The mainstream has suddenly discovered price movements impact retail sales.
For months, retail sales generally came in higher than expected. And for months the mainstream financial punditry ignored inflation and told us this signaled a strong economy. But in July, retail sales unexpectedly fell flat. Now the mainstream financial punditry claims this signals a strong economy.
The CPI fell modestly in July, but prices remained near 40-year highs at 8.5%. Meanwhile, President Biden did a victory lap, and Congress passed an “Inflation Reduction Act” that will only make inflation worse.
It’s easy to look at inflation talk as political banter and wonky economic theorizing, but in fact, it hurts real people. As Brazilian economist André Marques explains, it makes us all poorer.
Peter Schiff appeared on the Newsmax Saturday Report along with former Rep. Peter King (R-NY) to talk about President Joe Biden’s unwarranted inflation victory lap.
The CPI for July came in slightly cooler than June’s sizzling 9.1%. But even at 8.5%, CPI remains near 40-year highs. But Biden focused on the unchanged month-on-month CPI to declare victory over inflation and claimed he’s building “an economy that works for everyone.”
The Consumer Price Index data for July cooled even more than expected. The question is how will the Federal Reserve play this? In this episode of the Friday Gold Wrap podcast, host Mike Maharrey breaks down the CPI data, talks about the Fed reaction, and speculates about the Fed’s next move and its impact on the economy.
As expected, the Consumer Price index cooled a bit thanks to falling gasoline prices. The question is will this give the Federal Reserve the excuse it needs bow out of the inflation fight?
The Consumer Price Index for July was up 8.5% year-on-year. That was down from June’s 9.1% print and slightly below the 8.7% expectation. Of course, an 8.5% increase in prices over the course of a year is still extremely hot.
We get a lot of Orwellian spin out of Washington D.C. A recession isn’t a recession, Putin’s price hikes caused inflation, and now we’re told a massive spending bill will cure inflation.
Last weekend, the Senate gave final approval to the so-called “Inflation Reduction Act.” Despite the catchy title, it is nothing but a tax-and-spend bill. The pundit class insists this will not only cool inflation but will also lower the budget deficit. This is a pipe dream. As Ron Paul explains, the bill will not only increase inflation, it will also increase government spending and taxes.
Consumers continue to add to their record level of debt as higher prices squeeze wallets.
Americans added another $40.1 billion to the debt load in June, according to the latest data from the Federal Reserve. That represents a 10.5% year-on-year increase.
The July non-farm payroll report came out much stronger than anticipated. According to the Bureau of Labor Statistics, the economy added 528,000 jobs and the unemployment rate ticked down to 3.5%. The narrative was that this blockbuster employment report proves that we’re not in a recession.
In his podcast, Peter Schiff broke down the data and reveals the truth behind the “strong job market” hype.
Despite White House and media spin downplaying a recession, a lot of people aren’t buying. Fifty-seven percent of small business owners say a recession has already begun. Peter Schiff talked with Laura Ingraham about government spending, taxation, inflation, household debt and the recession. He said the recession is already worse than people think.
Jobs are on everybody’s mind as the July employment report comes out. Will the labor market show more cracks? Or will it give the pundits more room to spin the idea that we’re not really in a recession? In this episode of the Friday Gold Wrap, host Mike Maharrey talks about the labor market and breaks the July jobs data news as it comes out. He also talks about the “health” of the American consumer and gold’s flirtation with $1,800 an ounce.
