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Ear to the Ground

Inflation Runs at a 26-Year High

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Posted on Jul 16, 2008
gas prices
AP photo / Lisa Poole

Record energy costs were the main driver of price growth in June.

The once-mighty U.S. dollar is full of hot air, or at least the rate of inflation is at a 26-year high due to the recent economic toils and astronomical energy prices. Prices U.S. consumers pay shot up 1.1 percent in June—or more directly, your paycheck just got 1.1 percent smaller.

The BBC:

US inflation accelerated at the fastest rate in 26 years in June, fuelled higher by surging energy prices, official figures have shown.

Consumer prices rose by 1.1% in June, the Labor Department said, more than the 0.7% many analysts had expected.

Federal Reserve boss Ben Bernanke said on Tuesday that the threat of rising inflation had intensified recently.

High inflation will make it harder for the Fed to cut rates and boost an economy hurt by a housing market slump.

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By Jim Yell, July 17, 2008 at 7:32 am Link to this comment
(Unregistered commenter)

We first must realize that infaltion has been much higher than admitted, but as the government cherry picks the indicators to hold down the official declared inflation rate, people need to remember this and its effects.

The things that people can not do without for life and reasonable comfort are largely not counted in figuring the official inflation rate. The less well paid have been acutely aware for years that what had once been adequate was no longer going to get them from one pay check to the next, no matter what economies they practiced.

Inflation declared by the government is a fraud and has been a fraud for decades. It is only now the once affluent are being effected that it is focus of the news. Minimum wage has been raised, but in such a way that by the time it can have effect it will be as meaningless has minimum wage has been for decades. Minimum wage effects the wages paid at the lower end of trained wages. It keeps the wages of labor low and the longer it isn’t acknowledged and raised the more money drains into the pockets of the overpriveleged and the poorer Working People become.

It isn’t necessary to be this way. It is malicious greed.

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By samosamo, July 16, 2008 at 8:16 pm Link to this comment

By RAE, July 16 at 5:45 pm #

I really don’t want to hurt your feelings but you will have a hard time finding land that you can purchase much less to squat on and scratch out a living or food. The ‘elites’ have been buying up the land as fast and much as possible because when all is passed and the people that are left, they will need places to stay.
I’m with you, it would be great to just go off into the wilderness or back country but that would be living too free for most of these clowns to tolerate and you would be picked up shortly for vagrancy. So far it is almost like they got us no matter which way we turn.

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RAE's avatar

By RAE, July 16, 2008 at 6:45 pm Link to this comment

I suggest a mass exodus from the cities back to a sustainable mode of living on the land. Learn how to grow and raise your own poison-free food and enjoy toxin-free water, how to breathe pollution-free air and live in harmony with nature as you were intended to do.

Only the very wise will, of course, heed my words of wisdom and make any move out of their delusionary existences.

Until, that is, they are FORCED to by the coming complete collapse of the entire deck of financial cards the greedy thieves in charge of the economy have managed to engineer.

This ain’t going to be pretty.

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By purplewolf, July 16, 2008 at 4:55 pm Link to this comment

I wish I lived in the same land where these experts who report to us how low inflation is. It certainly is not in the same country(USA) I live in. My phone bills went up over 18% a few months back, the electric is higher, gas-I won’t go there, food is up a lot more that 1.1% and the city has decided to raise the water rates a minimum of 12$ a month higher again, regardless of amount used. Last time I got a 10$/mth raise in my social security check, the water rates went up $11/mth, yet my food stamps were cut. What a joke it is. I have heard foreigners who have come to this country complain about the high cost of everything, it is so expensive in America. My buying power is a lot less now and we are to the point that nothing else can be cut. THANK YOU EMPEROR BULLSHIT AND COMPANY! Hope your rich friends can survive on the billions they have hidden away while you take from the already broke peons and pump up their failed businesses.

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By samosamo, July 16, 2008 at 2:21 pm Link to this comment

But yet in an even stronger show of how much the current administration wants to destroy the people of america that don’t have big money, our money will bail out 2 more worthless money changers, freddie mac and fannie mae, to enrich a few more speculative investors.
And just wait, the 26 year high will go even futher back I think to 35 years then 80 years, each indicating the ressession in the 70s and the big boy depression in the late 20s. And then it will suddenly start breaking records every day. And still the people will just stand and stare like good little robitoids.
It does make me wonder if anything would make the credit institutions ever recall their credit cards. And, I don’t think that there is a better more complete and ‘honest’ way to rob a large mass of people totally blind than to give them a credit card while they are hopelessly addicted to the ‘shop to you drop’ mentality.

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By hippy pam, July 16, 2008 at 1:41 pm Link to this comment

ALL our costs have GONE UP-But THE MONEY WE RECEIVE FOR THE WORK WE DO[i.e.wages/pay]HAS NOT…..Didn’t our ILL-oustrious-Idiot “BULLSH*T” just say in a speech that we[America] are in GOOD SHAPE???Hey-BULLSH*T-SHUT UP AND GO LAY DOWN…..

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By webbedouin, July 16, 2008 at 11:11 am Link to this comment

I have a 1964 silver quarter on my desk.  Back in the day, it would purchase a little less than gallon of gasoline.  Today that quarter dollar is worth $3.30.  That silver quarter will still buy a little less than a gallon of gasoline.

As near as i can figure, a gallon of gas is still the same, an quarter of silver is still the same…  But the dollar is the value that is changing.  The dollar is 13 times less valuable than it was in 1964.

Suggest you plan accordingly…

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