Moody’s Analytics senior economist Ryan Sweet, a leading economist, admired by the left and Obama-Biden, didn’t soft-pedal the predicament that we are all in.
“Having inflation at 8.5% on a year-ago basis, compared with the 2.1% average growth in 2018 and 2019, is costing the avg household $346.67 per month to purchase the same basket of goods/services as they did last year,” Sweet wrote on Twitter.
“However, the pure cost for households for having inflation running at 8.5% is $460.42 per month. This estimate is based solely on the realized inflation rate and doesn’t adjust for what inflation would have been absent the pandemic because that is highly uncertain.”
That’s $5,525.04 a year – so far.
The Washington Post’s Marianna Sotomayor says “it could be a little too late” for Democrats on the economy.
“A lot of Democrats were saying, ‘Hey, look, the economy, it’s doing great…and people weren’t feeling that.” pic.twitter.com/JodE2QmaEC
— RNC Research (@RNCResearch) June 12, 2022
In an interview on CBS News’ “Face The Nation,” Mohamed El-Erian, chief economic adviser to Allianz, said recession risks are “tilted in a negative way right now.
El-Erian said the country is in a period of stagflation, with a risk of persistent inflation that ends up tipping the economy into a recession.
“We’re now in a period of stagflation, meaning lower growth and higher inflation. The darkest period is that inflation persists, heads to 9%, people start worrying that it’s gonna go to 10% and next thing you know, we end up in a recession. And that would be tragic if that were to happen,” he said.
NPR reported that rents across the U.S. have risen above $2,000 a month for the first time ever. The Washington Post economic columnist, Heather Long, listed the costs of other necessities:
- Groceries +11.9%, biggest increase since 1979
- Chicken +17.4%, largest ever increase.
- Restaurants +9%,largest ever
- Fuel oil +107%, largest ever
- Electricity +12%, largest since 2006
- Rent +5.2%, largest since 1987
- Airfare +37.8%, largest since 1980
- Services +5.7%, largest since 1990
No matter how you spin it, or how many distractions Democrats throw our way, it’s a dsaster.
Joe Biden in 2020: “No more subsidies for the fossil fuel industry. No more drilling including offshore. No ability for the oil industry to continue to drill period. It ends.” pic.twitter.com/90MVJevPmv
— Dan O’Donnell (@DanODonnellShow) March 8, 2022
Biden thinks he’s building back better:
I grew up in a family where it mattered when the price of gas or groceries rose—that’s why fighting inflation is my top economic priority.
By reducing health care costs, fixing supply chains, and making housing more affordable, we’re creating an economy that works for everyone.
— Joe Biden (@JoeBiden) June 5, 2022
Better reset those expectations. Barely getting by is the new American Dream. pic.twitter.com/mdYawLmLjH
— Maze (@mazemoore) June 10, 2022
De Santis warns of inflation:
DeSantis brutally FLAMES Joe Brandon over record-high gas prices
"They're the CAUSE of a lot of it. He has made it WAY WORSE— He's going to plunge this country into a RECESSION." pic.twitter.com/SlSJyCJtX6
— Benny Johnson (@bennyjohnson) June 13, 2022