In the last 40 years prices have risen faster than in any other time period. As year-over-year inflation reached 6.8 percent in November
According to data from the government, Friday’s inflation was at its highest since 1982. Prices also increased by a record amount. seem to be acceleratingInstead of “transitory” or cooling, they have been rising. November marks the sixth consecutive month of prices that are more than five percent higher than last year.
While inflation is affecting almost all consumer spending categories, some are much worse than the 2020 level. Energy prices are up 33 percent since last year, and prices for used cars continue to soar—31 percent higher than a year ago. Food and clothing prices have increased about 6 percent and 5%, respectively.
It is amazing to see “Food at Home” (aka groceries), seeing a faster increase in price (6.4% in the past year) than “Food away” (aka restaurants, which have seen prices rise 5.8% in the past year). pic.twitter.com/c6yBSBekVS
— Heather Long (@byHeatherLong) December 10, 2021
These rising prices have an impact on every sector of the economy. Survey by The Wall Street Journal Last month, 60% of owners of small businesses reported that their prices had increased in the last 90 days. 80% said they had experienced an increase in labor costs. 72 percent claimed that their suppliers have increased their prices.
“Fed officials have become increasingly concerned about price increases—both because the uptick has lasted longer than expected and because it shows signs of broadening to areas less affected by the pandemic,” The New York Times reports.
Jerome Powell was the Federal Reserve’s chair. He warned last week about “the increased risk of higher inflation.” If inflation does not slow down, Powell indicated that the central bank might raise interest rates. Friday’s news will likely put more pressure on the Federal Reserve to do exactly that—because higher interest rates encourage saving and help cool off inflation.
It’s much simpler to throw trillions into the economy then to manage what happens afterwards.
Inflation is a worldwide phenomenon. Prices will increase if there’s too much money chasing down too many goods. https://t.co/KEu6UvdEeZ
— Megan McArdle (@asymmetricinfo) December 10, 2021
There is no evidence to support the absurd talking points of some politicians. Inflation is not more of a problem than it seems. In fact, rising costs for food, fuel, and other essentials are already pinching the working-class Americans’ pockets and will continue doing so.
It also means that 99 cent slices of pizza are gone.
There is more evidence to show that the redistricting reforms of the last decade have worked to reduce extreme forms partisan gerrymandering.
Our estimate is that neutral/commission maps within the blue states (CA, CO, NJ and VA) will ultimately cost Dems 10-15 House seats. They could have been seized through gerrymandering. Republicans are now stronger favourites for House control. https://t.co/B6pIvVChXf
— Dave Wasserman (@Redistrict) December 9, 2021
Wasserman tweets that reforms would specifically hurt Democrats. But, this is only half the truth. California and Virginia made changes to curb gerrymandering. This time, Democrats want to try it in lots of places.
Netflix’s mega-hit show Squid Gameis often seen as a scathing commentary on modern capitalism. The show has much more to offer about communism’s problems.Arguments ReasonZach Weissmueller is the author:
• Congress hosted yet another hearing regarding Big Tech. It went as expected:
19/ Greenblatt: Platforms engage in “incitement By Algorithm.”
What? Okay, but this isn’t how it works.
— Ari Cohn (@AriCohn) December 9, 2021
• Jussie Mollett, Actor was convicted for falsely reporting hate crimes. It is hoped that this will end one the most ridiculous legal cases in American History.
• Great Britain is facing a tough winter, as the omicron version threatens to shut down some parts of the economy.
• San Francisco has 60 new pages to renew permits after encouraging outdoor restaurants to open their doors.
A struggling restaurateur who wishes to provide outdoor dining for customers in the midst of a continuing pandemic.
The city of San Francisco: https://t.co/spGR4sklvU pic.twitter.com/DZpOWEsbZ2
— Conor Friedersdorf (@conor64) December 7, 2021
• China has banned vasectomies for a few decades, despite having prohibited families from having more than one child. This is in an effort to increase birth rate.
• Julian Assange (WikiLeaks founder) is now one step closer to extradition to the United States.
• Weekend read: The New YorkerThe profile of Enes Kanti Freedom, the Boston Celtics centre who is now the sport’s foremost critic of China.
• Is it possible to make birds?