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US consumer prices soared 7% in past year, most since 1982

  • 129 points
  • 2 days ago

  • @ushakov
  • Created a post
  • • 210 comments

US consumer prices soared 7% in past year, most since 1982


@moneywoes 2 days

Replying to @ushakov 🎙

Could stagflation be on the horizon?

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@Hokusai 2 days

Replying to @ushakov 🎙

Less goods were produced during the pandemic, the ones available are sold at higher prices. Even worse, tech products, that used to be cheaper by the year and drive down inflation, are now in high demand as employees work from home driving prices up.

And just wait for people to travel again and catch up with lost trips. Hotels are going to be quite expensive, and that industry is in need of money so do not expect them to moderate that increase.

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@RickJWagner 2 days

Replying to @ushakov 🎙

“It hasn’t been this high since the days of Thatcher and Reagan..."

Typical AP article.

Reagan came into office facing high inflation (it started when Carter was in office), it broke when he was in office.

Fact: Reagan won re-election with 49 of 50 states. Had inflation still been raging, that's not likely, is it?

So disappointed with yellow journalism.

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@hartator 2 days

Replying to @ushakov 🎙

> A significant portion of consumer inflation is still being driven by pandemic-driven mismatches between demand and supply.

Or maybe printing 40% more dollars is the main driver here? This feels like a very dishonest take.

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@NewLogic 2 days

Replying to @ushakov 🎙

This pandemic has crushed the middle class to prop up asset holders and wallstreet. Tense times ahead.

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@atlasunshrugged 2 days

Replying to @ushakov 🎙

While not particularly tech focused this will probably be a global issue soon as the Fed/Gov will act to try to crush inflation (or possibly more likely, a massive fight about whether inflation is good, bad, or still transitory will take place) and markets will be in flux because of these actions. Given how interconnected the world is, this'll probably have ramifications globally and given how big tech stocks are right now in the U.S. at least, they might be impacted as well. I'll let someone smarter than me prognosticate on the impacts of non publicly traded companies and the VC market but I'd guess there'll be some second order effects there too.

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@jonathan-adly 2 days

Replying to @ushakov 🎙

I feel a lot of sympathy to kids graduating in this decade in most careers. Tons of debt, ever increasing asset prices, and terrible job market with stagnating wages.

If you don't have rich parents, you are in a terrible spot.

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@wolverine876 2 days

Replying to @ushakov 🎙

Inflation is a phenomenon caused partly by human expections - if you think your costs will increase, you increase what you charge (to customers, employers, etc.). You can create inflation, to a degree, by making people believe it is happening. (That doesn't rule out all actual inflation and it helps to have some price increases - for whatever reason - as kernels of truth)

During the recovery from the 2008 Great Recesssion, reactionaries pushed inflation, inflation, inflation - they sold gold on popular national shows of a certain cable news channel - but to no apparent effect. The economy was at much more risk of deflation and only their own tribe seemed to listen at all (afaik).

But the world has changed significantly since then. Now the most powerful actors in our society are now the mass reactionary disinformation campaigns, which very broadly seem to serve the interests of the same or similar groups. They seeem almost unchallenged in their supremecy over 'truth' for much of the population - even people I know who should know better seem to just accept them. It seems that they can merely repeat just about any claim and no matter how nonsensical, people will join in (in fact maybe the more nonsensical the better).

With their new tools, their inflation push is arguably much more powerful. Are there resources which track the activities and focuses of disinformation campaigns?

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@ErikVandeWater 2 days

Replying to @ushakov 🎙

It's funny to me economists think they can measure inflation/deflation down to a single digit percentile with any level of certainty.

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@wjej333i2j 2 days

Replying to @ushakov 🎙

Meanwhile, in Germany grocery prices increased by ~14% * (not confuse with inflation) and there is little to none salary increase comparing to US...

An average software engineer in Germany only makes ~3000 euro per month after tax and even less in other European countries.

* https://www.morgenpost.de/vermischtes/article233549815/aldi-...

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@dukeofdoom 2 days

Replying to @ushakov 🎙

Mainstream media is making Alex Jones to look like the calm and rational one with all the fear mongering.

Sota Mayorga at the Supreme Court hearing this week, citing 100k kids in hospital with Covid, is an example how misinformation is fuelling these terrible fiscal policies. Rationality is out. Scary "Virus" panic is still in.

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