AOC says inflation is propaganda

That’s not inflation. That is the Fed.

 

Link?

 

Many of us wont, but a single mom working two jobs to get to 30K probably needs that $300. Which is actually $900 comp'd to last year.

The impact isnt the missed goal/estimate. The impact is the real overall increase.

And often the person working two jobs at low/minimum wage, saw no real pay increase.

 

This would be true if there was true competition. When there are a small number of companies that collude to control supply and price the market forces don’t work. We are in that situation with oil right now. Fuel prices are high right now because the refining profit is high. The refining profits are high because the three oil companies are colluding to keep them high.

 

I can't hang with those educated in economics but how does an increase in one income stream offset the increases in expenses from every avenue? How does a 10% pay increase for someone making less than 6 figures make up for increases to rent, fuel, utilities, health insurances, food, vehicles, childcare, education expenses, leisure activities, etc etc

 

it doesn’t. And the inflation numbers are purposely general. Feel free to walk around your house. Look at the things you purchase regularly and tell me what is going up 3%. Had lunch at jersey mikes yesterday regular #7, Gatorade and cookie. $17. Used to be half that. I carry older model Phones. Average iPhone has gone from $650 in 2017 to $1000 now and going up again for the 15. Bought my daughter a used car. $11,000 for an older civic that should be around $5500. Dunkin’ Donuts regularly. Sweet tea, 2 wraps and a single donut $12. Used little more than half that. Homeowners insurance doubled. Property taxes. Let’s just say more than 3%. Hotel
Rooms for game weekend. Absurd. Booked flights to go to Illinois. More than double from years past and we go there twice a year. On and on and on. Yes those are anecdotal but I encourage anyone to do the same exercise and tell me if you think prices have gone up 3/4/5/6%.

 

I couldn’t find the actual video that AOC tagged and reposted. Just to be clear she basically endorsed the ideas in the New Zealand poster’s video. See link below.

The video blames capitalism and corporations for setting prices and generating profits for shareholders in the form of stock values and dividends. This is under the guise of saying “inflation”.

Of course the video oversimplifies complex economies, but on brand for AOC for her socialist views.

Aotearoa Liberation League on Instagram: "A new report called “Profit-led Inflation in Aotearoa New Zealand” proves what we’ve all been seeing with our own eyes: the biggest driver of inflation is corporate profits. Don’t let capitalists gaslight you. Trust your instincts - you don’t have to be an expert to see we’re getting screwed over. Mass gaslighting: term from the genius @kassie_jade Report by @actionstationnz @nz_ctu @firstunionnz #anticapitalist #decolonise #aotearoa #costofgreedcrisis #inflation #capitalism"

 

Do you actually believe that $200 worth of groceries in August of 2022 now only costs $206 in August of 2023? If so you can just confirm you haven't looked at your grocery bill in over a year.

 

People do have less money now.

Inflation was so bad last year that real household income tumbled the most in 12 years, causing families severe economic pain

US inflation-adjusted household income fell in 2022 by the most in over a decade, highlighting the toll of a higher cost of living and the expiration of pandemic-era programs.


The median income last year was $74,580 compared with $76,330 in 2021, according to the Census Bureau’s annual reports on income, poverty and health insurance coverage.

The 2.3% drop in incomes — which was the most since 2010 — marked the third-straight annual decline, which has been a feature of past recessions like the global financial crisis, the dotcom bubble and the downturn in the early 1990s. Last year, American families faced the the largest annual increase in the cost-of-living adjustment in over four decades.

 

$238

 

This says goods and services are up $200 from last year and $709 over 2 years ago. Not sure if this factors in getting smaller quantities at the grocery store compared to prior years.

‘Shrinkflation’ still hitting store shelves

Inflation forcing Americans to spend $709 more per month versus 2 years ago

 

Also, here are some examples of differences over 16 months(Jan 22-May 23). Not a 3% difference here.

https://www.usnews.com/news/healthi...lation-u-s-food-prices-remain-stubbornly-high

Inflation may be slowing after a dramatic spike in 2022, but many Americans across the country are still feeling pain in the grocery store.

Eggs are an example of how prices have fluctuated. The average price of a dozen eggs came down from $4.82 per dozen in January to $2.67 in May, but that price is still 38% higher than at the start of 2022, when a dozen eggs cost less than $2 on average. And it’s not just eggs: The prices of many grocery store items have risen over 20% since the start of 2022, including for staples like butter, sugar and potatoes.

 

At least in colo, weed & shrooms have experienced deflation

Legal Weed Prices Hit Another Record Low
Colorado marijuana prices have hit a new low, according to the state Department of Revenue, with the median price per pound dropping over 63 percent since 2021.

 

I swear politicians are some of the most disconnected people to reality...

If it were not for the Shelter part of CPI, it would have been worse.

Energy, Gas, and food are hurting the most right now. You know, the few things that people depend on daily...

If you look at M2, plus the rise in credit card defaults with credit card debt now over 1 trillion, we have some trouble ahead. Feds should not raise rates anymore. The damage is setting in.

 

iPhone 15 pro they specifically said is the same price as 14 pro, so actually that is not correct. I think the “pro Max” is going up $100?

Food prices are interesting. You referred to the cost of a fast food meal, no doubt fast food and fast casual have raised their prices more than the stated levels of inflation. I think when you go around the grocery store, if you look at “frozen meals” or the soda or junk food isles you will see similar trends. That’s where all the inflation is, it’s all in packaged and prepared food. In specific categories it may far exceed 5%. But if you are looking at raw produce or dairy or meats, I suspect that’s where it’s more in line 5% overall. So much of the inflation is actually in packaging and service labor, that’s why service restaurants and to a lesser extent “packaged goods” (grocery) may seem much more expensive. But the actual raw food ingredients haven’t seen that very high rate of inflation.

Not sure how the various inflation measures capture that, as different people obviously have different purchasing habits. It wouldn’t be accurate to look solely at raw ingredients and ignore some of the “service” inflation because people do typically buy that processed and prepared stuff or go out to a restaurant, but you also can’t do an inflation measuring food as if people go to Chipotle or Shake Shack 7 times a week. I just know that as someone who cooks a lot or eats mostly fresh (non packaged) stuff, I don’t see that much inflation in actual groceries, it really is more like that 5-10% to me. When we go out and a meal costs $100 that used to be $60 or $70, it’s more noticeable (esp when the food is mediocre compared to home cooked, so really all the money is going to convenience/service).

 

This is what I think is a semi large part of the lingering problem. We had a supply demand problem as a result of the pandemic. Remember the ships circling out at sea that couldn't come in and unload due to all the crates already taking up room at the ports? No employees to move the goods along. We don't have that problem anymore. I read an article on the cost of eggs. Corporations like the new margins and don't want to give them up. Even so, grocery prices went down in the past month.

Housing prices went up because of a couple reasons. One, people didn't move much during the pandemic nor did they the year after we had the vaccine. Two, people who refinanced with the 2% interest rates that were lowered due to the pandemic, don't want to move and trade 2% for a higher rate. Supply and demand. We have 2 months of inventory in Orlando, at one point we had 2 weeks! Six months is a normal, balanced market.

The last time we had high inflation, what happened? Corporations agreed to raise wages. Wages are going up, but not fast enough.

Things have gotten better and are actually quite good according to some financial experts. The fact there is a significant segment of our population who are still struggling should be addressed.

 

FYI: AOC stands for …

Alexandria Ocassional-Cortex

 

You won't lose sleep because it's not a dollar. That's absurd. By the time I fill my grocery cart, it's $50+. You can share all the irrelevant math problems you want, but in the real world, we can see the increases with our eyes. There are little tags next to the products that show the price. None of them are 1 or 2% higher. Many of them are 20%+ higher.