When ya hear all the ‘experts’ talking about the “great’ Economy?
Just shake your head and walk away…
Their words do NOT matter….
The price of gas and other consumer goods DO….
Consumer prices surged 6.8 percent in the year leadinginto November and 0.8 percent last month alone as a roaring economy overwhelmed struggling supply chains and fueled inflation, according to data released Friday by the Labor Department.
The consumer price index (CPI), a closely watched gauge of inflation, rose sharply in November as retailers, warehouses, suppliers and shipping companies scrambled to meet intense demand.
Economists expected the CPI to rise 0.7 percent in November and 6.7 percent annually after year-over-year inflation rose to 6.2 percent in October, the highest rate in 30 years.
November’s annual inflation rate of 6.8 percent is the highest since 1982.
While November’s inflation surge had been widely projected, the steady upward pressure on prices is a significant strain for cash-strapped households and a political threat to President Biden and Democratic lawmakers.
Biden and his party have sought to emphasize the many strong points of the recovery from the COVID-19 recessions, which was powered in part by a $1.9 trillion stimulus bill the president signed in March. The unemployment rate sank to 4.2 percent as the labor market expanded in November, consumer spending has risen above pre-pandemic levels, wage growth has accelerated and the stock market has rallied to new record highs….
Offices remain eerily empty. Airlines have canceled thousands of flights. Subways and buses are running less often. Schools sometimes call off entire days of class. Consumers waste time waiting in store lines. Annual inflation has reached its highest level in three decades.
Does this sound like a healthy economy to you?
But I think the answer to this supposed paradox is that it’s not really a paradox: Americans think the economy is in rough shape because the economy is in rough shape.
Sure, some major statistics look good, and they reflect true economic strengths, including the state of families’ finances. But the economy is more than a household balance sheet; it is the combined experience of working, shopping and interacting in society. Americans evidently understand the distinction: In an Associated Press poll, 64 percent describe their personal finances as good — and only 35 percent describe the national economy as good….