If you like Bidenflation, which was manufactured by the eroding of fossil fuels, sanctions that only hurt the West, and overspending, definitely vote for Democrats. If you want to kill the middle class, this is how you do it.
Core inflation rose 6.6% year-over-year and 0.6% month-to-month in September, beating year-over-year expectations by 0.1%. The Consumer Price Index (CPI) fell 8.2% overall year-over-year despite spiking 0.4% from August, the BLS announced Thursday.
The decline in overall inflation was because of the temporary decline as Biden emptied our emergency reserves. Energy costs are still up 19.8% year-on-year compared to 23.8% in August.
Food costs remain historically high, with the overall food index falling slightly to 11.2% annually, down from 11.4% in August. That’s because of energy costs dropping.
It is worse than what economists predicted.
The big US data event today is, of course, the release of CPI #inflation where consensus forecasts are looking for 8.1% headline and 6.5% core.
Earlier today, #Germany‘s annual inflation rates for September came in at 10.0% (1.9% MoM) and 10.9% (harmonized–2.2%), same as August. pic.twitter.com/CMTEjPHgb2— Mohamed A. El-Erian (@elerianm) October 13, 2022
The Feds will keep chasing the inflation rate, sacrificing the economy, as Biden Democrats continue to spend and regulate fossil fuels into non-existence, defeating the Feds efforts.
Mortgage interest rates are up to 6.92%, killing the housing market, which is a big bubble. A year ago, thanks to Donald Trump, it was 3.05%. The 15-year fixed rate is averaging 6.09%. It was 5.9% last week.
It is pushing home buyers out of the market. Mortgage activity is at a 25-year low and will decrease at this rate.
Costs for electricity are also going up!
The Dow tumbled 500 points at the news, 0.9%, but the Dow is back up as of 11:08 am. On Wednesday, the market ended at its lowest closing level since November 2020. The Dow retreated 0.6% or 172 points, and Nasdaq slid 1.4%.
The Democrats are giving seniors a social security raise ostensibly to help them out, but it’s more likely – given the timing before the election – that they’re hoping to buy votes. They are desperate. They will also tax the hay out of it.
Let us not forget the inflation reduction act, which was a bait-and-switch to allow their donors, climate extremists, to spend wildly. The cost of everything has risen, and it didn’t reduce inflation. This is not a surprise.
Another hotter than expected #CPI surprised investors. Sept. CPI rose .4%, double expectations. YoY prices rose 8.2%. The 6.6% YoY rise in core CPI is the most since 1982. OER had biggest monthly spike since 1990. The #Fed is losing its #inflation fight. Soon it will surrender.
— Peter Schiff (@PeterSchiff) October 13, 2022
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Proud Democrats really believe that the Government can print money and bring the country back to prosperity. A Proud Democrat’s answer to everything is spending more Government Money. Less than 1% of Proud Democrats can write a $1000 check. They charge everything which is why they too, like the Government, are in a Financial Death Spiral.
I remember Carter and 17% interest for a Home. This will be worse. Traitor Joe is doing all he can to piss off OPEC. I expect gasoline to be at least $10 Nationally next Summer; over $15 in California. Fuel Oil and Propane will at least triple from today’s rates before next Winter and Electrical costs will at least Double. This is why I’m All Electric and going Solar. My daily electrical usage is 35 to 45 KW/h per day. I’m in Phase II of a plan to have well over 60KW/h of minimum daily capacity by next summer. That will allow for the use of an EV for daily local trips to town. I’m not going totally off grid. I’ll just pay the high cost as needed for those excessively cloudy periods, but they will be few.
We are also working on at least 50% of our food production on the property. The overall the plan is to reduce our basic living cost (Food and Energy) by 75% while everyone else will see a 50% to 100% increase in living cost by November 2024. Lowering your basic living cost also lowers your tax burden. Farming and Ranching also creates tax write offs.
We are headed for a Depression and I don’t think it can be stopped! America’s last depression lasted over 10 years. People living in Cities aren’t in the position to do anything to keep their middle class life style, but Rural Americans are in the position to prosper. If you can produce food, you will always have money in a Depression.