In Ernest Hemingway's 1926 novel The Sun Also Rises, one character is asked how he went bankrupt. “Two ways," the man replies, "Gradually and then suddenly." Something of this could be seen in Friday's Producer Price Index figures, which showed prices moving up more than twice as much as expected on a month-to-month basis in March. Compared with February, prices moved up by one percent, speeding past the four-tenths of a percentage point expected.
The numbers are even more startling on an annual basis. Annual inflation kicked up to 4.2 percent, the highest figure since September 2011. Of course, the crazy year of 2020 scrambles the signals a bit. Last year, we were headed into mandatory lockdowns in March, with businesses shuttered and people advised that touching a cereal box might contaminate them with the deadly China plague. Prices dropped in February and March. As a result, the year-over-year gains exaggerate how much inflation is really occuring.
But economists were well aware of this so-called "base effect" going into the month, and still they underestimated inflationary pressure. Fed chair Jerome Powell has assured us that any rise in inflation is likely to be “transitory," but if economists miss the size of the price gains, how confident can we be that they'll correctly forecast the duration of rising prices?
Price gains were particularly concentrated in energy and food. Gasoline prices rose 8.8 percent in March and are up over 50 percent compared with a year ago, when prices were depressed by people sheltering at home. Food prices rose half a percentage point compared with February and are up 5.1 percent compared with a year ago.
Food and transportation make up a far larger share of household expenses for families at the bottom end of the income ladder than those at the top. So the inflation we are experiencing is weighing particularly hard on the poor and working class. Biden, who ran on raising taxes only on the wealthy, is presiding over a regressive stealth tax hike on the bottom two quintiles of the income brackets.
Add to that the bad news on unemployment—jobless claims unexpectedly jumped much higher last week and black unemployment is back up at 9.6 percent—and it's clear that in these early months of the Biden administration, America is not moving toward more equality or opportunity. Stimulus checks that drive up the price of food and gasoline do little to help the poor. That should give some lawmakers considering the next $2.3 trillion spending plan Biden has put on the table at least a moment's pause.
Alex Marlow & John Carney
The Washington Mask is slipping
Hi to all -
BLM
This group, funded by the democrat party, and sharing fund collection groups, is watching the trial of Derek Chauvin. They demand blood. And, if they do not get it, BLM promises that violence will be unleashed all over the nation. Sounds like the dilemma featured in the story 'Billy Budd', where a sailor had to be sacrificed, in order to prevent a mutiny in the British navy on the eve of battle.
But, wait a tick. Doesn't that pronouncement constitute a 'terrorist threat', at least according to woke democrat law? Where, oh where, are all those righteous politicians calling for law enforcement to capture and contain these scary people?
Meanwhile, back at the Mad House, er, ah, I mean, White House...Biden is now issuing threats against Georgia over their new voting law. Don Biden says 'You better watch out, and smarten up', or else. He never was a nice guy, in spite of what he says about himself. He was always a thug in the manner of Don Corleone.
Does anyone still doubt that this election was a coup attempt? And, that the left will do all it can to suppress investigation, punish anyone who doubts, or speaks of this, or attempts to fix it?
The Secretary of State in Georgia has been accused of being 'bought'. He is reluctantly conceding that some investigation into ballot fraud must be done. But, he insists, you can only look at the digital images of ballots, not the actual ballots. See, the actual ballots have clues as to whether or not they are fake. Like a lack of folds on those 'mail in' ballots. Or the machine printing of choices, not manual marks, with the indentations that would leave. Or the copy paper used for so many fake ballots, rather than the thicker, almost photo paper that real ballots used. Digital images hide all those things. Hard to find and identify the fraud, if you cannot see the real documents. So, from this we can safely conclude that our man is on someone's payroll, other than the state.
South Carolina
The state has introduced a bill to require colleges to actually teach the founding documents - like the Declaration of Independence, the Constitution, the Federalist Papers, etc. No doubt the left will cry foul, and 'racist'.
China
Well, as Biden said, their culture is one of torture and misery. So, it is not a surprise that in addition to the concentration camps for Muslims, they also have set up 'transformation facilities' to re-educate Christians. These windowless rooms are used to feed propaganda, and torture, to assist Christians into renouncing their faith, and becoming good communists. Signs have been up in China for years saying that you cannot be both a Christian, and a communist. That is true. Gosh, I wonder what it is about Christian belief that is so threatening to China and its rulers?
Speaking of China...the US, in company with other nations, is discussing whether or not to boycott the 2022 Olympics, in protest to these practices. Not that such actions will change practices in China.
'Stimulus' and 'Infrastructure' Bills
Well, these have been properly criticized for being mostly pork, not what they claim. What to do? What to do? I know, we will change the meaning of words,. So, 'child care' is now 'infrastructure', but the Keystone Pipeline is not. Building highways is 'racist', but payoffs for unions and corporations is 'stimulus'. See, it is so easy. Please refer to the NewSpeak Dictionary, v. 10.
Andrew Giuliani
This is the son of Rudy, former mayor of NYC. He is tossing his hat into the ring to run against Cuomo. That should be interesting.
Rich
I'm PopPop & husband to Julie, a Pops to Mike, Rob, Jerry & countless others, a Dunny to Hayley, a Poppa-san to Aimee, a PopPop to Emily, Maddox & Tatym, a bro to Michael and Deeda, a best buddy to & sucker for Ruby & Finn and a friend to others. I'm a saint and I'm a sinner. I'm a loser, I'm a winner, I am steady and unstable. I am old but I'm able!