So, when will the American people start seeing the effects of the Inflation Reduction Act? Early next year, according to the White House. Here is an exchange from White House Press Secretary Karine Jean-Pierre: Reporter: "Is there a timeline for when the [Inflation Reduction Act will reduce inflation?] Jean-Pierre: "Early next year." pic.twitter.com/Olym9SzB4p — Greg […]
Thanks Jerome Powell: New York City minimum wage earners need to work 111 hours to afford rent
It sucks to be a minimum wage worker in New York City in this inflationary economy. According to a new survey by United Way of the National Capital Area, minimum wage earners in New York would need to work 111 hours to afford a one-bedroom rental. But while this is atrocious, a minimum wage employee […]
China indefinitely postponing release of economic data
The Chinese economy is in such a terrible state that the government is indefinitely delaying key economic data. This comes after the General Administration of Customs failed to produce important import and export data for September. Now, some of the key data metrics scheduled for this month? The third-quarter gross domestic product. Industrial production. Retail […]
Ben Bernanke: Printing press allows Fed to print infinite amount of dollars at ‘no cost’
In case you missed it, former Federal Reserve Chair Ben Bernanke won this year’s Nobel Prize in economics. He was victorious for his “research” work in the 1980s and his role in fueling, er, fighting the Great Recession. But it goes to show that the Nobel committee is comprised of statists who will only award […]
Inflation eroding Americans’ earnings as real wage growth stuck at -3.8%
Despite the red-hot labor market in the United States, workers are not coming out ahead. The reason? Inflation is still sizzling, running north of 8%. And this is weighing on employees’ wages. After this week’s hotter-than-expected consumer price index (CPI), the Bureau of Labor Statistics (BLS) released this statement (emphasis ours): “Real average hourly earnings […]