"The Labor Department's producer price index showed a monthly increase of 0.1% for July, with an annual rise of 2.2%. Econoday had expected a monthly increase of 0.2% for July, with an annual rise of 2.6%. The core PPI, excluding food and energy, was unchanged on the month, with a 2.4% year-over-year increase. Wall Street had anticipated the core PPI to rise 0.2% on the month, with a year-over-year increase of 3%."
Not sure what voodoo economics has to do with this, but yes - the lie of "trickle down" does "suck."
BTW - "Trickle down" wasn't what drove wages for the lowest end quartile higher than the rate of inflation these past couple of years. "Trickle down" didn't help the middle class for decades. "Trickle down" money was invested in non-job producing assets, causing the market to become detached from capitalization. I'd venture to say a great many of our problems today are directly tied to massive tax cuts for the wealthy. We were able to recover some of that through the Inflation Reduction Act of 2022.
Fifty years of "trickle down" failed. Time to bury that ridiculousness. Bush senior even understood that.
"Since the pandemic began, the combined wealth of America's 651 billionaires has jumped by more than $1 trillion, reaching $4 trillion in early December, Americans for Tax Fairness said earlier this month.
Meanwhile, almost 8 million Americans have fallen into poverty since the start of the pandemic through November, according to new data released by the University of Chicago and the University of Notre Dame."
"Trickle down" works for one group and one group only. The wealthy.
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