Inflation continues and will continue into next year at least. As we spend money we don’t have, Democrats want to pass $3.5 trillion bill to make the US into a permanent socialist welfare state.
The FAO’s food price index, which measures world food commodity prices, has surged by 32.8 percent in the 12 months through September, a level not seen since 2011. On a month-over-month basis, the index rose 1.2 percent.
Accounting for the bulk of the rise in the index were higher prices of most cereals and vegetable oils.
The FAO vegetable oil price index was up 60 percent in September compared to a year earlier, and 1.7 percent up from August. The cereal price measure was up 27.3 percent over the year last month, and 2 percent from August.
Dairy and sugar prices also rose in September by an over-the-year 15.2 percent and 53.5 percent, respectively, while the meat price index was up 26.3 percent above its level a year ago.
While much of the inflation story has been focused on surging energy costs and products impacted by the semiconductor chip shortage like used cars, rising food cost signals are increasingly FLASHING RED, according to The Epoch Times and The NY Times.
The Congressional Budget Office said Friday, calculating the government ran a $2.8 trillion deficit, the second-worst on record.
CBO’s estimate comes as Congress is debating a new round of spending in Democrats’ $3.5 trillion fundamental transformation of the USA. That would come on top of a historic spike in spending over the past 18 months.
Spending in 2021 was $2.4 trillion more than it was in 2019, the last full year before COVID-19, the analysts said. That covers everything from new tax credits to assistance for public schools to $50 billion in additional food stamps and farm payments.
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Higher inflation also increased the cost of paying interest on the national debt, CBO said.
The government collected more than 4 trillion in revenue and spent an extra 2.8 trillion we don’t have.
But don’t worry, we’re heading in the right direction according to Jen Psaki.
CNN’s Jeremy Diamond: “Today, we saw another jobs that fell well below expectations….Gas prices are at a seven-year high, inflation is up…How do you assess where things stand right now with regards to his presidency and do you see a need…to course correct, perhaps?” pic.twitter.com/IayP0b2Fbr
— Curtis Houck (@CurtisHouck) October 8, 2021
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