can t afford to fill n your truck. yes, you re going to need a prius now and we re definitely going to need to c control the thermostat in your home now if the that sounds too sinister to be real, it is real. yes. it isfinistere. it s also real. and here s joe biden s commerce secretary gina raimondo,om who ran the state of rhodeme island of all places. shouldn t that be disqualifying it should someone she s got a cabinet post here. she is still employed amazingly telling you that climate change is existential and therefore more important than your picayune concerns like putting clothes on your kids. watch this .h whileth americans are struggling and seeing their paychecks shrink a twenty four percent increase over a fy21 levels for noaa doesn t really help families put food on the table or clothes on the back at a time when inflation is at four year high and you talkk about how this massive allocationll of funds helps to combat inflation or deal with supply chain issuesin i that yor
it was accelerated as a result of the pandemic and that moneyew had to flow somewhere.he it went into stocks. it went to crypto and bitcoin and it caused inflation. now the governmentt is trying to take inflation seriously. they have to try to reduce the balance sheet. ates t they have to try too raise interest rates to make it more expensive to borrow and record debt levels. and so people are selling assets. they re sellingelli stocks. some of those stocks going down further than bitcoin people are selling, bitcoin and crypto. and i want to make an important distinction here because bitcoinn is not crypto bitcoin, it s digital property, whereasal bitcoin is largely angu unregulated securities market and it s similar in some ways to the .com bubble of the 90s where you saw things shoot c up in value and then crash down never to be heard from again. bu and i urge people caution because we saw some of those stories in the last week, whereas bitcoin is a very young but quickly growing tec
was bad. bloomberg told his readers to eat lentils instead of meat and to kill their dogs because pets are expensive, i as bloomberg put it,t, quote w nobody said this would be fun and they were right about that . it hasn t been fun. in fact, inflation has been a disaster for virtually everyone except the bigy debtholders officially, according to numbers out today, the inflation rate is eight point three percent. but that s a fixed 8 a number. it s based on cpi, which is a rigged measure in every realized and the other ones that you go through when you buy things to live the numbers are much higher. for example, this year the price of breakfast here which many peopleth eat in the morning has gone up by 10f percent. the cost of chicken nuggets is eighteen percent. stick to lentils, powell cannedl fruit and vegetables up more than 10% juice,, snacks, id clothing for your kids up nine percent. the price of baby food if you can find it up 13% fertilizerli prices, fertilizer being the basis
this predates putin s invasion of ukraineas and you don t need to be a right winger to d acknowledge that even cnn is acknowledgingwing biden called t the putin price hike. i mean, is the pain at the pumpn all because of the warar in ukraine? not really right. they like to talk about the putin price hike, but of course energy prices were soaring even before the warga began. inflation was an issue before we ever started talking aboutut ukraine. so there we heard that whitene house line. it is due to president putin s price hikeid. one thing that ise still out there is whether or not this is working, especiallyy when it comes to a recent cnn poll that showed that less than a third of americans really feel that this party s economicv visions align with their own. so that is something a crushing thing for this administration to deal with as it really p prepares to take t on the midtem elections so everyonee understands what s going on here. sorry, it s not putin s fault. it s the fault of
high inflation that most, economists including me believe will be transitory. we don t expect that those that upward pressure will produc substantially higher prices or that the effects will be persistent. we expecthat there will be transitory or temporary. so it wasn t just maxine waters and joe biden and joe biden s flak. none of of them can do math .us obviously you just saw the heada of the federal reserve and the former head of the federal reserve tell young this was t gg to be transitory, transitory. that was the best they couldnd do. behind the reassuring happy talk, they were in factic starting to panic because this was not at all what they had expected or predictedli in public. in fact, in september 17 winnersc. the nobel prizewa in economics, an awardre that suggests the winner understandsth economics, signed a public letter urging joe biden a to spend two trillil dollars more because inflation was no longer a concernge. there was no way we would get inflation and we re quoti