Social Security Cost Of Living Increase (5.99%) Will Not Cover Real Inflation @ 8.3%
Oc29tob0er 832 alm8t 17:6547 P47a2M · U.S. Producer Prices Up 8.3% Over 2020; Food Prices Set To Soar
Oct. 7, 2021 (EIRNS)—During August, producer prices—the prices received by domestic producers—rose by 8.3% compared to August 2020, year-on-year, the U.S. Department of Labor reported in mid-September. This constituted the biggest increase on record going back to 2010.This increase combines the interconnected effects of the eruption in energy prices caused by the Green New Deal; the increased shipping costs triggered by the avoidable break-down of the transport supply-chain (raising shipping costs by 4 to 6 times, in some cases); and the inflationary effects of the “all everything” bubble. The U.S. Department of Labor significantly massages both the producer and consumer price indices, so the reported 8.3% increase is considerably understated.There is potential for this to get worse. Speaking about food inflation, Phil Lembert, of SuperMarketGuru.com, reported, “We haven’t seen anything yet. Prices are going to continue to go up for a good year-and-a-half,” reported the CBS television affiliate in Los Angeles, KCAL9. He continued, “[T]he biggest increases we will see has to do with animals. Whether it’s eggs or milk or pork or beef.” He added, that the cost of “refrigerated transport is up 10.4%.”The leading authorities wishfully claim that the across-the-board inflation is “transitory.” It appears that they have switched to geologic time, in which 1,000 years is a “transitory moment.”
Comment: Overprinting the dollar will lead to massive inflation. Overprinting any currency always has and always will lead to massive hyperinflation and we will be the new Venezuela.