Welcome home, fellow Gator.

The Gator Nation's oldest and most active insider community
Join today!

US Core inflation level lowest in 3 years

Discussion in 'Too Hot for Swamp Gas' started by citygator, Sep 29, 2023.

  1. mdgator05

    mdgator05 Premium Member

    14,065
    1,619
    1,718
    Dec 9, 2010
    No. There was inflation in 2020. So it would be a lower number. The point was to make the number larger by sticking an extra year of inflation on it and then suggesting that it was the inflation during Biden's term.
     
    • Winner Winner x 1
  2. BigCypressGator1981

    BigCypressGator1981 GC Hall of Fame

    4,912
    962
    3,103
    Oct 11, 2011
    seriously? Good lord
     
  3. duggers_dad

    duggers_dad GC Hall of Fame

    14,062
    1,029
    2,038
    Jan 5, 2022
     
  4. Gatoragman

    Gatoragman GC Hall of Fame

    2,574
    242
    288
    Jan 4, 2008
    Uh.... seriously?
    You might want to go look at the annual inflation rate for 2020. I'm sure the 2020 rate of inflation really effected the number.
    Good Lord!! Lokk at the data, not emotions!
    Current US Inflation Rates: 2000-2023 (usinflationcalculator.com)
     
    • Winner Winner x 1
    • Come On Man Come On Man x 1
  5. G8trGr8t

    G8trGr8t Premium Member

    28,808
    11,337
    3,443
    Aug 26, 2008
    silly people that think that potus controls inflation. The central bank, market forces, and black swann events control the economy. potus can influence, yes, control, not even close. and items implemented now will not truly be felt in the economy for years and sometimes decades to come. The infrastructure investment is the best thing this country has done in a long time for this country but it will not be truly felt for a decade or more, assuming it isn't sabotaged for politics.
     
    • Fistbump/Thanks! Fistbump/Thanks! x 1
  6. mdgator05

    mdgator05 Premium Member

    14,065
    1,619
    1,718
    Dec 9, 2010
    Yes, it actually did. Take their first claim, that groceries (typically termed "food at home" had increased by 25%). The index for January 2020 was 243.483. The index for January 2021 was 252.669. The reading for October 2023 is 304.220. From 2020, that would be 24.95%. From 2021, that would be 20.40%. They wanted the extra 5% on that figure, after rounding. So, they chose to "forget" when he became President and add an extra year.

    Now let's look at their second claim: a 35% increase in used car prices. Here are the index observations for January 2020, January 2021, and October 2023: 138.428, 152.620, and 187.253. So the percentage increase from January 2020 to October 2023 is 35.27%. From January 2021 to October 2023 is 22.69%. So they got almost 13% extra on their estimate using the wrong date for that one.

    Indexes for rent: 337.825 (January 2020), 344.758 (January 2021), 406.683 (October 2023). Increase from January 2020: 20.83%. Increase from January 2021: 17.96%.

    Perhaps you need to take your own advice and actually look at the data.

    Consumer Price Index for All Urban Consumers: Food at Home in U.S. City Average

    Consumer Price Index for All Urban Consumers: Used Cars and Trucks in U.S. City Average

    Consumer Price Index for All Urban Consumers: Rent of Primary Residence in U.S. City Average
     
    Last edited: Nov 29, 2023
    • Like Like x 2
    • Winner Winner x 1
    • Informative Informative x 1
    • Off-topic Off-topic x 1
  7. mdgator05

    mdgator05 Premium Member

    14,065
    1,619
    1,718
    Dec 9, 2010
    BTW, all of this is a perfect demonstration for how Republicans have lower ratings for this economy than during 08-09. Fox runs an obviously faulty graphic that is clearly designed to make the economy appear worse than it is under Biden (by attributing inflation from 2020 to Biden). Their viewers either don't notice what they did (move the baseline back to January 2020) or they don't critically think about the impact. One even comes here to post it.
     
    • Disagree Bacon! Disagree Bacon! x 1
    • Funny Funny x 1
  8. duggers_dad

    duggers_dad GC Hall of Fame

    14,062
    1,029
    2,038
    Jan 5, 2022
    As car dealerships go …

     
  9. duggers_dad

    duggers_dad GC Hall of Fame

    14,062
    1,029
    2,038
    Jan 5, 2022
    $1,200 for car and insurance is like my mortgage payment ten years ago.
     
  10. duggers_dad

    duggers_dad GC Hall of Fame

    14,062
    1,029
    2,038
    Jan 5, 2022
    Starting with your AT&T bill …

    upload_2023-11-29_20-13-55.jpeg
     
    • Dislike Dislike x 1
  11. l_boy

    l_boy 5500

    11,780
    1,493
    2,868
    Jan 6, 2009
    Inflation in 2020 was around 1%. I don’t know why they included 2020 numbers.
     
  12. mdgator05

    mdgator05 Premium Member

    14,065
    1,619
    1,718
    Dec 9, 2010
    I did the math to show why.
     
    • Informative Informative x 1
  13. citygator

    citygator VIP Member

    8,674
    1,871
    3,053
    Apr 3, 2007
    Charlotte
    More commentary and data on corporate profit impact on inflation.

    Gene Therapy: Greedflation moves thousands from your pocket to the corporations’

    Last week, a jury in the Northern District of Illinois found unanimously that multiple American egg producers conspired to limit the egg supply in order to raise prices, using the same market-rigging practices they’ve deployed since at least 2004.

    Such price-tampering methods included exporting eggs to reduce the domestic supply and limiting the number of chickens through various means including artificially limiting cage space, flock reduction, and “early slaughter.”

    According to a report prepared by the office of Senator Bob Casey (D-Reality), prices for plenty of holiday staples — chicken, pork, potatoes, etc. — are rising faster than inflation, earning billions for corporations with a history of price-fixing, collusion, anti-competitive practices, and boasting about their ability to increase prices without limit. Casey’s previous investigation on this topic said that corporate profits accounted for all the inflation in the first year of the pandemic recover (July 2020 to July 2021) and 41% of inflation overall in the first two years.

    In “Stuffing Their Pockets: How Big Food and Agriculture Businesses Are Making Your Holiday Meals More Expensive,” the Senator’s office found that while inflation rose 14% during the pandemic, corporate profits rose five times faster, or 75%. That means a family making $68,000 a year in 2022 paid nearly $7,000 in higher prices “to corporate execs and wealthy shareholders.”
     
    • Informative Informative x 1
  14. duggers_dad

    duggers_dad GC Hall of Fame

    14,062
    1,029
    2,038
    Jan 5, 2022
     
  15. defensewinschampionships

    defensewinschampionships GC Hall of Fame

    6,275
    2,400
    1,998
    Sep 16, 2018
    Grow. Your. Own. Food. If every American single family home (rent or own) had a small victory garden and had 4 egg laying hens, food prices would plummet. Americans pay for convenience and food is no exception.

    This year Thanksgiving cost us a grand total of: $22.

    We paid $4.99 for a pie crust.
    We paid $3.99 for a bag of flour.
    We paid $4.99 for a load of sweet bread.
    We paid $1 ish for a 3" turkey load of 12 Ga.
    We paid $5 ish total for the seeds to grow our own corn and pumpkins.
    We grew white potatoes and sweet potatoes from ones bought at the store, so maybe $2???
     
    • Like Like x 1
  16. l_boy

    l_boy 5500

    11,780
    1,493
    2,868
    Jan 6, 2009
    At the risk of interrupting the narrative that inflation - to the extent it is real, is due to greedy corporations, but mostly isn’t real, just in Republicans imaginations ….

    Poll: Young Voters Facing Tough Economic Reality - Change Research

    Polling of young adults shows a lot of lack of confidence in the economy - and they don’t tend to run Republican. Much of it stems from inflation, the fact that housing is unaffordable between higher house prices and higher interest rates, cars are up more than inflation plus interest rates make payments even higher, also student loans are now requiring payments again.

    Also something like 40% of this demographic gets their news mainly from TicTock - and there are lots of videos about how bad it is for younger adults. A big theme running around is “silent depression”

    Viral TikTokers Claim The U.S. Is In A ‘Silent Depression’ Worse Than The Great Depression

    With all social media, algorithms tend to elevate negative themes, whether it is Q Anon or a silent depression.
     
  17. danmanne65

    danmanne65 GC Hall of Fame

    3,141
    636
    243
    Jul 2, 2022
    DeLand
    I think the fed has over tightened. Inflation was transitory due to parts disruption. No matter what countries did inflation is going down. Interest rates are making purchases for more people more expensive. Prices are coming down. My guess is 6 months from now we will be hearing about disinflation.
     
    • Funny Funny x 1
  18. l_boy

    l_boy 5500

    11,780
    1,493
    2,868
    Jan 6, 2009
    Addressing the narrative that corporate greed/profits is causing inflation, the above shows that current corporate profits as a percent of GDP are the same as in 2014 and 2006, and actually below 2011-2014.

    upload_2023-11-30_18-16-14.jpeg
    upload_2023-11-30_18-16-38.jpeg
     
    • Like Like x 1
    • Fistbump/Thanks! Fistbump/Thanks! x 1
    • Informative Informative x 1
  19. l_boy

    l_boy 5500

    11,780
    1,493
    2,868
    Jan 6, 2009
    If it was only supply issues prices would have gone back down. But they have stayed elevated and stabilized. The most plausible reason is the giant amount of economic stimulus injected into the system, which is now running out.
     
    • Agree Agree x 1
  20. G8tas

    G8tas GC Hall of Fame

    3,101
    614
    383
    Sep 22, 2008
    How were profits during the last two years of peak inflation?