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Inflation, Real Incomes and the Economy

By September 15, 2023Commentary

Bidementia can’t figure out why Americans are so economically unhappy after his orgy of spending.  He is senile and doesn’t know anything, but the words advisors put in his mouth say the economy is great and people should be thrilled.  They aren’t because they are four million times smarter than he is and they know everything is rotten and the data put out by his pathetically incompetent administration is simply phony.  So last week the general inflation numbers came out and showed higher inflation than expected but people tried to say it didn’t mean anything.  It does to the average person, who has experienced cumulative inflation since the start of the epidemic of around 20%.  Interest rates, which affect everyone who has any debt, remain very high and these are numbers the administration can’t fiddle with.  They remain high because of inflation, but more importantly because of concerns about our fiscal situation and mounting debt pile.  The combination of all this leaves people queasy at best.  The one number that sums it up best is real income changes.  Hopefully people’s income after inflation grows over time.  For the last few years, and ever since Bidementia took office, it has been negative.  So the average person, not the rich people living off the whacko renewable energy subsidies, has every right to feel their situation has worsened.  As usual, Zero Hedge sums it up well.   (ZH Post)

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