“Producer prices climb 6.6% in May on annual basis, largest 12-month increase on record”
Hey President Biden, you promised that no one making under $400K would be taxed. The Producer Price Index (PPI) is a leading indicator that equates to a hidden tax called inflation. When the PPI rises, it reflects the cost increases that manufacturers and other producers of goods and services are having to pay in order to accommodate your Green New Deal policies and your confiscatory spending spree. These price increases will be passed directly to us as that de facto tax. Today’s PPI report is a disaster as it portends not a little inflation, but perhaps a lot!
Enough Mr. President, we can’t afford $5 a gallon gas, $60 sheets of plywood, and $8 a pound bacon.
ENOUGH before those prices double or triple!
Hey congressmen and Senators, Jamie Dimon of Morgan Stanley Chase just announced that inflation is coming fast and that they were going to sit on $500 million in cash to prepare for it. We your constituents do not have $500 million in cash. Retirees and the poor have to live on what they get from the government or on their fixed retirement plans. Inflation caused by your actions is a hidden tax, but our retirees and poor cannot just print more money like you can. Enough with politics, we are in trouble and only you can save us.
ENOUGH, start living within our national means and stop printing money and selling bonds to China that our children will have to pay off. Stop the Biden policies and spending that have brought us to the brink of an inflationary crisis.
Do I expect that anyone in Washington DC to listen? Not a chance. Those people are drunk on their own power and believe that the American people will just roll over as they spend us into bankruptcy.
Friends, we have turned our once great nation over to people who do not share our American ideals and ethics. Ideals such as family, frugality, small government, self-reliance, entrepreneurship, low taxes, and social stability. We are all going to pay a terrible price for that folly. In the end we can only hope that our foreign enemies do not realize the grave danger that we have placed ourselves in as we struggle with an incompetent President and a majority in Congress that is determined to abandon American and to adopt Marxist policies.
Good advice would be to sit tight, get out of debt and risk, keep lean and mean. The hidden tax of inflation is here, and we do not yet know how deep into the hole the insanity in Washington will drive us. Like Morgan Stanley, depending upon how bad things get, you will need all the cash you can muster just to pay rent/mortgage, food, fuel, and all the expenses of day-to-day life. And do not forget that during inflationary times the government does not give you a break on taxes. Because of inflation and the real tax increases that Biden has demanded be prepared to see your 401K, your investments, and your home diminish in value.
Did you read what I just wrote? That is the natural safe harbor reaction of people who have to worry about their future. But that advice is what makes inflation deadly to our economy. As people justifiably react in this way, investment dries up, and banks stop lending. The economy, that normally depends on vibrant business activity, grinds to a halt. Unemployment skyrockets and government reacts by printing more money-making things even worse.
The only cure for the Biden disaster that is unfolding, a painful cure, is to get government out of the way and let the free market destroy the socialist myth. Do I expect that to happen?
Actually, yes, I do. The question is how long we will allow government to ruin lives before we demand an end to it all.