by Michael Snyder
The Economic Collapse Blog
I have a great idea. Let’s wildly print money, let’s systematically destroy the reserve currency of the globe, let’s add a trillion dollars to the national debt every 100 days, let’s strangle the economy with all sorts of ridiculous regulations, let’s dramatically hike interest rates, let’s make things exceedingly difficult for our domestic energy industry, and let’s allow theft, violence, homelessness and migration to run wild. Then we’ll sit back and see what happens. What I have just described is essentially what we have witnessed over the last three years. Joe Biden and others in positions of power in Washington are running our economy into the ground. The system really is coming apart at the seams, and Bidenomics really is the beginning of the end for the U.S. economy.
Former Chrysler and Home Depot CEO Bob Nardelli is also sounding the alarm about the severe damage that Bidenomics is doing.
AMELIA ISLAND, Florida (Reuters) – U.S. inflation data through the first months of 2024 has been “disappointing,” Fed vice chair for supervision Michael Barr said on Monday, leaving the central bank short of the evidence it needs to ease monetary policy.
(Bloomberg) — Australia’s central bank resumed a discussion of interest-rate hikes at its May policy meeting before deciding that the case to stand pat was stronger as it aims to avoid “excessive fine tuning.”
Year ago, I read in a book whose title I can’t quite remember, about economists observing something curious in inflation-wracked Argentina: Consumers were no longer saving money. They were spending instead, spending on themselves, buying up luxury goods in conspicuous consumption, and no, it was not a sign of economic health. Saving money made absolutely no sense as the Argentine peso kept losing value. Far sensible to rack up credit card debts and pay with devalued money or else default.
Fascinating: “Prices that families pay” when they buy homes “can affect their overall well-being.”
On Friday’s broadcast of Bloomberg’s “Surveillance,” Bloomberg columnist, economist, President of Queens’ College, Allianz Chief Economic Adviser, and former Obama Global Development Council Chair Dr. Mohamed El-Erian stated that the “sustainable energy” transition has helped create “a world that’s subject to higher inflation” than the world we had before.
At least six establishment media outlets fact checked President Joe Biden’s repeated false claim that inflation was nine percent when he “came into office.”
Inflation may be more palatable than years past heading into this Memorial Day Weekend, but some of the most essential items for the unofficial kickoff of summer 2024 continue to burn a hole in Americans’ wallets.
As the weather warms and the days grow longer, you might be feeling an insatiable urge for travel and adventure. After all, strolling along the beach, hiking to a waterfall or simply enjoying a latte along a bustling street sounds far more appealing than sitting behind your desk from 9 to 5. However, inflation is casting a dark shadow on many Americans’ travel plans, turning dream getaways into anxiety-inducing nightmares.