Reply to U.S. Annual Inflation rose to 6.8% in November

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Inflation is the mark of a strong rebound from the disaster left by the Trump administration. It is a global issue that our Fed, led by Trump Appointed Chairman Powell, will try to address.

The BEST way to deal with it is to pass the BBB act that has specific measures in it to deal with inflation. The GOP voted unanimously against it, despite knowing the economic benefits.

Now...who wants to keep inflation up? Biden? Nope. the GOP.[/quote]

Well, we did have this thing called a pandemic, although I suppose using your logic Trump is also responsible for all the global economic contractions in 2020, not just the US?

The economic recovery was already well underway by the time Trump left office. But you'll believe what you want to believe.

The problem is inflation. IT's as simple as that.[b] People's incomes are declining in the face of inflation[/b]. Most people don't live in Bethesda with 400k salaries. Inflation is rising faster in the US than in most countries, which does suggest there's other factors involving domestic policy that may play a role. Larry Summers was against the third rescue package as he was afraid it would stimulate inflation and it looks like he was right, and it's Biden and the Democrats who own the third rescue package in 2020. [/quote]

Wages are up significantly. Please show your notes here.[/quote]

Wages are not up significantly. Most people are not seeing hefty wage increases to keep up with inflation. There's been plenty of articles and studies confirming this. You need to show your notes if you think everyone is getting big wage increases. Because they are not. Most people are not. I'm happy for those who are, but it's far from across the board. The typical COLA is around 2.5-3%, which is laughable when inflation is now pushing 7.5%!

[/quote]

[b]Wages ARE paralleling inflation.
[/b]
Meanwhile, for context, consider that inflation in the '70s was 14%.  Double what it is now.[/quote]

I don't know what world you live in for this to be true.

https://www.cnbc.com/2021/11/10/inflation-has-taken-away-all-the-wage-gains-for-workers-and-then-some.html

https://www.wsj.com/articles/inflation-drives-worker-pay-down-not-up-wage-price-spiral-raises-goods-keynes-friedman-cost-push-fed-11643662537

https://qz.com/2101224/2021-inflation-is-erasing-americans-wage-gains/

Despite higher wages, inflation gave the average worker a 2.4% pay cut last year
https://www.cnbc.com/2022/01/12/higher-pay-eclipses-inflation-bite-for-some-.html#:~:text=Cramer-,Despite%20higher%20wages%2C%20inflation%20gave%20the%20average%20worker,2.4%25%20pay%20cut%20last%20year&text=Inflation%20grew%207%25%20in%20December,than%202%25%2C%20on%20average.

Some sectors have seen big increases in wages, particularly specific service sector jobs and nursing, but most people are not and are instead seeing real declines when inflation outpaces wage gains.

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