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198 Comments
- SparkyMaGee, on 01/16/2008, -2/+61But don't worry you can get a CD or a money market account paying you 5% interest. So you'll only lose 1.3% of your money! That is until you have to pay taxes on your supposed 5% "earning".
- allaboutdatiki, on 01/16/2008, -8/+64Can I print this out and give a copy to every person I see still driving around with a W sticker?
- Ignited, on 01/16/2008, -26/+55I wonder what how high it will get after the election, knowing that most of the headrunners (Clinton, Obama, Mccain etc) all support further fueling of the war effort and more world policing.
Ron Paul 2008 - minoss, on 01/16/2008, -1/+26"Governments want to spend money and sooner or later, governments are going to want to spend money without taxing it and the only way to do that is to print money—to create inflation. Inflation is a form of taxation. How long will governments be able to resist the temptation?"
- Milton Friedman (EconTalk, 8-26-06)
http://www.econtalk.org/archives/_featuring/milton ... - brbeaird, on 01/16/2008, -1/+26FTA: "The combination of rising inflation pressures and a weak economy represent a dilemma for the Federal Reserve over whether to cut rates to boost economic growth even at the risk of making inflation worse.
Federal Reserve Chairman Ben Bernanke last week sent a strong signal that the Fed is more worried at the moment about weak growth than inflation — given a series of weaker-than-expected data in recent weeks. He is expected to give an economic outlook update on Thursday to the House Budget Committee."
I'm no economist, but it seems to me that continuing to lower interest rates to keep running away from a feared recession is only putting off the inevitable. For years, people have been consuming far more than their income allows, especially when buying homes. It's going to catch up with us sometime. In the meantime, our dollar gets weaker and weaker because money is so easy to get loaned at these insane rates... - fastupfront, on 01/16/2008, -3/+23Sorry, we Americans sometimes forget that the world doesnt revolve around us
- EXreaction, on 01/16/2008, -3/+23Don't worry, they'll print more money and it'll all be ok.
// sarcasm - iching, on 01/16/2008, -5/+23Food and Energy were counted as part of the inflation numbers back then
The Bush cabal have excluded those from being a part of the equation.
So if you include those in I would expect numbers higher than the Carter years.
http://marketplace.publicradio.org/display/web/200 ... - geekchic, on 01/16/2008, -6/+23Sorry to be pedantic - but would people when writing country specific headlines remember to specify which country they are writing about.
There are an awful lot of places in the world where 6.3% inflation is not even close to being the "highest rate in 26 years". - way2muchsense, on 01/16/2008, -1/+15Don't forget about that whopping 3% raise you'll probably get this year, if your very fortunate.
- ReadItAndWeep, on 01/16/2008, -1/+15If you want to criticize Ron Paul, you should pick an article that doesn't confirm one of his major arguments. Ron Paul, and others, have predicted a large increase in inflation, and this article has just stated that we have had a large increase in inflation. Also, the method of calculation for the CPI changed about 10 years ago, and ever since then the CPI has understated inflation. This isn't some Alex Jone's conspiracy. I recently graduated from college with a double major in accounting and finance and we learned about this in our textbooks. In fact, economists don't even use the CPI figure when measuring real inflation, they use a modified CPI figure, which is usually 1 or 2% higher.
- tb616973, on 01/16/2008, -2/+15Consider that it is most likely higher than 6.3% because the government has been playing with numbers for a while and the financial industry is pissed about it
- nickymouse, on 01/16/2008, -2/+14Higher Gas Prices = Higher cost of everything else. Since every product and industry uses oil, the price of those items go up. This is ONE OF THE major cause of inflation.
- kazamx, on 01/16/2008, -1/+13Well to be honest I see very few Americans who want to see this stop. Most Americans seem quite happy from their voting so far. Only Ron paul plans on changing things. Only 10% of America seems to want to change this *****.
- ReadItAndWeep, on 01/16/2008, -0/+12Um... The seventies were over 26 years ago. The title is correct. ;-)
- secrity, on 01/16/2008, -0/+11Energy and food SHOULD be included in inflation numbers. For some people, energy and food are their second and third highest expenditure items, and this increase is pinching them even closer to the edge of homelessness.
- StaticThunder, on 01/16/2008, -3/+14Yes, by all means. Lets continue to blame everything except ourselves. Firstly, our own wastefulness and over-reliance on foreign energy suppliers, secondly, our own willingness to do business with the awful interest banking system when we should know full well what we can and cannot afford to pay.
No one is forcing people to take out loans at interest. If you dislike the currency system so much, switch to barter and stop being a hypocrite. - VitriolAndAngst, on 01/16/2008, -3/+13In the Carter years, they didn't lie about these Stats.
Today, Food and Energy are left out of the equation which have increased, and they add Home Prices, which have fallen 5%.
Today, they ad some voodoo called "Hedonistic Value" which can always be used to reduce inflation because your toaster is BETTER in a given year for the same or greater price, based upon perhaps adding a new feature.
There was also a concerted effort by the Oil Cartel and the Banks to interrupt Carter's moves to make America energy independent. The current Administration is allied with these agencies, and while the Fed keeps lowering loan rates to "fluff up" the economy with refinances on home loans -- the situation is much more dire than what Carter faced. If we had continued Carter's economics and conservation strategies, we would be in much better shape than we are now.
Some of these stats are just not the whole picture. - minoss, on 01/16/2008, -3/+13Please stop confusing Americans with the American federal government.
- kazamx, on 01/16/2008, -3/+12Which is a really sad thing for America. I wonder how bad things will be by the next election. I wonder if their will be anyone like Dr Paul then to try and fix the train wreck that America will be.
- StGhurka, on 01/16/2008, -1/+10Not true. The 6.2 number includes Food and Energy.
FTA:
"However, core inflation, which excludes energy and food, was better behaved, rising by 2 percent last year, the same as in 2006. The Fed is closley watching core prices for any signs that the price pressures being seen in energy and food are starting to spread to other parts of the economy." - sremick, on 01/16/2008, -2/+11My raise < 6.3%
Therefore, I'm making less money this year than last year. - minoss, on 01/16/2008, -3/+12Great commentary from someone who has no clue what causes inflation.
- greenm1981, on 01/16/2008, -2/+10Not quite. The only people that have benefited from his policies don't drive, but rather have personal drivers that do it for them.
- inactive, on 01/16/2008, -5/+13blame interest banking
- Northwoods, on 01/16/2008, -0/+8They are most concerned about stagflation. A stagnant or shrinking economy combined with higher prices.
- michaelb1, on 01/16/2008, -0/+7Yesterday here in the DC area i saw a Checy Suburban with a Bush/Cheney sticker and a license plate that said 'Guzzler'. I'f that was you, you should know most people don't like you.
- atdigg, on 01/16/2008, -5/+12No, they were already punished (by God or nature)
- Quickdood, on 01/16/2008, -0/+7I really think stagflation may be showing its ugly head just like in the 70s in the USA. The Fed is basically damned if they do and damned if they don't. If they lower interest rates inflation increases, the dollar weakens, and fuel prices get more expensive. If they increase interest rates the market falls, and unemployment rises.
What it comes down to is we need to cut spending and become less reliant on oil... - swordedge, on 01/16/2008, -10/+17As someone that remembers the Carter years, it's still low.
In 1974 it was 11.0%, 1979 it was 11.3% and in 1980, it was 13.5% - StaticThunder, on 01/16/2008, -0/+6the part of the economy that the minimum wage effects is insignificant compared to a 40% drop in the value of the dollar and a doubling of the price of oil, which affects everything from fertilizers to shipping goods to the price of Chinese plastics.
Quit blaming the poorest, most insignificant (and mistreated) part of the economy for woes that are YOUR fault. The kid working at Burger King is not the one driving the country into the ground. Your executive who can't wrap his head around alternative fuels and outsourcing IS. - bowe, on 01/16/2008, -0/+6Oh man thud, you're getting old buddy. 2007-26=1981
- Butros, on 01/16/2008, -0/+6OPEC didn't make us spend a ***** load of money to rent iraq for 4 years
- Wargalas, on 01/16/2008, -1/+7Define "most". I'd like to hear what groups you think "deserve" to suffer. Homeowners who overextended themselves? People who want illegals to be able to still use services designed and paid for by American tax payers? Or just plain "Americans"?
- s1nister, on 01/16/2008, -4/+10Stop screaming the sky is falling, read the whole article please:
"However, core inflation, which excludes energy and food, was better behaved, rising by 2 percent last year, the same as in 2006. The Fed is closley watching core prices for any signs that the price pressures being seen in energy and food are starting to spread to other parts of the economy." - buff01, on 01/16/2008, -2/+7Real inflation this year was probably DOUBLE that six pct. The fedgov cherry picks their data to get the numbers they want for inflation (and unemployment). It is far worse than the old boys club in washington want you to know.
- michaelb1, on 01/16/2008, -0/+5ethanol makes 0 sense to me. It uses as much energy to make as we can get out of it.
- iucraigmc, on 01/16/2008, -0/+5Heres a fun fact, using my interest calculator, guess what the equivalent of $5000 will be in 45 years? Ready for this?
At 5% inflation a $5000 car now will cost you... drum roll please... $47,217.98. Hope people are saving up for retirement now in an investment account returning at LEAST 8% - 10% return average. Please avoid CDs every time and Money Market Accounts (Unless you need your money easily accessable) at all costs. - mywhitenoise, on 01/16/2008, -10/+15If Ross Perot didn't even come close in 92, and 96, I don't think Ron Paul has a chance in 2008.
- craigob, on 01/16/2008, -1/+5It's already done that, many times. As the saying goes, if money grew on trees, it'd be worth about as much as a leaf. Same principle when the fed prints a shiat load of it.
- inactive, on 01/16/2008, -0/+4If you look at how they figure inflation - leaving out housing, energy, medical care, and just about everything else that goes up in price, inflation is actually much higher.
I hope I am not the only person that has moved money out of the US Dollar. The Icelandic Currency is currently paying around 12% interest in CDs. - Butros, on 01/16/2008, -0/+4"no-nothing"? Your education did wonders I see...
- trollick, on 01/16/2008, -0/+4Because people do not use food and energy?
- inactive, on 01/16/2008, -0/+4That's alright. We have our wives to get a 2nd job to support our families!
- dlk289, on 01/16/2008, -1/+5hah minimum wage isn't fueling the high inflation rates
- StaticThunder, on 01/16/2008, -2/+5Not true at all, you were paid alot less back then too. 6% then is 6% now BECAUSE it is relative to the cost of living. And Bush is only partially responsible for the economy. The way consumers spend has a lot more to do with it.
- StaticThunder, on 01/16/2008, -0/+3Awwww. Those ***** destroyed MY equity by inflating the housing market at the time I was purchasing a place to live -- an actual home, not an investment bank. ***** them.
- dlk289, on 01/16/2008, -1/+4Blame the War, Bush, an incompetent congress, over spenders and the Fed. Almost a trillion dollars borrowed against the federal govt to accomplish nothing, tax cuts without reducing the govt, the fed lowering interest rates, and massive deficit spending all amount to high inflation rates. There are two ways to pay for this war; through taxes, but no politician dare raises taxes or we can be taxed through inflation. End the war, balance the budget, Fed stop lowering interest rates and america's economony would be a lot better
- StaticThunder, on 01/16/2008, -0/+3YES. Until the Chinese stop fixing their currency and bring working conditions up to Western standards, their exports SHOULD be tariffed. Otherwise, you are just subsidizing slavery, outsourcing of American jobs, and GIVING them money.
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