Key Fed inflation gauge at 2.2% in August, lower than expected

[BumRushDaShow]

21. I'm on a "fixed income" too (as a retiree, with any COLA subject to the whims of fucking Congress)

Probably half of DU is on some kind of "fixed income".

I remember back in the '70s when you could get 4 (1lb) loaves of bread for $1 "on sale". Today you're lucky to get one loaf for under $3.

There's no one claiming there is "no inflation". But there is an amnesia about what prices were in the past compared to today AND what the average salaries were in the past versus today.

The biggest issue is having wages/retirement income able to keep up with those rising costs and under Biden, it has more so than any previous modern President.


(from here - https://www.whitehouse.gov/cea/written-materials/2024/06/12/both-sides-of-the-ledger-wage-growth-beating-price-growth-now-for-15-months-in-a-row/)

The ones dealing with the worst of this are those that have pensions with no COLA, and those who either lost their pensions when their companies went bankrupt or who worked for a company with no pensions, and were left to rely on SS alone.

And since you bring up the '70s, the economy, particularly with interest rates, was sadly horrible -



What is going on now is not "general inflation", it is PRICE GOUGING by corporations... because they can.

When Carter tried "price controls" for gas prices, he was utterly destroyed.