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Bidenflation Bites Again & Holy Crist – Top 3 Takeaways

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Bidenflation Bites Again & Holy Crist – Top 3 Takeaways – September 14th, 2022 

  1. Bidenflation bites again. The good news, inflation peaked in June. This was confirmed with the August Consumer Price Index Report we received yesterday. The bad news, it hasn’t come down much since then. Oh, and Joe Biden is still president. You know the guy who just yesterday celebrated signing the “Inflation Reduction Act” which quite literally has been proven to add to the rate of inflation?... Including on, wait for it...clean energy according to Bank of America. Only Joe Biden and the current crop of Democrats could pass something called the “Inflation Reduction Act”, which only adds to the 40-year high inflation, they themselves created through their previously failed policies, all while making renewable energy more expensive. That’s fun, I’m not sure if you could intentionally set out to fail worse than these people and succeed as well as they have. But alas. So anyway, back to what they, and the people who voted for them, have done to us. After peaking at a 41-year high rate of 9.1% in June, we’ve seen the rate of inflation fall along with energy prices, but not as much as many expected because just about the only decline in prices has been in energy. Which, btw, about the only thing economists have been consistent with regarding inflation has been to the extent they’re consistently wrong. As in underestimating the rate of inflation. Before buying into the next average economist estimate for inflation, first consider the definition of insanity. Still, the financial markets were a bit insane as they bought into forecasts for inflation falling to around 8%, only for it to check in at a much higher 8.3%, with inflation actually rising month-to-month despite the year-over-year rate of inflation declining from 8.5% to 8.3%. So, stocks tanked, bond yields surged, and its a given the Federal Reserve will continue to be as aggressive as ever in raising interest rates to combat Bidenflation. And when you consider that Federal Reserve Chairman Jerome Powell was already predicting financial pain before this latest bout of Bidenflation...well it’s sure to continue to bite us again. Related... 
  2. Are you better off than two years ago? Probably not. And almost no one is better off than a year ago. With the August inflation rate checking in at 8.3% we now know just how much further we fell behind last month. The survey says... 3.1%. With the average August income rising 5.2% year-over-year and Bidenflation at 8.3% year-over-year the average household is another 3.1% worse off than a year ago. What’s more, it’s now been over year in which a single month has gone by where the average household didn’t fall further behind due to the impact of inflation. And that’s not factoring in the stock market having fallen by greater than 10% over this time a year ago, along with all investment classes aside from commodities and housing. And in the everyday world in which we live and buy stuff, and economics isn’t just spreadsheet stuff...while gas prices have come down off their June peak, one area of inflation just hit a 43-year high. Food. Yep, your average cost for groceries is now 13.5% higher than a year ago. With most families eating far more food in total dollars, than their cars drink in gas, any benefit derived by lower gas prices has been wiped out by eating. So no, you’re likely not better off than two years ago, but hey, still no Trump tweets – I mean we did still have those two years ago, but this is so much better, right? Look, this isn’t complicated, it gets better when the policy gets better. The policy gets better when you have better politicians. And in the meantime, the Federal Reserve is forced to dramatically raise interest rates to torch what’s left of discretionary spending in this economy because of the bad policy.  
  3. Holy Crist. It takes a special person to be a special person. And there’s no doubt Charlie Crist is nothing if not special. Florida’s favorite political camelon and current Democrat candidate for governor most certainly thinks he’s something special. To a small gathering of supporters, because it's Charlie Crist after all, he pointed to his campaign sign and said “you see the blue and the yellow, does that remind you of any country that’s in the news lately?” to which what sounded to be the twenty people, I’m being generous here, said. “Ukraine”, to which he said, “we’re fighting for freedom here to”. Right, so first, we’ve learned that Charle Crist choose his political colors to play off of the plight of the Ukrainian people. Classy. Then he’s comparing Wednesday in Florida with Ukrainians fighting the Russian invasion of their country. Nope, no stretch there. Then he said “President Zelensky is amazing, amazing, the courage and the strength and the decency he shows. This is an election about decency.” Really, Charlie”? So now you’re the embodiment of Zelensky. Got it. But wait, there’s more. Crist said, “you know some people call him DeSatan.” What sounded like the five people left in the room lightly laughed. And then he said “DeSatan vs. That”. The that was his Ukrainian color schemed campaign sign with his name on it. And when there was silence from what may have been the three people in front of him he said, “oh think about it”. To which one said “Christ” and he said boom. As the DeSantis campaign team characterized it. In just one-minute Charie Crist compares himself to both Ukrainian President Volodymyr Zelensky and Jesus Christ. Holy Crist, Charlie. Holy Crist. Even for you this is special.  

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