task0778
Diamond Member
The Labor Department reported on Friday that average hourly earnings for all employees actually decreased 0.4% from October to November when factoring in the impact of rising consumer prices. Although average hourly earnings increased by 0.3% in November, that coincided with a top-line inflation increase of 0.8%.
On an annual basis, average hourly earnings actually plunged 1.9% in November from the previous year.
Price increases were widespread: Energy prices jumped 3.5% in November and are up 33.3% year over year. Gasoline is a stunning 58.1% higher than it was a year ago. Food prices have also climbed 6.1% higher over the year, while used car and truck prices – a major component of the inflation increase – are up 31%.
www.foxbusiness.com
Biden thinks that inflation will decelerate in the coming months, I don't see why it would as long as the democrats keeping trying to spend more money. Consider:
(CNN) The Congressional Budget Office has released a new analysis of the Democrats' social safety net plan to see how much the bill would cost if a series of provisions were extended long term, fulfilling a GOP request intended to portray the bill as far more expensive than it seems.
The CBO estimates that the version of the legislation without sunsets would "increase the deficit by $3 trillion over 2022 to 2031." The analysis assumes that any extension wouldn't be paid for. The current bill, known as the Build Back Better Act, does not include such extensions to the provisions.
The latest CBO score is a Republican-led effort to show that the bill costs more than Democrats say it does, but Democrats are arguing that many provisions in their proposal sunset and therefore the true cost is not what Republicans say it is.
President Joe Biden has also said publicly that if any of the programs in Build Back Better were extended, they would be paid for in those subsequent years.
www.cnn.com
Sounds to me like the democrats know damn well the BBBA provisions will be extended, and they are being quite deceitful (what else is new). And there's only one way those extensions could be paid for, and that is more taxes on guess who? Those making under $400k, the people he promised not to raise taxes on. And in the meantime, most of those people are getting screwed by inflation.
Welcome to Bidenomics. Have a nice day. BTW, I think that estimate of a $3 trillion increase in the deficit is understated. The sad truth is that every new social safety net program ever devised and passed has always overstated the revenue to pay for it and understated the true costs.
On an annual basis, average hourly earnings actually plunged 1.9% in November from the previous year.
Price increases were widespread: Energy prices jumped 3.5% in November and are up 33.3% year over year. Gasoline is a stunning 58.1% higher than it was a year ago. Food prices have also climbed 6.1% higher over the year, while used car and truck prices – a major component of the inflation increase – are up 31%.
Surging inflation is eroding wage gains for many Americans
Hourly wages have soared in recent months, driven by an unusually tight labor market that's empowered workers to demand higher pay from companies that are desperate to fill open jobs.
www.foxbusiness.com
Biden thinks that inflation will decelerate in the coming months, I don't see why it would as long as the democrats keeping trying to spend more money. Consider:
(CNN) The Congressional Budget Office has released a new analysis of the Democrats' social safety net plan to see how much the bill would cost if a series of provisions were extended long term, fulfilling a GOP request intended to portray the bill as far more expensive than it seems.
The CBO estimates that the version of the legislation without sunsets would "increase the deficit by $3 trillion over 2022 to 2031." The analysis assumes that any extension wouldn't be paid for. The current bill, known as the Build Back Better Act, does not include such extensions to the provisions.
The latest CBO score is a Republican-led effort to show that the bill costs more than Democrats say it does, but Democrats are arguing that many provisions in their proposal sunset and therefore the true cost is not what Republicans say it is.
President Joe Biden has also said publicly that if any of the programs in Build Back Better were extended, they would be paid for in those subsequent years.
CBO issues score on how much Build Back Better would cost if programs were permanent | CNN Politics
The Congressional Budget Office has released a new analysis of the Democrats' social safety net plan to see how much the bill would cost if a series of provisions were extended long term, fulfilling a GOP request intended to portray the bill as far more expensive than it seems.
www.cnn.com
Sounds to me like the democrats know damn well the BBBA provisions will be extended, and they are being quite deceitful (what else is new). And there's only one way those extensions could be paid for, and that is more taxes on guess who? Those making under $400k, the people he promised not to raise taxes on. And in the meantime, most of those people are getting screwed by inflation.
Welcome to Bidenomics. Have a nice day. BTW, I think that estimate of a $3 trillion increase in the deficit is understated. The sad truth is that every new social safety net program ever devised and passed has always overstated the revenue to pay for it and understated the true costs.
