they usually don’t know why it is happening.
The stronger psychological effect is wage inflation. If Sam gets a wage increase and his neighbor Joe also gets a raise, then clearly it’s OK to begin spending more. Higher prices that are accepted by consumers will persist.
Thanks for the advice Joe! Just keep telling us that greedy business people cause inflation.
“Four little lamb chops = $23.00.”
That’s just Market Basket’s way of saying they want to keep those little lamb chops in their private collection.
Instapundit posts those Biden stickers that say ‘I did that’ and it’s pretty amazing the wide range of gas prices around the country. Here in the Puget Sound area about the best you can find right now is $3.80.
When they back out food and energy the inflation rate is still 6%.
Restaurants are the place I really notice price increases as it seems more often then not the menus have prices crossed out and hand written in with higher prices. Of course they are getting hit from all sides with higher wages, higher food costs even higher costs for things like napkins.
Good times, good times indeed.
“Paging Mr. Jimmy Carter……..paging Mr. Jimmy Carter…..Mr. Carter, please report to the Courtesy Booth, your Economy is ready…..”
I have been stocking up on vegetable seeds for a while. Many varieties of vegetable seeds can be stored in the freezer for years, as long as the freezer keeps working.
There is a deer I keep seeing around our mostly dead former peach orchard. By next deer season, if I and it are still around, and meat prices still high, I may shoot it. I have never killed a deer. I hunted squirrel as a kid , and yes, both sides of my family , Texans and southern Mississippians, outside of New Orleans, were still in touch enough with their pioneer ancestors that my generation still ate squirrel.
Ever noticed that the song about the Battle of New Orleans, they used “ squirrel guns”?
Art Deco: I cannot think of anyone he put in a line position other than Ric Grennell who wasn’t in the end an embarrassment.
Mike Pompeo, perhaps?
GB: Has a thief the right to complain when their ill gotten gains are seized from them?
Yes, if his gains are seized as “asset forfeiture” prior to any credible legal due process.
But I gather you are postulating a situation where the “rule of law” no longer operates.
Tommy Jay: “that inflation is primarily a monetary phenomenon”
I wish they would clarify the economic definition of the word “inflation” to mean Strictly a monetary phenomenon, a la Milton Friedman. Then use “supply and demand” or whatever for the other forms of price increases. Separating the two forms of price increases econometrically might be tricky, but at least people would have a clearer understanding of what they were experiencing and why.
I find the diet soda index to also be a close measure for inflation, or “inflation”.
My wife grew up on a farm, and had two lambs as pets as a little girl. We have never had lamb or mutton at home, although I have had it 2 or 3 times in a restaurant setting. Not to my taste, although perhaps it depends on exactly how it is prepared and cooked?
Here’s a solution, cancel that earlier Democrat party trillion dollar pork fest so there’s no need to print more money. Inflation will disappear pretty fast.
I’m all in favor of canceling the pork fest, but all that money created by the Fed is still out there, and they are afraid to pull it out. Raising rates from 0.1% up to 1%, as they are talking about doing next year, won’t do a damn thing. And when they stop buying all the government debt do they think actual investors are going to accept 2% 10-year rates while inflation is 7%? All I can say is, look out below.
R2L,
“GB: Has a thief the right to complain when their ill gotten gains are seized from them?”
“Yes, if his gains are seized as “asset forfeiture” prior to any credible legal due process.”
Absent “credible legal due process”, “asset forfeiture” is just theft by the ‘authorities’.
The rule of law is on the precipice of extinction.
Absent the rule of law, those actually of honest intent have every right to seize ill gotten gains that have been stolen from them. However the manner in which it is achieved, theft is theft.
This is the apocalypse. the only surprise is that satans and God lets you buy anything still.
Stock up for 3 months food and water. This Final War is heating up.