Tag: Economic Problems

What Is The ‘Meat’ Of The Problem?

Has anyone bought a pound of ground beef lately?

If you have then you have noticed just how expensive even something as mundane as hamburger has become…..in my area that a pound of that cheap cut of meat is about $5 and it goes p from there.

There are plenty of cows for the industry then why is it so damn expensive?

Of course there are many reasons for the increases from food shortages for th animals to unjust pricing in the distribution….below is just none of the things that the government should be looking into….

A former grocery executive told a progressive media outlet in a video released Tuesday that “people fucking need to go to jail” over a long-running scheme in which dominant U.S. meat industry players have used information provided by a little-known data analytics company to increase prices and pad their bottom lines.

“This is probably one of the top five food scandals of the 21st Century, and we can’t underplay it,” said Errol Schweizer, the former vice president of Whole Foods’ grocery division. “People need to go to jail for this shit.”

Schweizer’s comments come at the start of a nine-minute video produced by More Perfect Union, which tells the story of how Indiana-based Agri Stats, the seemingly bland data firm, “built a network used by the nation’s largest meat companies,” including Tyson Foods, Hormel, and Cargill.

“Inside that network, America’s meat barons share secret data,” says More Perfect Union‘s Eric Gardner, the video’s narrator. “It’s alleged that Agri Stats organizes and then launders that information across the industry. Companies weaponize it, restricting output, manipulating the market, ultimately raising your prices.”

Watch the full video:

https://www.commondreams.org/news/meat-industry-price-gouging

The government, well the Senate, has proposed the Price Gouging Act of 2024…..

In response to the pervasive issue of skyrocketing prices on essential products, a group of US Senators, including Pennsylvania’s John Fetterman and Bob Casey, have taken a bold step by introducing the Price Gouging Act of 2024. This legislation, spearheaded by Senator Elizabeth Warren of Massachusetts, aims to curb the practice of charging customers grossly excessive prices, particularly during periods of exceptional market shock.

The proposed bill demands transparency from public companies, requiring them to disclose any changes in pricing and provide a clear rationale for such changes in their Securities and Exchange Commission (SEC) filings. Senator Fetterman emphasized the necessity of halting the exploitation of consumers, stating, “For too long, corporations have gotten away with jacking up prices to line their shareholders’ pockets with the hard-earned dollars of working Americans. This bill will put an end to that.”

One of the key focuses of the legislation is addressing the exploitation of crises, such as the ongoing pandemic, by certain corporations to bolster their profits unfairly. Moreover, provisions within the bill seek to safeguard small and local businesses that may be compelled to adjust prices in good faith.

US Senators Introduce Price Gouging Act of 2024 to Tackle Excessive Pricing

This is a valiant effort but I fear it has an uphill battle for success if that….At least they are trying to do something to help with these rising prices….but will it help?

Thoughts?

Let the weekend begin!

I Read, I Write, You Know

“lego ergo scribo”

All Hail “Spaving”

Good morning my friends and welcome.

It is another lovely Sunday and time to drop the usual FYI on my readers….

Ever heard the term ‘spaving’?

What the Hell is ‘spaving’?

It is very simple the sales pitch is ‘spend more to save more’…pretty simple huh?

Do you have subscriptions?  Maybe for food or pet supplies or clothes or even marital aids….then you are a victim of ‘spaving’.

The idea has been around for a long time but in today’s economic climate it could be disastrous.

Stores have been enticing shoppers to spend more so they can save more for ages, but in today’s economy, financial experts warn that what’s come to be known as “spaving” can backfire on one’s finances. While the marketing ploy isn’t anything new, CNBC, Fox Business, and CBS News all have stories exploring how spaving is contributing to Americans racking up record amounts of debt.

  • Ways we spave: Businesses have shown creativity in the ways they encourage more spending, including store credit cards, spending minimums for free shipping, subscriptions, and the classic “buy one, get one” deals. All are legal, savvy tactics that have proven effective in getting consumers to keep their tab going—and they’re more common than ever: between March 2023 to 2024, temporary price reductions increased by 72% and overall promotions by 15%, per CNBC.
  • More debt: But spending to save isn’t translating into savings. Fox notes that credit card balances rose 47% between 2021 through 2023, the steepest increase on record. At the same time, the amount of income going to savings has been decreasing, down to 3.6% in April compared to 32% in April 2020.
  • Deal FOMO: Money coach Nicole Victoria tells CBS that stores create a sense of urgency around deals that make them harder to resist. “It’s about loss-aversion, or the perception of loss. You feel like you’re losing money by paying for shipping, and you’ve invested time and resources into filling up your shopping cart, so you’d rather gain something more.”
  • Hidden consequences: For many, padded receipts add to credit card debt, which can affect finances and long-term money goals. Incurring debt may tank credit scores, and in turn come back to bite someone who wants to purchase property or items that require financing down the line.
  • One suggestion: “The best way consumers can approach a spaving deal is to pretend it’s not even there,” says Kuderna Financial Team Founder Bryan Kuderna, “like they never saw it.” He tells Fox that people can resist the pressure to spend more by making an effort to only “buy what you intended to buy.”

This is one of those times when ‘consumer beware’ is accurate.

Always think your purchases out to decide if it is good for the wallet….will there be any benefit or just a tug on your wallet.

But to give you more information so you will not be trapped in this sneak attack.

https://www.prnewswire.com/news-releases/spaving-what-is-it-and-how-to-avoid-it-301178242.html

****Keep in mind if it sounds too good to be true it probably is.****

Be Smart!

Learn Stuff!

I Read, I Write, You Know

“lego ergo scribo”

Economic Extinction

The US economy according to the markets is doing very well, or so we are told (that is debatable statement) but across the globe some countries are doing as well as the US and are now facing economic extinction.

You may not care but some on the list will suck on the teat of the American taxpayer….maybe you should care more about that than some celeb dropping a new album.

This is the list of those countries that face economic woes….

Within the intricate fabric of the global economy, many nations are currently contending with significant challenges within their economic systems. Between wars, natural disasters, resource depletion, or political mismanagement, these countries are nearing economic failure.

Without any specific ranking, these ten nations are enduring a challenging journey in pursuing long-term economic expansion and well-being.

1. Russia

Russia’s economy has underperformed for 15 years due to weak institutions, including a frail rule of law, inadequate protection of property rights, and widespread corruption. The country has faced extensive sanctions from the West since the Ukraine conflict, resulting in restricted access to foreign reserves, banking networks, technology, and energy markets.

Consequently, Russia has suffered from high inflation, deep recession, shortages, and rising prices. With dwindling reserves and increasing isolation, the economy is ill-prepared to handle a closed status. As per the World Economic Outlook April report, Russia holds the lowest position in the global average GDP ranking, experiencing an average decline of -8.5% from 2018 to 2022.

(War can do that to your economy)

2. Ukraine

The conflict with Russia has severely impacted Ukraine’s economy. The World Bank predicts a contraction of up to 45% in 2022. Critical export routes and trade have been disrupted, leading to a grain and staple exports ban for food security. Ukraine seeks financial assistance to offset the impact of closed debt markets.

Reconstruction costs are estimated at $349 billion, with soaring poverty rates and a projected budget deficit of $38 billion in 2023 due to reduced tax revenues. Ukraine’s global average 5-year GDP ranking has declined by -35%.

(Oh good…more cash will be spent to prop up this nation….more taxpayer dollars wasted as usual)

https://wealthynickel.com/10-countries-teetering-on-the-brink-of-financial-collapse-0524/

What price tag will all this economic woe have on the US budget?

Where is the ‘reed line’ of US spending on the stupidity of other countries?

Where does this end?

Any thoughts?

I Read, I Write, You Know

“lego ergo scribo”

 

Why Inflation?

We are told weekly if not daily that inflation is down then why does my wallet look and feel lighter?

If inflation is so low and manageable then why are my eggs a dollar more than a year ago?

There are many excuses these days…..price of gas….death of chickens….labor strikes….we could on and on but why bother….you get the picture.

One another side of this story….we give deep tax cuts to corporations which makes them more profitable and do they do the right thing and reward us peasants with lower prices?

What the Hell is going on?

Inflation has eased over the last two years, and with supply chains no longer struggling to keep up with demand and companies’ business costs stabilizing, an analysis out Thursday asks: Why haven’t American households seen the benefits of a more secure economy, with the prices of consumer goods and services falling?

The answer, said economic justice think tank Groundwork Collaborative, is that high prices linked to the coronavirus pandemic were never just the result of higher labor and production costs—but were partially caused by corporations’ deliberate price gouging.

When the pandemic upended the U.S. economy, said the group, “businesses jumped on the opportunity to pass these costs on to consumers—and added a little extra to pad their profits.”

“The worst part?” said the group. “They’re still doing it.”

Groundwork analyzed corporate earnings reports starting in 2021, focusing on numerous industries in which consumers were facing sky-high prices.

“This research revealed CEOs openly bragging to their shareholders about their ability to raise prices beyond their rising costs to increase profits,” said Groundwork. “To justify these moves, CEOs hid behind the cover of supply chain issues and the economic turmoil caused by the pandemic.”

https://www.commondreams.org/news/corporate-profits-inflation

After lying for decades to the American people some are starting to wake up…..they are told that corporations need tax cuts to be competitive and in doing so would take the price of stuff down…..if you have been keeping track of your spending you know it is all so much bullsh*t.

Corporate tax cuts do nothing for you and increases their profits as they smoke those god awful smelling cigars.

You want lower prices?

Then do what must be done!

Corporations are the problem then elect people that will fix the problem.  (I know they are hard to find because most candidates owe corporations their political lives)

We will continue to see prices rise until someone finds a way to repair this system.

I am done preaching.

I Read, I Write, You Know

“lego ergo scribo”

Is The American Dream Fading?

Before I go any further maybe now would be a good time to define the term.

The American Dream is a phrase that entails the belief that everybody can find success in the United States through hard work, no matter their background.

The term “American dream” is used in many ways, but it essentially is an idea that suggests that anyone in the US can succeed through hard work and has the potential to lead a happy, successful life. Many people have expanded upon or refined the definition to include things such as freedom, fulfillment and meaningful relationships. Someone who manages to achieve his or her version of the American dream is often said to be “living the dream.”

Now that we have that out of the way….it looks like the ‘Dream’ is not so much alive except for the people that ‘made it’.

A new survey by the WSJ tells a worrying tale….

Belief in the American dream is fading, with only 36% of respondents to a Wall Street Journal/NORC survey agreeing that anyone who works hard can get ahead. That’s down from 53% who agreed with the sentiment in 2012 and 48% in 2016, the Journal reports. In the latest poll, 45% said the American dream once held true but doesn’t now, while 18% said it was never true, up sharply from 4% in 2012. The poll revealed big divides on the issue: Only 28% of people under 50 agreed that anybody could get ahead through hard work, compared to 48% of over-65s. The figure was 46% for men and 28% for women.

Half the poll respondents said life in America is worse than it was 50 years ago, while 30% said it was better. The Hill reports that the survey comes at a time when the economy has shown itself to be surprisingly resilient, with unemployment numbers strong and inflation down months after economists predicted a recession. Poll respondents from both political parties said they felt their financial situation was increasingly precarious. “We have a nice house in the suburbs, and we have a two-car garage,” Missouri resident Oakley Graham told the Journal. “But I’d be lying if I didn’t say that money was tight.”

Graham, a 30-year-old stay-at-home dad whose wife works as an electrical engineer, said life is “objectively worse” than 50 years ago because labor unions are weaker. Another Missouri resident, 78-year-old retired electrical inspector John Lasher, blamed inflation and the Biden administration for putting the American dream into what he said was the “past tense.” “With inflation, you’re working hard just to make ends meet, and then any extra work that you put in is just trying to get so you’re not in the hole,” he said.

Why is the economy doing this….good jobs and higher wages are out there waiting?

Explaining the state of the American economy at the moment is a conundrum. The labor market is good — as is much of the economy — and people say that everything is terrible.

The past couple of years have been a solid stretch for workers in America. Unemployment is low. People who want to find jobs, by and large, can. Wages are up — even accounting for inflation over the past several months, and especially for people at the lower ends of the income spectrum. Workers really have been able to flex their muscles, whether that means quitting their jobs or unionizing or going on strike.

And yet, amid all this, poll after poll shows that Americans say the economy is absolutely awful (what Americans do in this supposedly awful economy is a different thing, which we’ll get to later). That such a strong labor market isn’t making a dent, opinion-wise, is a little weird. It seems like this jobs landscape should make the public feel better. So why do people say it doesn’t?

https://www.vox.com/2023/11/20/23964535/labor-market-employment-inflation-sentiment-economy-bad-polls

Now some experts are telling us that we may have to be happy with less affluence.

How much debt can the country pile up before it threatens to collapse the U.S. economy and bankrupt the Treasury? We are now staring at almost $34 trillion in debt — numbers so big that they begin to be meaningless. But in the real world, it requires the Treasury to fork over $659 billion in interest payments annually, almost twice as much interest as it paid just two years ago.

But wait, there’s more!

Annual interest payments on the debt could reach $2 trillion by 2030 if interest rates remain elevated and we continue to spend way beyond our means. That would make national interest payments the country’s second largest budget expenditure, gobbling up 30% of all federal tax revenue.

https://themessenger.com/opinion/american-economy-national-debt-load-federal-spending-interest-payments

This is what happens when people live off their credit cards instead of their wages…..soon or later this will come back to bite us all in the ass.

Be Smart!

Learn Stuff!

I Read, I Write, You Know

“lego ergo scribo”

It’s Crying Time Again

It is closing in on the presidential election in 2024 and the economy seems to be the most important thing on the voters minds….regardless at the reports on just how fabulous the economy is performing.

The markets may be doing a swell job but that is not the economy that most Americans deal with daily….their economy is dealing with food prices, high and higher rent, healthcare that is out of sight, etc….not what the score is on Wall Street…their is a disconnect and no politician sees it or wants to deal with it.

I read that the Dems are beginning to worry….HA!

Joe Biden’s voters in 2020 were younger, made less money, and were as a group more racially diverse than those who voted for Donald Trump. That happens to be the US segment suffering the most from inflation and high interest rates right now, the New York Times reports. It’s a worrisome development for the president, backed up by a recent poll showing most Democrats in six battleground states who voted for Biden aren’t happy with the state of the economy. The New York Times/Siena College poll found that 62% of those Biden supporters rate the economy as fair or poor.

Although the economy’s condition often is considered critical to the incumbent party’s chances, analysts say the discontent doesn’t mean it’s curtains for Biden’s reelection chances. The president’s economic programs are popular among voters, and social issues such as access to abortion could help him overcome economic concerns. An analyst at the public opinion research firm HIT Strategies pointed out that the midterms last year revolved around abortion instead of the usual issue, the economy. “Republicans lost that because of Roe,” Joshua Doss said, per the Times. “So we’re definitely in uncharted territory.”

And it’s not that voters think Republicans are doing anything to improve the economy. Navigator Research, a progressive-leaning outfit, found that 70% of voters polled in battleground House districts said Republicans were paying more attention to other issues. That went for a majority of GOP voters, as well. Oscar Nuñez, 27, who works at a Las Vegas restaurant, voted for Biden but would prefer another option this time. He said he realizes the choice probably will be Biden and Trump again. Nuñez doesn’t consider the economy the biggest issue; he’s more concerned about immigrants’ rights and foreign policy and prefers Biden’s stances. “That’s why I was picking him over Trump in the first place,” he said.

Really?  They have ignored the plight of the average American to fund lame ass wars but now they are all worried.

Serves them right!

The Dems are worried…as they should be….

Over the weekend, Politico published the latest in a tidal wave of stories about President Biden’s dwindling prospects for re-election. Under the headline “The Polls Keep Getting Worse for Biden,” the article pointed out that Biden is trailing the presumptive GOP nominee Donald Trump in a large majority of the latest polling.

The trend is dire, Politico reports. “The president’s standing in head-to-head matchups with Trump is falling: Among the latest surveys this month from 13 separate pollsters, Biden’s position is worse than their previous polls in all but two of them.” He continues to slip in key swing states.

The outlook is now grimmer than ever, but the big divide between Biden’s low popularity and public support for the Democratic Party overall was clear a year ago, despite the hype giving Biden credit for midterm election results in November 2022. Back then, the New York Times reported that one House Democrat offered a more candid assessment: “Biden’s numbers were ‘a huge drag’ on Democratic candidates, who won in spite of the president not thanks to him, the lawmaker said on the condition of anonymity to avoid antagonizing the White House.”

Conformist Democrats Have Been in Denial. Now They’re in a Panic.

The Dems have nothing to run on…..their legacy on the ‘real’ economy sucks….all they have is throwing much needed cash at countries that mean very little to Americans in the grand scheme of things.

There is more whole blocs of voters are disappointed in the Dems and are thinking of looking elsewhere.

The truth be told if Trump wins the 2024 vote it will NOT be the fault of anyone brave enough to vote for a third choice….no it will be the do-nothing Dems that elected Trump.

It is a little late to start worrying for the Dems are defeating themselves.

Turn The Page!

I Read, I Write, You Know

“lego ergo scribo”

2010 All Over Again

This is for those with short memories….

In 2010 Deepwater Horizon oil rig blew up and cause a massive oil leak that dumped about 200 million gallons of oil into the central Gulf of Mexico….it contaminated sea life, beaches and ruined the economy of many Gulf Coast states like Louisiana, Florida, Alabama, Mississippi beaches were spared the bad stuff for our barrier islands protected our beaches for the most part but Florida and Alabama were not so lucky.

In case your memory is not what it once was….here are some facts….

Fact #1: More than 200 million gallons of crude oil was spilled into the Gulf of Mexico during the Deepwater Horizon Oil Spill.

Fact #2: Deepwater Horizon was a 9yr old semi-submersible, mobile floating, dynamically positioned drilling rig that could operate in water up to 10,000’ deep.

Fact #3: At 9:45am high pressure methane gas from the well expanded into the drilling riser and rose into the drilling rig, the rig ignited and exploded

Fact #4: Over 16,000 miles of coastline was affected during the spill. The coastlines of Texas, Louisiana, Mississippi, Alabama and Florida were all affected.

Fact #5: 5.5 million feet of oil spill containment boom was deployed to help collect the oil.

Fact #6: Over 8,000 animals were reported dead 6 months after the spill.

This spill effected the seafood industry as well….fish were not caught, shrimp were not fished, oysters were dead and crabs were contaminated…all of which is a mainstay of the Gulf Coast industry….so why am I going on about past doings that most have forgotten?

Easy.

Deja vu.

Just when the fishing grounds were on the rebound from the Deepwater fiasco….it is happening again….

A leak from an underwater pipeline released more than 1 million gallons of oil into the Gulf of Mexico before the flow was shut off, the Coast Guard estimated. The leak was spotted Thursday, about 19 miles offshore of the Mississippi River Delta southeast of New Orleans, Reuters reports. Main Pass Oil Gathering Co. turned off the 67-mile line the same day. On Friday and Saturday, overflights saw the oil moving to the southwest, away from the Louisiana shore, per WDSU. No injuries or shoreline impacts have been reported.

rews are searching for the source of the leak, which was near Louisiana’s Plaquemines Parish, using underwater remote-operated vehicles. The Coast Guard said three skimming vessels are trying to remove the oil on the surface. The National Response Team was activated, the Environmental Protection Agency said, which mobilizes 15 federal entities to help

While the spill is dwarfed by previous spills, like the Deepwater Horizon crisis that saw 130 million gallons of crude pouring into the Gulf in 2010, it’s nonetheless a grim environmental catastrophe that could have devastating effects on the local environment.

“Ocean wildlife will almost certainly pay a terrible price for this huge pipeline spill, which is less an accident than an entirely predictable consequence of offshore oil operations,” said Kristen Monsell, senior attorney at the Center for Biological Diversity, in a statement.

This does not make national news….no one cares if I am honest  those mental midgets do not have to try a eek out a living from the Gulf.

How long must these crises go on before someone cares enough to put a stop tho this insanity?

Turn The Page!

I Read, I Write, You Know

“lego ergo scribo”

 

Sanctions–A Horrible Idea

I have made my thoughts on sanctions abundantly clear….in case you missed it….as a penalty for bad behavior hey do not work!

If you need more information (most will not for that would mean reading something before commenting)…..

Sanctions And Tariffs

Is Sanctions The Answer?

I told you I had strong opinions on sanctions.

They have not worked on Cuba….or Venezuela….or any other nation we deem as a bad player….and that goes for Russia.

The West has put into place massive sanctions against Russia since they invaded Ukraine….and we continue to find new ways to sanction the nation.

Let’s look just how effective these measures have been to Russia.

The International Monetary Fund has said it expects the Russian economy to grow by 1.5% this year despite the US-led Western sanctions campaign against the country, which President Biden once vowed would “turn the ruble into rubble.”

The Russian economy shrank by 2.1% last year, but it has bounced back as Russia is adjusting to the sanctions. The Wall Street Journal on Wednesday called the economic war a “stalemate,” comparing it to the situation on the battlefield in Ukraine.

The report said the sanctions initially made it harder for Russia to acquire microchips and other technical components, but Moscow then found sanctions loopholes through neighboring countries. Russia has also had no problems selling its oil as its found new markets in India and elsewhere in Asia.

The Journal cited analysts who said the sanctions will hurt Russia in the long term, but Moscow continues to forge stronger ties and significantly increase trade with China. An alternative to the US-dominated global financial system is slowly being formed by Russia, China, and other countries targeted with US sanctions.

The US has successfully crushed the economies of smaller countries with sanctions, but the sanctions on Russia were the harshest imposed on such a large economy. US sanctions on smaller nations are losing some of their power as China and Russia offer alternative markets.

For example, Iranian oil sales in 2022 exceeded those in 2016 before the US withdrew from the nuclear deal in 2018 and reimposed sanctions on the country. Most of the new Iranian oil sales have been to China.

(antiwar.com)

So the economic attack is not hurting Russian economy….why keep looking for more ways to fail in this corner?

I Read, I Write, You Know

“lego ergo scribo”

Closing Thought–20Feb23

Inflation has been kicking the crap out of the American consumer….and it just keeps getting worse….

People are using the credit cards to help get by….

U.S. consumer credit card debt has jumped to nearly $1 trillion, the Federal Reserve Bank of New York said on Thursday.

Credit card balances increased more than $60 billion over the three months ending in December, lifting the total amount of U.S. credit card debt to an all-time high of $986 billion, the report found.

The skyrocketing credit card balance has coincided with an increase in the interest rates paid on such debt, crunching household budgets as high inflation eats away at the savings that many amassed during the pandemic.

The average credit card interest rate offered in the U.S. over the last three months of 2022 stood at 21.6%, according to WalletHub, a jump from about 18% a year prior. An aggressive series of interest rate hikes imposed by the Federal Reserve has caused the jump in credit card rates.

https://abcnews.go.com/Business/us-credit-card-debt-now-totals-1-trillion/story

A trillion dollars that is about the amount the War Department’s recent budget….

Eventually all this debt will be called in and thus an economic collapse will be in our future.

I am fortunate for I have no credit debt…but that is just me.

I Read, I Write, You Know

“lego ergo scribo”

 

 

It’s Election Time–It’s Inflation

As I watch the news I hear daily that the major issue for the upcoming election is the economy most specifically it is the inflation that is crippling most Americans.

I do not agree….I agree that inflation is a huge problem but I disagree that the decision on voting will be decided by that problem.

First the big myth is that inflation is a hidden tax…..It is not a taxation but it is taxing….so to oversimplify the phenom politicians like the word “tax”.

Calling inflation “taxes” is simply inaccurate. People pay taxes to governments to achieve certain ends. Even if you think that government is inherently wasteful or lazy or inept and are sure that the pure magic of markets—which, again, were largely responsible for the pent-up supply chain problems that drove inflation—there are actions that happen as a result of those taxes paid. Schools, roads, defense, regulations of markets that have proven themselves when unsupervised inclined to cause disaster, all of this are benefits those taxes pay for.

So the GOP blames the Dems….the Dems blame the GOP…again it is an oversimplification.

First, the most important release from last week was the third quarter GDP data. It showed the economy growing at a 2.6 percent annual rate. This is a very healthy rate of growth and follows small declines reported in the prior two quarters.

The growth also should mean that we are again seeing positive productivity growth after seeing a record pace of decline reported in the first half of 2022. Productivity data are always erratic, and the numbers from the first half should not be accepted at face value (reported growth in the fourth quarter of 2021 was an impossibly high 6.3 percent), but there can be little doubt that productivity in the first half of this year was very bad.

The 2.6 percent growth in third quarter GDP was roughly equal to reported growth in hours in the payroll data, but there was sharp fall in the number of people who reported being self-employed. This should imply productivity growth in the neighborhood of 1.0 percent. We will get the actual figure this week when the Bureau of Labor Statistics reports third quarter productivity data.

A 1.0 percent rate of productivity growth is not great, but hugely better than the declines reported in the first half of the year. Productivity was likely weakened in the first half by supply chain problems, huge turnover, and possibly some labor hoarding. These problems should have been less of an issue in the third quarter, and even more so going forward, as the economy is operating closer to normal in most sectors.

Weak productivity would be a major factor raising costs for businesses and thereby creating inflationary pressure in the economy. If we are back on a normal productivity path, this would be a big positive for inflation prospects going forward.

Inflation and Recession: Where Are We Now?

Since the GOP is hammering Biden on inflation for the mid-terms…..how would they solve the problem?

It’s perfectly reasonable for Republicans to batter Democrats on inflation. Gas prices have fallen way off their June highs, but the rising cost of living is still a problem for Americans from most walks of life, and Democrats are the party in power. That’s politics.

But now that Republicans have chosen inflation—and particularly gas prices—as their number-one issue for this political cycle, it follows that their candidates would have detailed plans to turn things around if they’re elected. That’s governing.

We asked the campaigns of eight Senate candidates in competitive races—J.D. Vance in Ohio; Mehmet Oz in Pennsylvania; Herschel Walker in Georgia; Blake Masters in Arizona; Ron Johnson in Wisconsin; Ted Budd in North Carolina; Adam Laxalt in Nevada; and Mike Lee in Utah—the following:

  1. What is the candidate’s plan to lower gas prices?
  2. What is the candidate’s plan to fight inflation?

https://www.esquire.com/news-politics/a41819936/republicans-inflation-gas-prices-plan/

Will the GOP have all the answers to inflation?

I think not.

I do not believe that giveaways to the wealth will stop the ravages of inflation on us less fortunate….remember the beginnings of the idiotic ‘trickle down economics’? (a look back)

https://www.commondreams.org/views/2022/10/27/you-cant-fight-inflation-even-more-giveaways-rich

There is a way to hold down inflation….you go to the people that are fueling the problem….corporations…..

By now, you’ve probably heard the good news. After more than a year of surging inflation, gas prices are down, pandemic supply chain snarls are starting to ease, and shipping costs for companies are coming down. But instead of passing on the savings to customers, companies are making a different choice.

Big corporations are choosing to keep prices high for consumers, even as their own expenses, for things like materials and transportation, go down. While the Biden administration and its economic response to the pandemic have become easy scapegoats for those who wish to assign blame for stubbornly high prices, especially as midterm elections draw closer, the facts tell a different story. And ignoring the ways in which corporate price hikes are contributing to higher prices will only prolong the crisis.

This isn’t just speculation. My colleagues at Ground Collaborative and I pored over recent earnings reports from the nation’s biggest companies. We learned that their executives are admitting to the strategy of keeping prices high because it means bigger profits for their companies and massive payouts to their shareholders.

https://www.commondreams.org/views/2022/10/27/price-gouging-corporations-helping-drive-inflation-must-be-held-accountable

The outcome of the mid-terms will bring little relief for us mere mortals….

Sorry to be a downer.

I Read, I Write, You Know

“lego ergo scribo”