Even CNN AKA "Propaganda Arm of the Democrat Party" can't put a positive spin on this:
Inflation seems unstoppable as the economy returns to normal.
People are spending big again, with battered industries like travel and hospitality coming back to life. That has sent prices surging.
A key measure of inflation, after stripping out volatile more food and energy prices, jumped to a 29-year high in April. The Bureau of Economic Analysis' price index tracking US consumer spending rose 3.6% in the year ending April, its biggest jump since September 2008 -- the height of the financial crisis. Excluding food and energy prices, the index gained 3.1%, the biggest increase since July 1992.
Inflation has been the boogeyman overshadowing the recovery.
Some economists are concerned that extreme price increases could keep consumers from spending, and investors worry that a prolonged inflation spike could force the end of the Federal Reserve's easy money policies.
Price increases are showing no signs of letting up. The University of Michigan's May consumer sentiment survey found that "record proportions of consumers reported higher prices across a wide range of discretionary purchases, including homes, vehicles, and household durables," according to the survey's chief economist, Richard Curtin.
So why are you seeing people selling certain used vehicles for a higher price than they paid when they bought the thing new? And why is that last house you looked up on Zillow selling for $650K when you can look at the price history and see that it last sold in 2016 for $350K?
Another question ...
Remember that song "I Dare You To Move" by Switchfoot and the line that would get stuck in your head ... "Salvation is heeeeeeeeeeeeerrre"?
Let's sing it out ... all together ...
"Inflation is heeeeeeeeeeeeerrre."
Ironically, the inflation report came out JUST before Biden unveiled his absurdly large $6 TRILLION budget:
President Biden's $6 trillion budget proposal unveiled Friday charts his vision of an expansive federal government role in the economy and the lives of Americans, with big increases in spending on infrastructure, public health and education along with tax increases on corporations and the wealthy.
The Biden administration is seeking $1.52 trillion for spending on the military and domestic programs in fiscal year 2022, which begins Oct. 1, an 8.6% increase from the $1.4 trillion enacted last year, excluding emergency measures to combat the Covid-19 pandemic.
The proposal would shift more federal resources from the military, which would see a 1.6% rise in spending next year, to domestic programs such as scientific research and renewable energy, which would receive 16.5% more funding under the president's plan in 2022.
The White House also detailed costs for its proposals to spend $4.5 trillion over the next decade on infrastructure and social programs, which the administration is hoping to advance through Congress this summer. The plan would provide $17 billion next year for infrastructure improvements, including repairs to roads, bridges and airports, $4.5 billion to replace lead water pipes across the country, and $13 billion to expand high-speed broadband.
Plans to provide universal preschool and ensure teachers at those schools earn $15 an hour would cost $3.5 billion in 2022. The budget would also provide $8.8 billion next year on direct spending on families, including $6.7 billion for affordable child care, and $750 million for paid leave, the costs of which would rise substantially in 2023 and beyond.
The human brain can't even comprehend those numbers, let alone deal with them.
Hey President Biden, I must ask: Why stop at $6 trillion? If it's all funny money anyway, why not make the budget $60 trillion? Why not $600 BAZILLION? Who cares, it's Monopoly money!
Ladies and gents, this is not going to end well if we don't rein it in QUICK.
