Runaway inflation is only just beginning

[calfoxwc]

Talking about skyrocketing inflation way early on - easy to ignore. But the new numbers are very troubling.

so is our national debt.

the lefties used to be "outraged" over the national debt years and years ago.

it was just a ploy to get attention, and votes.

now? they don't give a damn. Like covid deaths - they do NOT care a whit, because there  is not

any political benefit from at least faking their "outrage".

I hope everyone has some time to consider learning a lot of small ways to save money in the long run.

and to accrue some supplies etc.

I think we will crash badly is we don't right this ship.

https://redstate.com/nick-arama/2021/12/14/flashing-alarm-bells-go-off-as-another-inflationary-measure-hits-record-high-n491110

Flashing Alarm Bells Go off, as Another Inflationary Measure Hits Record High

[calfoxwc]

having said that, new house sales in our friend's allotment are automatically 60,000 bucks more.

and found out this morning.... marine grade plywood is now 150 bucks a 4 x 8 sheet.

etc etc etc etc.

 

[calfoxwc]

Food Inflation 2021: Price Shock at the U.S. Meat Counter ...

https://www.bloomberg.com › news › articles › 2021-12-10 › price-shock-at-the-meat-counter-worsens-u-s-inflation-jitters

4 days agoPrices for meat dishes that are traditional centerpieces of American meals are soaring, driving home the nation's rising inflation rate and deepening discontent among voters. Beef prices in ...

[calfoxwc]

and, deliberately making gas prices HIGHER over leftwing politics?

see prices really skyrocket out of control.

'It's SO DANGEROUS what she said': Press secretary Psaki ...

https://politicofire.com › 2021 › 11 › 18 › its-so-dangerous-what-she-said-press-secretary-psaki-makes-stunning-claim-about-long-term-rise-in-gas-prices

On "The Rubin Report" Wednesday, Dave Rubin shared a clip of White House press secretary Jen Psaki arguing that high gas prices are actually beneficial because they will force the U.S. to increase our investment in renewable energy "so that we are not relying on the fluctuations and OPEC." "Look, our view is that the rise in gas prices over the long term makes an even stronger case ...

[Canton Dawg]

Yes, Dementia Joe has the Treasury printing presses churning out $20 billion a day.

Somehow Joe and the rest of the Socialist think they can spend us out of the highest inflation rate in the last 40 years.

But at least we don’t have anymore mean Tweets from Trump!

[calfoxwc]

yep.

https://www.theblaze.com/news/democratic-economist-larry-summers-calls-out-biden-administration-downplaying-inflation-crisis

[jbluhm86]

Kudos to the Baby Boomers. Your generation has almost single-handedly bankrupted the strongest economy in human history. Truly worthy of the history books of the future.

[mjp28]

40 minutes ago, calfoxwc said:

having said that, new house sales in our friend's allotment are automatically 60,000 bucks more.

and found out this morning.... marine grade plywood is now 150 bucks a 4 x 8 sheet.

etc etc etc etc.

 

I have an economics undergraduate minor and a master's co-major in finance and I really like both fields.

I've been in the stock market for about 48 years and through 8 different crashes and corrections.

But I've never seen what we've been going through since 03-09-09 the day the DJIA and the market in general had corrected from the 2008 crash.  That 03-09-09 was when Obama just took office and it kept running for his 8 years and 4 years through Trump and still now with Biden.

I've never seen anything like this in fact nobody has seen anything like this for about 14 years it defies all old economic or accounting or financial rules or logic.

The DJIA (only 30 stocks, the S&P 500, NASDAQ, Russell 2k and others all follow) is at 36,000 what is holding it up there besides low interest rates and blind faith.

Anyone who says for sure that they know well I heard that at 20,000.   Just be very careful with your money right now and get ready to hang on !

[mjp28]

48 minutes ago, jbluhm86 said:

Kudos to the Baby Boomers. Your generation has almost single-handedly bankrupted the strongest economy in human history. Truly worthy of the history books of the future.

Well thank you.....btw do I get a footnote ?

Seriously though it's a little more complex than that including a series of bad and expensive wars starting with Vietnam and through Afganistan and an expensive arms race with the USSR and some older politicians that started to play with the ideas of debt that's carried through to today.

AND our country is saddled with some very expensive legacy costs from an aging population going on social security and Medicare.

AND when we bad boomers (as you point out) were growing up companies supported America with income,, insurance, pensions all that good stuff but what happened in the late 1970s and on ?  Guess ? Well all of that good stuff started to go away.  The greatest generation started to retire and get the end of the company pensions.

AND good manufacturing jobs continued to disappear with their wages, insurance, pensions and replaced by what ?  Tired of guessing well what we have now the disappearing middle class. The huge divide between rich and poor a service and goods economy.

AND more people than ever depending on Uncle Sam for support.

You can finish the rest, my wife and I are retired and the millennials can figure out what to do now.  I hope they're ready....... time to dig in and good luck.

[Westside Steve]

7 hours ago, jbluhm86 said:

Kudos to the Baby Boomers. Your generation has almost single-handedly bankrupted the strongest economy in human history. Truly worthy of the history books of the future.

Well you're welcome I guess. 

I don't remember exactly but you are a millennial right? Millennials and gen Z are the biggest voting generation now and it sure doesn't seem to me like runaway spending the free s*** express are being reigned in so we can thank you guys for voting for Joe not the Boomers.  I would also guess that Generation Z is the biggest culprits for sitting on the couch waiting for a check. And another stat I would have to look up it's whether or not the Baby Boomers were more likely to have worked and supported their families the bulk of their lifetime.

Then again regardless of generation the doctor that says you can sit on the couch smoke cigarettes and drink beer is going to be more popular than the doctor that says you have to exercise watch your weight and give up smokes and booze.

WSS 

PS I guess you can blame the Boomers for Medicare and the Great Society but it was the silent generation that gave us Social Security and Roosevelt handouts. You guys could take credit for dementia Joe.

🎅

[calfoxwc]

lbj's "great society" legacy

https://www.budget.senate.gov/imo/media/doc/CRS Report - Welfare Spending The Largest Item In The Federal Budget.pdf

CRS Report: Welfare Spending The Largest Item In The Federal Budget

****************************************

now, add in illegals getting free ride, free whatever. etc etc etc.

then look at our enormously growing debt.

Big serious trouble is here. Btw, yes, that was years ago.

Today? worse.

 

[calfoxwc]

https://www.theblaze.com/news/analysis-finds-that-inflation-will-cost-the-average-us-household-3500-in-2021

Analysis finds that inflation will require the average US household to spend about $3,500 more in 2021

[calfoxwc]

https://www.theblaze.com/news/fed-officials-confirm-interest-rates-will-rise-in-2022-inflation-is-key-concern

Fed officials confirm interest rates will rise in 2022; inflation is key concern

News

[mjp28]

Runaway inflation do you remember the crazy late 70s and early 80s ?  

The president Gerald R. Ford 1974   WIN   buttons ? Then the Jimmy Carter era followed by the Reagan era where too much blame and credit were thrown around.

In 1975 I was 24 and was buying my first house what a hassle that was !

1969 through 1980 I was working for US Steel until they and other large horizontally integrated American steel companies decided to quit making steel.......in the USA that is.

Back in the 70s when I was in maintenance we couldn't get suppliers to publish prices in catalogs you'd have to call in for the current price which was an insane way to do business.  And our budgets were getting cut at the same time.   Then they began closing steel plants one by one.

Then America got used to another new word stagflation  a stagnant economy coupled with soon to be runaway inflation.  As what the Bunkers would sing  " those were the days " well on TV.

A little Econ 101 the Fed sets the  Feds rate + 3% = the prime rate.   It is used to calculate almost anything like credit cards, house and car loans and more.

The Feds rate now is 3.25%  + 3% = a 6.25% prime rate.  So what ? Well in the early 1980s the Feds rate was about 18% + 3% = a whoppin'  21% !  

Runaway inflation ?  You haven't seen anything yet !  I seriously doubt that it will get anywhere near that.  Try to figure a car or house loan at those rates.  The hugely overblown housing market will collapse, that $200,000 house will be what $150,000 ?  125,000 ?  And no more $60,000 pick-up trucks.

The good part  I remember the easy to get 16% plus on CDs    -but-   your stocks and 401(k)s will drop like rocks !

So " you ain't seen nothing yet "  and I hope you don't.    If you're 60+ now you better be thinking about some cash positions now.  If you're 40+ you better think about diversification.  If you're 18+ get in and stay in your Roth 401(k)  I see some great investment opportunities ahead for you, but Roth not a traditional 401(k) for you.

~~~~~~~~~~~~~~~~~~~~~~~~~ 

★ Oh BTW just FYI I do have an MBA with a dual major in management and finance.  I've done taxes for over 30 years and did start a very successful tax business which I sold long ago. My friend who ran it is now retiring from HER business and HER granddaughter is going to run it.  How cool is that !

And I'm retired from primary the steel business and am just a SPORTS bum and  BROWNS fan.  

Wife's a retired nurse after 42 years with the same hospital she left in 2017:it closed in 2018.  We love 💗 to cook, watch movies and birds.   We're done with that work stuff.

[Westside Steve]

We had some serious inflation in the early twenties and then in the late twenties a crash... problem is voters are kind of stupid and have short memories. That means that presidential elections are ofttimes a game of musical chairs. Does Harding get too much credit for the Roaring Twenties and Hoover too much credit for the depression? Just a guess but I'm hoping for a couple of things. (Yes I know hope in one hand and shit in the other...)  I think the covid scam needs to take a lot of the credit for the quick drop and rise in the economy but some will blame Trump.

Since nobody in the current Administration cares about inflation yet it looks like at some point interest rates will have to rise to slow things down to tank  the economy to get it back on track depression or just recession? I certainly hope Biden gets the blame for his ridiculous policies.

My second hope is that whoever follows Biden in 24 sweeps both houses and allows Joe to wear the Jimmy Carter goat horns for a good long time.

Just my opinion

WSS 

[mjp28]

8 hours ago, Westside Steve said:

We had some serious inflation in the early twenties and then in the late twenties a crash... problem is voters are kind of stupid and have short memories. That means that presidential elections are ofttimes a game of musical chairs. Does Harding get too much credit for the Roaring Twenties and Hoover too much credit for the depression? Just a guess but I'm hoping for a couple of things. (Yes I know hope in one hand and shit in the other...)  I think the covid scam needs to take a lot of the credit for the quick drop and rise in the economy but some will blame Trump.

Since nobody in the current Administration cares about inflation yet it looks like at some point interest rates will have to rise to slow things down to tank  the economy to get it back on track depression or just recession? I certainly hope Biden gets the blame for his ridiculous policies.

My second hope is that whoever follows Biden in 24 sweeps both houses and allows Joe to wear the Jimmy Carter goat horns for a good long time.

Just my opinion

WSS 

That was somewhat true in the 1920s and 1970s that the outgoing presidents and the new incoming presidents get mixed sometimes incorrect blame or credit for things that happened.

Like the 1974 Gerald R Ford WIN buttons even though Jimmy Carter gets 100% tagged with the goat horns..,......or whatever. Reagan gets credit for the recovery which wasn't entirely true.  -but-  that's just the way things are remembered throughout time.  And our memories get foggy as time passes even if we were there, mine included.  When you go back and reread the facts it can be amazing...... and fun to do......I started in college in 1968 and graduated in 1975 working full time in the mills, wild times !

The steel demand shot up somewhat driven by the Vietnam War which ended in 1975 and I got laid off for 6 months.  Then went like crazy from 1976-1981 when our customers were stockpiling our steel until US Steel closed us for good.  But in 1982-today it reopened as a nonunion lower wage business.  All ancient history now but it explains a lot about the American steel business in the 1980s to today.

That took place in the Reagan/Bush years.    It can be informative and fun to look back at things that happened.

What will we remember from the turbulent 2000s ?  That history is being written right now as we watch what happens.  

[DieHardBrownsFan]

On 12/14/2021 at 10:55 PM, jbluhm86 said:

Kudos to the Baby Boomers. Your generation has almost single-handedly bankrupted the strongest economy in human history. Truly worthy of the history books of the future.

Congrats to the Millennials for believing that garbage.