Quote of the day—Emily McCormick

Consumer prices soared by the most in four decades in January, with inflation across the economy showing few signs of peaking even after months of increases.

The Consumer Price Index’s 7.5% annual surge at the start of 2022 was the biggest leap since 1982 and topped already elevated expectations for a 7.3% rise, based on Bloomberg consensus data. On a month-over-month basis, the CPI unexpectedly posted a 0.6% increase for a back-to-back month, whereas economists had been looking for a deceleration. Core inflation, which strips out volatile food and energy prices, also exceeded estimates, showing a 6.0% year-over-year jump in January.

The report served as one of the clearest affirmations that inflation — described as recently as November by the Federal Reserve as “transitory” — has become a persistent feature of the economic recovery.

Emily McCormick
February 10, 2022
What economists are saying about soaring inflation
[We live in interesting times.

Prepare appropriately.—Joe]


6 thoughts on “Quote of the day—Emily McCormick

  1. As we have been saying every time we go to the grocery store or fill up a gas tank:

    Thanks, Big Joe!

  2. And I would ask, what else were they going to say?
    That were just lying out our ass. We’re stealing every last cent of equity you have. Before we get around to enforcing equality on a macro scale?
    Not that we give a shit about equality. It’s just an excuse we use to give sociopathic global leadership the ability to be all the thieving psychopaths they can be?
    Transitory was the only thing they could call it.
    Their lying to us. We know their lying to us. They know that we know their lying to us. And they want us to feel like we can never do anything about it.
    It’s not enough to just win for rich people. You have to make everyone else feel like a loser.
    At this point, anyone that believes anything that comes out of one of Obama’s mouthpieces. Is pretty much hopeless. Transitory inflation? Indeed!
    2,000 years ago. A full days labor cost a penny. What is it today?

  3. Game this out. If we have a trucker strike at the same time they start WWIII in Ukraine. Would the truckers be considered Russian agents holding up vital war materials?
    Which in turn would be pretense to economic inflation/collapse/reset/control. And someone else to round-up and blame for it all?
    It’s an emergency!
    Russia, Russia, Russia. Maybe not just a hoax?

    • There are laws that require some government obligations to be indexed to inflation, increasing as inflation increases.

      It is a conflict of interest for the largest obligor of dollar-denominated payments to be in charge of calculating the inflation rate.

      Inflation is not only a tax on the poorest of the poor who have only their labor to sell to get the necessities of life, it is a tax on the retired who have only the promise of their government to pay them for payments made in the past with fatter dollars for the maintenance of their predecessor retirees.

      A bogus inflation rate is a way for the obligor to default on its obligations. The rate should not be something the obligor calculates. Moody’s, Standard and Poors, and Dunn and Bradstreet give creditworthiness ratings. They can as accurately and responsibly give inflation rates.

  4. Inflation doesn’t really affect the rich and powerful. But it does work as a form of
    taxation on all of us. This means the rich and powerful LIKE inflation and have no incentive to deal with it. Many in fact facilitate it.

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