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That ridiculous CPI number was released today. According to our government inflation is running at 5.6% when compared to 2007. I've commented on their track record many times in this thread, suffice it to say that real inflation is much higher. Also from Bloomberg:
"Today's figures also showed wages decreased 0.8 percent after adjusting for inflation following a 0.9 percent drop in June. They were down 3.1 percent over the last 12 months, the biggest year-over-year decline since 1990. The drop in buying power is one reason economists forecast consumer spending will slow."
To recap: wages are dropping like a stone, prices are rising like a kite. Consumer spending is 70% of our economy and will decrease, because it has to... Yet, the polyanna's in this thread still won't concede there's a recession and believe everything is just peachy.
It's no wonder Chuckles and Sailaway21 have me on ignore. If I were them I sure wouldn't want my nose rubbed into their somewhat less than accurate predicitions. Although when you compare their predictions to the job the Bush administration has done, our conservative posters offered better insight and grasp of the situation. Unfortunately they still managed to read the data incorrectly and stubornly refused to admit their mistakes... Oh... wait.. that's a republican plank in their platform (grin).
I think I'll wander into some other threads and see what our neocon buds are preaching elsewhere these days as they apparently won't post here any longer. I can't say that I blame them..
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