Posted on 03/30/2024 6:03:35 PM PDT by davikkm
As the dust settles on the latest economic data, one thing is abundantly clear: inflation isn’t showing any signs of backing down, and the consequences are hitting people hard. Despite the Fed’s hopes for a return to normalcy, the reality on the ground tells a different story.
According to Mish Shedlock, the latest figures from the BEA paint a bleak picture. While personal income saw a modest increase, real income actually took a hit in February. Meanwhile, personal spending surged, driving up prices even further. Inflation, though largely expected, remains stubbornly high, far beyond the Fed’s comfort zone.
(Excerpt) Read more at citizenwatchreport.com ...
And the CPI is a fraction of real, total economy inflation... And this is why consumer debt is skyrocketing, and while I believe another financial balloon popping is soon to arrive. I suspect bankruptcies are about to explode to record numbers.
Why do we have to wait for the left to screw things up before the sheeple notice? Is someone out there on our side not doing their job?
Mighta been Ronna but it takes more than one to screw things up.
I watch the bankruptcy filing stats closely and you are correct, there is considerable acceleration in all regions. My sense is that whatever relief was given with all the cash dumped in the Covid pandemic - that has been exhausted and the inflation that people experience in their daily lives has just cored out their finances. I would expect peak consumer filings next year. Thanks Joe!
“I watch the bankruptcy filing stats closely and you are correct, there is considerable acceleration in all regions. “
Bankruptcies have decreased every year since 2010 till 2023. 2023 was up 10% over 2022 but still just a fraction of past numbers.
Bump
Wait until phase 2 when taxes go up also.
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[Loss of 25% of purchasing power since 2020]
Bidenomics!!
All according to plan
Yep - and that means the “record highs” in the stock market are worth 25% less than they would have been 3 years ago - so the “records” are actually a sign of stagnation.
The CPI is bogus
It sure is, because some of the things we might have to buy went up even more than specified,so if you had to purchase many of certain items, your financial situation really went downhill even worse.
For those of us who’s gross income has increased a small fraction of the “official” CPI (so an even smaller % of actual inflation) - we have gone “backwards” dramatically.
Oh - and our actual tax burden has increased significantly ON TOP of all of the loss to inflation.
“For those of us who’s gross income has increased a small fraction of the “official” CPI (so an even smaller % of actual inflation) - we have gone “backwards” dramatically.
Oh - and our actual tax burden has increased significantly ON TOP of all of the loss to inflation.”
Yep - our money is worth about 25% less than it was under Trump - and under Trump my taxes went down about $900 - and under Biden they went up about $2K over the last 2 years.
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