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2022-03-12 Home Front: Politix
Treasury secretary warns of 'very uncomfortably high' inflation for next year
[WASHINGTONTIMES] Treasury Secretary Janet Yellen warned that Americans should expect to continue paying increased prices on everyday goods for the next year, offering a reversal from her previous forecast that record-high inflation would soon subside.

The main culprit, she told CNBC’s "Closing Bell" on Thursday, was Russia’s war against Ukraine.

Ms. Yellen’s claim that Russian President Vladimir Putin
...President-for-Life of Russia. He gets along well with other presidents for life. He is credited with bringing political stability and re-establishing something like the rule of law, which occasionally results in somebody dropping dead from poisoning by polonium or other interesting substance. Under Putin, a new group of business magnates controlling significant swathes of Russia's economy has emerged, all of whom have close personal ties to him. The old bunch, without close personal ties to Putin, are in jail or in exile or dead from poisoning by polonium or other interesting substances...
 is to blame for America’s inflation woes echoes that of the Biden administration writ large, which has received criticism for dubbing the phrase "Putin’s price hike."

"I think there’s a lot of uncertainty that is related to what’s going on with Russia in Ukraine," Ms. Yellen said on the network. "And I do think that it’s exacerbating inflation."

"We’re likely to see another year in which 12-month inflation numbers remain very uncomfortably high," she added.

Ms. Yellen predicted earlier this year that inflation would be close to 2% by year’s end. But that forecast has quickly changed in the wake of bleak Labor Department reports showing persistent inflation.

New statistics from the department released Thursday showed that consumer prices rose 7.9% compared to one year ago ending in February, marking the highest increase since the early 1980s.
Posted by Fred 2022-03-12 00:00|| || Front Page|| [11135 views ]  Top

#1 And the cited 7.9% is total BS. IMO about double that and rising.
Posted by Glenmore  2022-03-12 01:26||   2022-03-12 01:26|| Front Page Top

#2 "I think there’s a lot of uncertainty that is related to what’s going on with Russia in Ukraine," Ms. Yellen said on the network. "And I do think that it’s exacerbating inflation."

The certainty us that this cvnt and her boss are lying incompetents. They gave us inflation, they lied about it, and now they're wrecking the world economy
Posted by Otto Scourge of the Antelope1420 2022-03-12 06:47||   2022-03-12 06:47|| Front Page Top

#3 IMO about double that and rising.

If there was a pub in the white house it would be triple.
Posted by M. Murcek 2022-03-12 08:46||   2022-03-12 08:46|| Front Page Top

#4 ^ Reported as being triple what it actually is.
Posted by M. Murcek 2022-03-12 08:46||   2022-03-12 08:46|| Front Page Top

#5 Well a potentially valid indicator of ACTUAL inflation could be the rise in gasoline prices over the past few weeks and month. I'll let you do the math, but my guess is it's well North of 12 percent and climbing.

Comments.
Posted by Besoeker 2022-03-12 08:53||   2022-03-12 08:53|| Front Page Top

#6 I suppose we should be thankful the SOB's still let us buy gasoline abd diesel.
Posted by Besoeker 2022-03-12 08:57||   2022-03-12 08:57|| Front Page Top

#7 Well Otto, they are sure enough liars. But as far as being incompetent, that would depend on what they are trying to accomplish.
Posted by Cesare 2022-03-12 09:14||   2022-03-12 09:14|| Front Page Top

#8 Biden is executing nearly every campaign promise he made. Hardly incompetent.
He is a one termer and all know it.
Posted by The Walking Unvaxed 2022-03-12 09:26||   2022-03-12 09:26|| Front Page Top

#9 Tucker Carlson: You're about to get a LOT POORER
Posted by Punky Unavising9241 2022-03-12 09:31||   2022-03-12 09:31|| Front Page Top

#10 CAUTION:

On my home from Depot this morning, I looked at gas gauge on the truck. It read between a third and half-full. Bad weather and daily price increases, so I pulled into the Ingles grocery where I buy the non-ethanol gas. Put the nozzle on 'auto' and it began filling slowly. It pumped and pumped and pumped. Finally stopped on 23.329 gallons ($102.69).

23.329 gallons in a 26 gallon tank, that was 1/3 to 1/2 full? I never go anywhere on empty, so WTF... over ?

I took a picture of the pump reading and went inside to discuss with the manager. I calmly explained what had just taken place and showed him the foto. I saw my efforts were going nowhere. He offered to provide papers to send to corporate. Again calmly, I told him I wasn't new to pumping gas, had been doing it for 60 years. Little sympathy and no help.

Just something to watch.
Posted by Besoeker 2022-03-12 09:58||   2022-03-12 09:58|| Front Page Top

#11 Within weeks of moving to Florida four years ago, all three of my credit cards had fraud activity, the common denominator: using the cards at gas stations. I have not used a credit card to buy gas since then, haven't had a fraud issue since then either (knock wood). I look at my gas gauge, check the price at the pump and pre-pay cash for the amount I estimate I need to fill up. It's become sort of a game to see how close to topped off I could estimate without having to go back inside to collect any overage.

Related but not the same as B's point, my John Deere tractor developed a tank sender issue where the lowest the fuel gauge ever got was 1/2 full. i learned not to get caught a long walk back to the barn for a jerry-can.
Posted by M. Murcek 2022-03-12 10:25||   2022-03-12 10:25|| Front Page Top

#12 I the same criteria used in 1982 was used now inflation would be a bit above 15%
Posted by Deacon Blues 2022-03-12 10:34||   2022-03-12 10:34|| Front Page Top

#13 All that needs to be done to reduce inflation is to change how it's calculated. Voila!
Posted by Deacon Blues 2022-03-12 10:36||   2022-03-12 10:36|| Front Page Top

#14 #10, sounds like a case for the county office of weights and measures.
Posted by Abu Uluque 2022-03-12 11:10||   2022-03-12 11:10|| Front Page Top

#15 Re. #10: Marketing pro's call it Shrinkflation
Posted by Porthos 2022-03-12 11:10||   2022-03-12 11:10|| Front Page Top

#16 OK, fellow old geezers. You remember the prices all back when, but remember we paid for it in actual silver coins or silver currency notes redeemable at the bank for those coins.

Use this. Then compare.

Of course this little appliance we are typing on didn't exist in its present can relatively cheap form. Neither did a lot of technology we commonly use today. So no matter how much silver or gold you had you couldn't get it.

Not saying good or bad, just saying this is interesting.
Posted by Procopius2k 2022-03-12 11:16||   2022-03-12 11:16|| Front Page Top

#17 present and relative
Posted by Procopius2k 2022-03-12 11:17||   2022-03-12 11:17|| Front Page Top

#18 #10 it varies from state to state, but in mine it would be a call to the state Dept of Agriculture who are responsible to validate the pump systems (and/or the local TV station that plays actual investigating journalism).
Posted by Procopius2k 2022-03-12 11:20||   2022-03-12 11:20|| Front Page Top

#19 M. Murcek's approach appears to be the 'way ahead' for me. Cash sale, ($10-$20.) no credit card. Walk away with a receipt.
Posted by Besoeker 2022-03-12 11:29||   2022-03-12 11:29|| Front Page Top

#20 Uncomfortably high.



I'm seeing 10-15%, depending on the item, not weighting gasoline. I'm also seeing an end to annual price listings into, at least, quarterly.
Posted by swksvolFF 2022-03-12 11:31||   2022-03-12 11:31|| Front Page Top

#21 Besoeker,

Might want to contact the state of Georgia Fuel and Measures Division
Posted by Porthos 2022-03-12 11:43||   2022-03-12 11:43|| Front Page Top

#22 B, if you prepay cash, ask the clerk for your receipt. Used to be the pump would ask if you want one, but the software has changed and when the sale is complete, the show is over. At least that's what I have been seeing for a while now.
Posted by M. Murcek 2022-03-12 12:25||   2022-03-12 12:25|| Front Page Top

#23 John Cochrane of Stanford sums it up - it's worth getting Cochrane's "Grumpy Economist" newsletter btw:

Prof. John Cochrane traces the present inflation to the pandemic and the government’s response. Starting in March 2020, “the Treasury issued $3 trillion of new debt, which the Fed quickly bought in return for $3 trillion of new reserves.” The Treasury then sent checks to people and businesses, later borrowing another $2 trillion and sending more checks. Overall federal debt rose nearly 30%. “Is it at all a surprise,” Mr. Cochrane asks, “that a year later inflation breaks out?”
Posted by Hunter Bidens Laptop 2022-03-12 12:30||   2022-03-12 12:30|| Front Page Top

#24 Somewhere in The Swamp memos are flying around about why price controls are really a good idea. At least until after the mid-terms.
Posted by Matt 2022-03-12 12:37||   2022-03-12 12:37|| Front Page Top

#25 Imagine only a small, certain amount of time when it is legal to take cattle to market.
Posted by swksvolFF 2022-03-12 13:28||   2022-03-12 13:28|| Front Page Top

#26 A lot of us predicted this--the only surprise being that it waited this long before exploding. "Coining" was used as the cure for Covid problems.
Posted by james  2022-03-12 13:39|| https://idontknowbut.blogspot.com  2022-03-12 13:39|| Front Page Top

#27 Somewhere in The Swamp memos are flying around about why price controls are really a good idea. At least until after the mid-terms.

I don't think they really want Soviet style shortages and long lines to be up at that time either.
Posted by Procopius2k 2022-03-12 15:29||   2022-03-12 15:29|| Front Page Top

#28 Yes, you won't need your "proof of ghey sensitivity training" paperwork to recieve ration coupons unless the GOPe bends over to leave the dems in charge after November.
Posted by M. Murcek 2022-03-12 15:38||   2022-03-12 15:38|| Front Page Top

#29 Thanks for those fueling tips M. Murcek and Porthos.
Posted by Besoeker 2022-03-12 17:12||   2022-03-12 17:12|| Front Page Top

#30 Just made a run at clothing detergents. No wonder Wife has become a bean counter of bean counters.
Posted by swksvolFF 2022-03-12 19:08||   2022-03-12 19:08|| Front Page Top

#31 Always well fueled here, mon ami
🍖🍷
Posted by Porthos  2022-03-12 21:20||   2022-03-12 21:20|| Front Page Top

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