Drudge Retort: The Other Side of the News

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Thursday, August 15, 2024

FTA: "Fresh data from the Bureau of Labor Statistics showed July's annual inflation rate hit 2.9 percent, dipping below 3 percent for the first time since March 2021, when price increases took off on the heels of the pandemic. A core measure that strips out volatile categories such as food and energy also saw the smallest 12-month increase since April 2021." read more


Tuesday, August 13, 2024

"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%." read more


Comments

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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