ECONOMY Inflation rose 0.5% in January, more than expected and up 6.4% from a year ago

[Scott]

 

Inflation turned higher to start 2023, as rising shelter, gas and fuel prices took their toll on consumers, the Labor Department reported Tuesday.

 

The consumer price index, which measures a broad basket of common goods and services, rose 0.5% in January, which translated to an annual gain of 6.4%. Economists surveyed by Dow Jones had been looking for respective increases of 0.4% and 6.2%.

 

https://www.cnbc.com/2023/02/14/consumer-price-index-january-

2023-.html

[SunnyinBangrak]

Worth remembering when biden started this abomination of a presidency his predecessor left him with an inflation rate of 1.4%. This is all the democrats doing, reaching a peak of absurdity when they passed a spending boondoggle they amusingly called the inflation reduction act which they knew would not reduce inflation(1). Let's get the adults back in charge asap.

 

"The White House celebrated its first-year economic achievements by tweeting: “When @POTUS and @VP were sworn in, our economy was on the brink of collapse.”

That is a flat-out lie.  

As Biden first set foot in the Oval Office a year ago, real GDP was growing at 6.3 percent, inflation was 1.4 percent"

https://thehill.com/opinion/finance/590451-how-biden-torched-the-trump-recovery/

 

(1)supporting evidence for uncomfortable claim made

 

"With inflation raging near its highest level in four decades, President Joe Biden on Tuesday signed into law his 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 likely answer is no — not anytime soon, anyway.

https://apnews.com/article/inflation-biden-health-congress-climate-and-environment-63df07e15002c01fb560a6f0e69fcb03

[Credo]

11 minutes ago, SunnyinBangrak said:

Worth remembering when biden started this abomination of a presidency his predecessor left him with an inflation rate of 1.4%. This is all the democrats doing, reaching a peak of absurdity when they passed a spending boondoggle they amusingly called the inflation reduction act which they knew would not reduce inflation(1). Let's get the adults back in charge asap.

 

"The White House celebrated its first-year economic achievements by tweeting: “When @POTUS and @VP were sworn in, our economy was on the brink of collapse.”

That is a flat-out lie.  

As Biden first set foot in the Oval Office a year ago, real GDP was growing at 6.3 percent, inflation was 1.4 percent"

https://thehill.com/opinion/finance/590451-how-biden-torched-the-trump-recovery/

 

(1)supporting evidence for uncomfortable claim made

 

"With inflation raging near its highest level in four decades, President Joe Biden on Tuesday signed into law his 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 likely answer is no — not anytime soon, anyway.

https://apnews.com/article/inflation-biden-health-congress-climate-and-environment-63df07e15002c01fb560a6f0e69fcb03

Probably worth actually looking at the truth about what Biden inherited:

 

https://www.bbc.com/news/59402975

[nauseus]

36 minutes ago, Credo said:

Probably worth actually looking at the truth about what Biden inherited:

 

https://www.bbc.com/news/59402975

And?

[Bkk Brian]

8 minutes ago, nauseus said:

And?

And what? The statistics are there for you to see, what needs adding?

[nauseus]

28 minutes ago, Bkk Brian said:

And what? The statistics are there for you to see, what needs adding?

Nothing, as long as you accept that GDP under Biden is half of what he inherited and that inflation is up at least 4-fold.

[Chomper Higgot]

9 minutes ago, nauseus said:

Nothing, as long as you accept that GDP under Biden is half of what he inherited and that inflation is up at least 4-fold.

Why on earth should we accept that?

 

https://www.statista.com/statistics/188185/percent-change-from-preceding-period-in-real-gdp-in-the-us/

[Bkk Brian]

10 minutes ago, nauseus said:

Nothing, as long as you accept that GDP under Biden is half of what he inherited and that inflation is up at least 4-fold.

"Nothing" Oh so you just added it for fun

 

I thought the graph and link put that in perspective?

 

"Taking the longer view, economic growth during Mr Biden's first year in office (from January 2021) was greater than under both Presidents Trump and Obama."

[nauseus]

12 minutes ago, Chomper Higgot said:

Why on earth should we accept that?

 

https://www.statista.com/statistics/188185/percent-change-from-preceding-period-in-real-gdp-in-the-us/

Why not? It's right there in the link provided.

[Chomper Higgot]

5 minutes ago, nauseus said:

Why not? It's right there in the link provided.

I’ve provide a link to data on which the latest growth figure is 2,9%
 

Can you point out when Trump doubled that?

Edited February 15, 2023 by Chomper Higgot

[nauseus]

11 minutes ago, Bkk Brian said:

"Nothing" Oh so you just added it for fun

 

I thought the graph and link put that in perspective?

 

"Taking the longer view, economic growth during Mr Biden's first year in office (from January 2021) was greater than under both Presidents Trump and Obama."

I didn't add anything. Just answered your question. And your so-called "perspective" does not allow for the remnants of rebound growth post Covid. Just like the 10 million jobs claim, most were revived jobs, technically (but temporarily) during the pandemic.

[Bkk Brian]

Just now, nauseus said:

I didn't add anything. Just answered your question. And your so-called "perspective" does not allow for the remnants of rebound growth post Covid. Just like the 10 million jobs claim, most were revived jobs, technically (but temporarily) during the pandemic.

And your so-called "perspective" does not allow for the remnants of rebound growth post Covid

 

It does if you read the article

[nauseus]

2 minutes ago, Chomper Higgot said:

I’ve provide a link to data on which the latest growth figure is 2,9%
 

Can you point out when Trump doubled that?

Biden inherited 6.3% quarterly growth from Trump.

[Chomper Higgot]

3 minutes ago, nauseus said:

Biden inherited 6.3% quarterly growth from Trump.

As the economy opened up post COVID.

[nauseus]

3 minutes ago, Bkk Brian said:

And your so-called "perspective" does not allow for the remnants of rebound growth post Covid

 

It does if you read the article

The article does, Biden doesn't!

 

His tweet:

 

We have now created nearly 10 million new jobs since I took office—the fastest growth in American history.

 

6:54 AM · Sep 3, 2022

 

[placeholder]

11 minutes ago, nauseus said:

I didn't add anything. Just answered your question. And your so-called "perspective" does not allow for the remnants of rebound growth post Covid. Just like the 10 million jobs claim, most were revived jobs, technically (but temporarily) during the pandemic.

And your perspective doesn't account for the inflationary effects of supply side shortages. 

edit: And the effects of the war in Ukraine.

Edited February 15, 2023 by placeholder

[nauseus]

1 minute ago, Chomper Higgot said:

As the economy opened up post COVID.

Yes. But 2 years on what is so wonderful now?

[placeholder]

3 minutes ago, nauseus said:

Yes. But 2 years on what is so wonderful now?

Well, for one thing, the economy is growing strongly. For another, unemployment hasn't been this low since 1969.

[Bkk Brian]

9 minutes ago, nauseus said:

The article does, Biden doesn't!

 

His tweet:

 

We have now created nearly 10 million new jobs since I took office—the fastest growth in American history.

 

6:54 AM · Sep 3, 2022

 

Amazing success from Biden

[Chomper Higgot]

10 minutes ago, nauseus said:

Yes. But 2 years on what is so wonderful now?

The job numbers.

 

 

[JonnyF]

Inflation out of control under Biden? Who could have guessed that? ????

[placeholder]

2 hours ago, SunnyinBangrak said:

Worth remembering when biden started this abomination of a presidency his predecessor left him with an inflation rate of 1.4%. This is all the democrats doing, reaching a peak of absurdity when they passed a spending boondoggle they amusingly called the inflation reduction act which they knew would not reduce inflation(1). Let's get the adults back in charge asap.

 

"The White House celebrated its first-year economic achievements by tweeting: “When @POTUS and @VP were sworn in, our economy was on the brink of collapse.”

That is a flat-out lie.  

As Biden first set foot in the Oval Office a year ago, real GDP was growing at 6.3 percent, inflation was 1.4 percent"

https://thehill.com/opinion/finance/590451-how-biden-torched-the-trump-recovery/

If you want to give the previous administration credit for the 6.3% rise, then what about the previous decline? In fact, big jump is due to what's called the rebound. Starting from a low level But now the economy has rebounded and it's still growing. And unemployment is at a record low.

[placeholder]

7 minutes ago, JonnyF said:

Inflation out of control under Biden? Who could have guessed that? ????

By "out of control" do you mean "sharply declining". Because that is, in fact the case over the last 6 months.

[Saanim]

14 minutes ago, placeholder said:

Well, for one thing, the economy is growing strongly. For another, unemployment hasn't been this low since 1969.

Had the layoffs then been also so high?

As we read currently (sometimes rather not so much publicised), there are 4 digits figures from many big companies, retailing chains also closing, but the "unemployment hasn't been this low since 1969"?

Similar confusing news about the inflation - one month the highest in 40 years, another month the lowest... 

[placeholder]

8 minutes ago, Saanim said:

Had the layoffs then been also so high?

As we read currently (sometimes rather not so much publicised), there are 4 digits figures from many big companies, retailing chains also closing, but the "unemployment hasn't been this low since 1969"?

Similar confusing news about the inflation - one month the highest in 40 years, another month the lowest... 

Thanks for providing so many facts. What don't you understand about the economy as a whole. So what if some sectors are engaging in layoffs. The balance is positive. You just need to master basic arithmetic to understand this.

And please share with us 2 consecutive months where inflation was the highest and in the following month the lowest.

Stop making things up.

Edited February 15, 2023 by placeholder

[earlinclaifornia]

3 hours ago, JonnyF said:

Inflation out of control under Biden? Who could have guessed that? ????

Vlad

[Credo]

12 hours ago, nauseus said:

Yes. But 2 years on what is so wonderful now?

Well, for one thing, you can get things you need.  Under Trump, the grocery store shelves were empty.  No toilet paper to be had at any price.  The only thing that wasn't in short supply was silly tweets from the Conman-in-Chief.  

 

[Mac Mickmanus]

2 minutes ago, Credo said:

Well, for one thing, you can get things you need.  Under Trump, the grocery store shelves were empty.  No toilet paper to be had at any price.  The only thing that wasn't in short supply was silly tweets from the Conman-in-Chief.  

 

How did Americans manage to eat if there were no food on the shelfs at grocery stores for the four years Trump was POTUS...............................or are you exaggerating again ?

[nauseus]

1 hour ago, Credo said:

Well, for one thing, you can get things you need.  Under Trump, the grocery store shelves were empty.  No toilet paper to be had at any price.  The only thing that wasn't in short supply was silly tweets from the Conman-in-Chief.  

 

And then empty again under Biden nearly 2 years later. So what?

[Credo]

8 hours ago, Mac Mickmanus said:

How did Americans manage to eat if there were no food on the shelfs at grocery stores for the four years Trump was POTUS...............................or are you exaggerating again ?

Well, when all else fails, resort to trolling.  Did I say 4 years?  I think not.