After the April Consumer Price Index (CPI) report was released, many American economists and bureaucrats said inflation could peak and subside. However, according to US Department of Labor statistics, CPI rose 8.6% year-on-year as inflation data reached a lifetime high in May.
May CPI data show that inflation has not peaked
The US economy hasn’t looked so hot these days, and after closing the economy with a respiratory virus and inspiring trillions of dollars, these ideas seem to have been a big mistake. Inflation is a common increase in the cost of goods and services, and currencies like the US dollar cannot buy as many goods and services as possible when inflation is low. Report The cost of almost everything in supermarkets is rising, indicating that prices for rent, petrol, cars, homes, etc. are skyrocketing. Prices of goods and services continued to rise, even though politicians said public inflation was “temporary.”
Perhaps the creation of the Fed was an original policy error. pic.twitter.com/6SRYSLQCPy
— Sven Henrich (@NorthmanTrader) June 11, 2022
When the April CPI data was released, some even claimed that inflation had “peaked”, but the latest is May CPI data It shows that this claim did not come true. US inflation data from the Ministry of Labor indicators show that last month’s CPI reached its 40-year high of 8.6%. Inflation is so severe in the United States that stimulus checks, increased child tax credits, increased unemployment benefits, and even small wage increases have been offset by rising costs of goods and services.
Inflation is not temporary. Inflation is not caused by Putin. Prices remain high and rise further. Inflation is a financial phenomenon anytime, anywhere. Inflation is caused by the central bank depreciating its currency (printing money).Inflation is the reason Satoshi created #bitcoin pic.twitter.com/4aFQ68OVUB
— PlanB (@ 100trillionUSD) June 11, 2022
Labor Ministry metrics show that rising food, gas and energy prices pushed up CPI data, and shelter costs contributed most to the rise in inflation data last month. As a result, wages for some US workers rose slightly, but real wages fell 0.6% from April. Economists who pointed out that April data is “peak inflation” are beginning to notice the cost of goods and services Keep peak.. Morning Consult’s Chief Economist, John Rhea, said May’s CPI was upset.
“It’s hard to see inflation data for May and you won’t be disappointed,” Leer said. explanation June 10th. “We haven’t seen any clear signs yet.”
“Shutdown the economy because of a respiratory virus may not have been a good idea.”
Meanwhile, US President Joe Biden continues to blame Russia and Vladimir Putin. “Today’s inflation reports confirm that Americans already know — Putin’s price increases have hit America hard,” Biden said. Emphasis At this week’s press conference. But many say the closure, blockade, and Covid-19 stimulus bill of the US economy were horrifying ideas. “I’m starting to think that closing the economy because of a respiratory virus might not have been a good idea,” says economist Jeffrey Tucker. I have written On Friday.
Pre @JoeBiden Keep lying.He mistakenly blamed #inflation upon # PutinGreedy foreign shipping companies and domestic #oil A company. He also falsely claims that his family has more savings and less debt than when he took office, and the US economy is the strongest in the world.
— Peter Schiff (@PeterSchiff) June 10, 2022
Kentucky Republican US Congressman Thomas Massie shares his remarks when he said it was not the best idea to pass a large stimulus bill in 2020. January, Massy Said: “Too many people who couldn’t see the bill passed would cause massive inflation, and if it was passed without members, the nationwide mail vote would be in tune and money. Allows all blockades and paying people not to work kills them Still, many critics have struggled with Massy about his dissent and resorted to personal attacks.
“Massie just says whatever stupid thing comes to mind,” said an individual. I have written In response to Massy’s tweet at the time. Kentucky representatives have recently rebelled against personal comments, Said This “Tweet wasn’t old.”
In 2020, Democratic Senator John Kerry said, “Member Massy has tested a positive ** hole.” A Kentucky representative also decided to mock Kelly’s tweet, predicting that “the Democratic Party will segregate John Kerry and his doctrine of raising energy prices in the rock formations until at least November.” Stated. Massy added:
This is his sneaky tweet when he opposed the first $ 2 trillion print on March 27, 2020. This is because it can cause inflation.
Massy wasn’t the only one against the $ 1 trillion financial expansion, as economist Peter Schiff quickly criticized those who supported the stimulus for the gold bug. On the same day as John Kerry’s tweet in March 2020, Schiff I have written: “The Fed produces all this money from thin air, so people will pay for it through inflation. Consumer prices are skyrocketing, sweeping the savings of millions of Americans, and millions more. We are trying to destroy the purchasing power of wages. “
What do you think of the latest CPI data and your opposition to the 2020 economic closure and huge spending? Please let us know what you think about this subject in the comments section below.
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