Ripped From The Headlines, February 2, 2024
Lower Inflation = Higher Prices The "New Normal?" & America's Debt Spiral Is Now At Your Front Door - Read, Share, & Subscribe - SherlocExposes.com
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“Americans are finally getting a break from inflation, with prices for gasoline, used cars and health insurance all falling over the past year, relieving families and buoying President Biden’s 2024 reelection bid. But prices painfully remain high for one particularly frequent purchase: groceries.
Grocery prices have jumped by 25 percent over the past four years, outpacing overall inflation of 19 percent during the same period. And while prices of appliances, smartphones and a smattering of other goods have declined, groceries got slightly more expensive last year, with particularly sharp jumps for beef, sugar and juice, among other items.
Stubbornly high grocery prices represent a critical drain on the finances of tens of millions of people and remain, along with housing, perhaps the most persistent economic challenge for the Biden administration as it tries to convince Americans the economy is back on solid footing. For all the attention on gas prices and housing, more than two-thirds of voters say inflation has hit them hardest through higher food prices, according to a November 2023 survey by Yahoo Finance/Ipsos. That’s more than 50 percentage points higher than any other category.
THINGS TO PONDER:
Set aside the Washington Post carrying water for the Biden administration for a moment, and look at what’s being said here…
It’s important because it shows you why food and energy are NOT included in economic numbers…
If they were, you’d likely jump off the nearest bridge.
Supposedly, job numbers are up, wages, are up, and prices are coming down…
Yet 64% of Americans are living paycheck to paycheck, quality is down, prices are up, and the price of gas is like a pig on LSD, varying nearly 40 cents a gallon week-over-week in Central Florida.
But everything is fine and we’re getting back to normal… or maybe not.
Here’s the part where they “buried the lead” in the story:
But there is no immediate fix for policymakers. Grocery prices remain elevated due to a mixture of labor shortages tied to the pandemic, ongoing supply chain disruptions, droughts, avian flu and other factors far beyond the administration’s control. Robust consumer demand has also fueled a shift to more expensive groceries, and consolidation in the industry gives large chains the ability to keep prices high, economic policy experts say.
“I think people are waiting for prices to return to what they call ‘normal’ — and with the exception of a few things, like eggs — we’re not going to see that. We’re going to see prices stabilize, and that’s likely it,” said Dawn Thilmany, an agricultural economist and professor at Colorado State University.
Don’t let the smooth taste fool you… you can feel that something is very wrong.
The bumpy ride is just beginning, not ending.
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“When the US borrows money, it needs to pay its loans back with interest—just like any other borrower. But America’s national debt is currently $34 trillion and rising. Soon, the US will need to spend more each year paying interest than what it spends on national defense.
In the last few weeks, former Treasury Secretary Robert Rubin told Bloomberg TV that the US economy is ‘in a terrible place,’ and Black Swan author Nassim Nicholas Taleb warned that ‘a debt spiral is like a death spiral.’
‘It’s a slow spiral, but it’s still a spiral—of rising debt and rising payments on the debt,’ Phillip Swagel, director of the Congressional Budget Office, tells the Big Take DC podcast. ‘The situation is unsustainable.’
Swagel and Bloomberg reporter Liz McCormick join the Big Take DC to discuss the US government’s debt crisis, and what it would take to rein it in. Transcript:
Saleha Mohsin: The US government has a serious spending problem. It’s thrown money at military needs, roads, digging out of the pandemic—mostly using cash it doesn’t have in the bank. Just like the rest of us paying off a loan, the government has to pay interest on what it borrows.
Over the past decade, those interest payments have crept up. They’ve become a bigger and bigger slice of federal spending—and soon, America will need to spend more each year paying off that debt interest than it spends on national defense.
I’ve asked my sources at Treasury, in Congress, and even some historians – no one can think of us ever being here before. Everyone agrees we have a problem – but what no one can agree on is where the buck stops to fix it.
America’s debt is spiraling out of control – it’s over $34 trillion right now. And if it feels like every other month, Congress is narrowly avoiding a government shutdown over spending… that’s because it kind of is.
THINGS TO PONDER:
Well well… what do we have here?
That would be the bomb diffuser guys RUNNING.
How can you have a “booming economy” and almost shut down the government every other month?
The answer is, you can’t.
If you’re wondering about the right question to ask, here you go:
What happens when it costs more to pay the interest on the debt than the government brings in?
You may want to hold on to your wallet or purse.
Know Your Foe.
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