Department store Nordstrom said last week that delinquencies on its store cards are now higher than pre-pandemic levels. Rival Macy s said it expects late payments to reduce credit-card revenues by 41% from the previous quarter.
transitioning to stable growth. okay,e eight point six percent inflation. but according to the chief investment strategist at bucharles robb, the measure of consumer stress, which is m the average of utility costs gas, food, electricity that surged by twenty five point seven percent year over year 2 o . so that puts the marker justha slightly less than a peak it was in 1980. but our next guest fears we re in store for even worse in the days and weeks to come. joining now is peter schiff, chief economist and global strategist for euro pacific co. capital and host of siff radio. peter , thanks so much for being here . i was i was watching w your tweetsat and tom elliott over the weekend discussing why the inflation number i is so misleading. explain it to us in simple terms. well, first of all,ep the government is reportingor prices. inflation is the expansion of the money supply. that s the actual definition and it often resultsts in prices going up.
every lady was do is counter to solving a problem in front of them. dana: one of the people, larry summers the democrat, and there are other democrats are trying to sound the alarm until the end administration that they have to do better peer larry summers says that this to the washington post, weave a serious inflation problem in the u.s. per the problem did not get made in a week or month. we live in a society now where there are a lot of things where you can get like on amazon prime. two day delivery here it comes. but on this one and inflation, it feels like the administration basically is saying, it s putin s fault and there s really nothing else we can do about it. our consumer stress in for a lot of pain for a long time as this gets worked out? sen. cramer: i don t know how long necessarily, dana. but if we act faster and more boldly, it would not have to be all that long. i do think that expectations he to be managed better. you cannot expect to put the clamps on energy p