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The number geek in me loves Calculated Risk.
Here’s a clean clear graph of four measures of inflation that shoot for the stratosphere around December 2021:
Hugging that graph may not make you feel much better in the checkout line at the grocery store, or when filling the tank of your car, but it does a good job of helping you to realize that the general election in November is more likely to focus on the effects of inflation than on reproductive health care.
Want another graph of rocketing inflation? The Wall Street Journal has one, showing the latest bad news (consumer price index rises by 9.1% in June — “highest in forty years!”) It’s based on information tracked by the US Bureau of Labor Statistics:
The increase was broad-based…
(Emphasis added.)
From a White House statement released today (President Biden himself is overseas):
…Tackling inflation is my top priority – we need to make more progress, more quickly, in getting price increases under control. Here is what I will do:
First, I will continue to do everything I can to bring down the price of gas…
Second, I will urge Congress to act, this month, on legislation to reduce the cost of everyday expenses that are hitting American families…
Third, I will continue to oppose any efforts by Republicans… to make things worse by raising taxes on working people, or putting Social Security and Medicare on the chopping block every five years.
Finally, I will continue to give the Federal Reserve the room it needs to help it combat inflation.
