You cannot make this stuff up. As the stock market is plummeting after a horrific inflation report from the Bureau of Labor and Statistics n(BLS), the Avatar in the Oval Office is simultaneously celebrating the passage of the “Inflation Reduction Act,” more commonly known as the Green New Deal.
Let’s look at the report that just came out.
Sundance has done an analysis:
The Bureau of Labor and Statistics (BLS) has released the August inflation data today [DATA HERE] with a top line at 8.3 percent year over year. Unfortunately, things are unfolding exactly as we previously shared. [Modified Table 1 at left]
Despite the temporary drop in gasoline prices (-12%), the costs of food (+13.5%), electricity (+15.8%) and housing (+6.7%) are crushing U.S. consumers. The stock market is responding accordingly. We can only imagine the inflation data if the heavily weighted gasoline factor was not pushing overall toplines down. Estimation of inflation would be well over double digits.
Highlights…Food…11.4%…the highest since 1979 (Carter administration)
Energy…23.8% despite gasoline going down
Within energy…Electricity…15.8%…Utility gas…33.0%
Let us note that every Democratic Senator voted for this “Inflation Reduction Act” which will only make all of this worse. Over in the house it was almost unanimous with Nancy Pelosi and Jim Clyburn guiding passage through the House. They are all in on making people poorer and more dependent on the government.
Sundance notes that if you are able, it is time to stock up on beef. The anticipated increases in prices will be substantial.
For readers who do advanced preparation to offset prices. THINK BEEF right now, you will thank me four months from now. If you see a deal now, buy it and freeze it now. Anticipate retail ground beef costs be somewhere around $10 to $15/lb by spring to mid 2023 perhaps even higher. Also remember, processed foods will increase in price at twice the rate of the fresh food sector. Both fresh and processed food prices will rise, but the increased costs associated with the food processing will double the price.
Are we headed for a depression?