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Liberal Twitter CEO Jack Dorsey shocked the Twitterverse with a warning about impending hyperinflation in the world, and predicted it would soon hit the United States. Dorsey, who oversees one of the largest offenders of Big Tech censorship, didn’t pull any punches about the danger: “Hyperinflation is going to change everything. It’s happening.” Twitter went berserk, with over 3,600 retweets and over 15,000 likes just over an hour after the tweet was posted.

Left-leaning media networks, including MSNBC, ABC, and CNN, finally realized that the Inflation Reduction Act doesn’t actually reduce inflation, but not until the massive spending package had already been signed into law. The bill, which was passed by the Senate earlier this month and the House of Representatives last week, costs an estimated $437 billion, with $369 billion going toward investments in "Energy Security and Climate Change," according to a summary by Senate Democrats. Democrats claim the legislation will soften the deficit by raising $737 billion, imposing a 15% corporate minimum tax which is predicted to raise $222 billion, and...

WASHINGTON (AP) — With inflation raging near its highest level in four decades, the House on Friday gave final approval to President Joe Biden’s landmark Inflation Reduction Act. Its title raises a tantalizing question: Will the measure actually tame the price spikes that have inflicted hardships on American households? Economic analyses of the proposal suggest that the answer is likely no — not anytime soon, anyway. The legislation, which the Senate passed earlier this week and now heads to the White House for Biden’s signature, won’t directly address some of the main drivers of surging prices — from gas and...

Senate Democrats on Aug. 6 advanced a mammoth spending bill on climate and energy, health care, and taxes, after overcoming unanimous Republican opposition in the evenly divided chamber.The procedural vote to advance the Democratic bill—which authorizes over $400 billion in new spending—was 51–50 after Vice President Kamala Harris arrived at the Capitol to cast a vote, breaking the deadlock in the Senate over the measure that Democrats say would reform the tax code, lower the cost of prescription drugs, invest in energy and climate change programs, all while lowering the federal deficit.The vote means that senators will have 20 hours...

Claim: “There’s nobody suggesting there’s unchecked inflation is on the way. No serious economist,” President Joe Biden said on Monday. Larry Summers is worried about inflation. He has been the Treasury Secretary under Bill Clinton, director of the National Economic Council under Barack Obama, chief economist of the World Bank, and president of Harvard University. He is one of the most prominent economists in the United States today. Summers has been warning that the Biden administration’s policies risked inflation and overheating several months ago, a topic he returned to on Twitter last week.

It’s not only getting more expensive to buy a home. It’s also getting much costlier to furnish a home. The price of household furniture jumped 1.2 percent in July, according to Producer Price Index data released Thursday. Compared with a year ago, the index for home furniture is up nine percent. A broader category that includes furniture and other household durable goods is up 7.2 percent, the largest gain since 1980. This is not a category showing big annual gains due to a dip in prices last year. Prices for household durables actually rose last summer. But over the last...

Financial markets believe in Goldilocks. Having become more concerned about inflationary pressures over the first five months of the year, their current consensus is that price rises in the US and other advanced economies will be neither too hot nor too cold in the years ahead. The gap in yields between nominal US government bonds and inflation-protected bonds has settled at a little over 2 per cent for the next 10 years. As Goldilocks would say, that is “just right”, allowing a high-pressure economy to maintain robust jobs growth and a gradual normalisation of monetary policy. But reality is messier...

U.S. inflation showed some cooling off in July after posting large gains in prior months. Consumer prices rose at their slowest monthly pace since February, providing some relief to those in the “transitory” camp, who hold that this bout of inflation isn’t a long-term phenomenon. But, inflation fears still linger. The year-on-year increase in consumer prices remained stubbornly high at 5.4 percent, the same as in June. While it’s unclear when inflation could return to a level closer to its 2 percent long-term trend, economists are increasingly talking about a gradual slowdown in inflation in the months and quarters ahead....

The core personal consumption expenditures price index (PCE) is a key inflation metric used by the Federal Reserve. The inflation measure increased 3.6% in July 2021 from a year ago and tied the highest level in roughly 30 years. Including volatile food and energy prices, the PCE index rose 4.2% year over year, up from 4% in June 2021 and the highest reading since January 1991. Considering energy and food factors, which increased 23.6% and 2.4%, respectively, from a year ago …Personal Consumption Expenditures Price Index, Excluding Food and Energy Change From Month One Year Ago July 2021, 3.6 percent...

Rents (surge) are about to impact PCE and CPI. A surge in PPI is flowing into CPI. History will record that during the present time the most used word was “inflation” and the second most used word was “temporary.” What isn’t in this life transitory? But if inflation lasts three years because of a demand shift caused by a zero-carbon emissions goal consensus, then call it what you will, we at The Bear Traps will allocate capital accordingly. It reminds us of Marty Zweig not caring if the down stock market was a correction or a bear market. Either way,...

Some of the biggest names in business virtually attended the annual Morgan Stanley Laguna conference last week and warned about the complex nature of soaring inflation. Much of the discussion was centered around the soaring cost of raw materials, labor, and logistical nightmares. Corporate leaders from 3M Company to Trane Technologies to General Electric Co., among others, all warned about increasing inflationary pressures, according to Bloomberg. 3M’s Chief CFO Monish Patolawala shocked attendees by calling inflation “unprecedented.” He said the impact of higher commodity prices and soaring freight prices would impact its 2021 earnings. Trane Technologies Plc’s CFO Chris Kuehn...

The price index tracking consumer spending — the PCE price index — was up 4.3% over the 12 months ending in August. That was a faster pace than July's 4.2%. Inflation continued to run at the fastest pace since January 1991. The PCE inflation gauge is one of many, and they're not all pointing in the same direction: The consumer price inflation index came off a 13-year high in August, for example. But the PCE index is the Federal Reserve's preferred measure of inflation. Although prices rose sharply, American incomes increased at only a modest pace, up 0.2% or $35.5...

The leftist pundits in the media are twisting themselves silly trying to spin the terrible economic situation in an attempt to save President Joe Biden. A new Bloomberg Opinion op-ed actually tried to argue that high inflation is a good thing for America. Bloomberg Opinion columnist Karl Smith actually had the audacity to publish a nonsensical article headlined, “America Needs Higher, Longer-Lasting Inflation.” His sub-headline was just as ridiculous: “The benefits of moderately rising prices and wages outweigh the costs.” His main argument was that “a higher rate of inflation, and correspondingly higher wage growth, could be a net positive...

So far, during the presidency of Barack Obama, the price of a gallon of gasoline has jumped 83 percent, according to data from the Bureau of Labor Statistics. (AP Photo) During the same period, the price of ground beef has gone up 24 percent and price of bacon has gone up 22 percent. When Obama entered the White House in January 2009, the city average price for one gallon of regular unleaded gasoline was $1.79, according to the BLS. (The figures are in nominal dollars: not adjusted for inflation.) Five months later in June, unleaded gasoline was $2.26 per gallon,...

... Buried in Nancy Pelosi's health-care bill is a provision that will partially repeal tax indexing for inflation, meaning that as their earnings rise over a lifetime these youngsters can look forward to paying higher rates even if their income gains aren't real. In order to raise enough money to make their plan look like it won't add to the deficit, House Democrats have deliberately not indexed two main tax features of their plan: the $500,000 threshold for the 5.4-percentage-point income tax surcharge; and the payroll level at which small businesses must pay a new 8% tax penalty for not...