Deutsche Bank report issues 'dire' warning for US economy: Core inflation soars to 29-year HIGH of five per cent akin to 'war-time' footing as Republicans say it will be 'devastating for poorest families'
Overall consumer prices rose 0.6% in May, totaling 5% over the prior 12 months and blowing past expectations
It is the fastest rate inflation has risen since August 2008 during the Great Recession
Core inflation, excluding food and energy, was up 3.8% for the year in fastest increase since 1992
Republicans blame freewheeling Fed monetary policy and Democrats' massive federal spending
Shortages in labor and commodities, and surging consumer demand are also considered factors
General Mills, Coca-Cola and Hormel all expect to raise prices as the cost of raw goods rises
Chipotle is jacking up menu prices 4% to offset higher wages as it tries to attract workers
Fed chairman insists the inflation effect is temporary and will dissipate later this year
Anddddddd what happened in 2008, yep, everyone remembers, it was the start of the great recession.
The one bright point is that it looks like the biden 6 trillion spending program is dead and will need to be reworked. Three democrats have crossed the isle in say gin that 6 trillion is a little much.
Helping out ole Joe... Hey Joe, Kamala, Dems in general. How about passing just a infrastructure bill, no pork, no kickbacks, no pandering for votes with special interest, no Governmental BS... Just fix the bridges and roads. Try that just one time, see how it works.