[Topspinmo]

Originally Posted by Lindsyburnsy

Yep that’s why it’s such a great idea to give gigantic tax breaks to the wealthiest🤔

The wealthiest always get gigantic tax breaks cause their lobbyists and lawyer’s write the tax laws with all the tax breaks for them. That’s why there will NEVER be flat tax.

[Topspinmo]

Originally Posted by tvbound

As I stated, your statement was incorrect - so thanks for the links proving it. It's the highest inflation in 30 years (as historically measured) - not 40 years. As far as "it's just getting started," you (nor anyone else) - knows that for sure.

Dreamer

[Topspinmo]

Originally Posted by Luggage

Since we've had about six years of the stock market Rising and at least doubling am I would say most people are quite happy

Yes, and it could be all gone in month. What happens when invest in Ponzi scheme.

[Topspinmo]

Originally Posted by BolinJabjab

If the government is gonna start forgiving student loans, how do I get my credit for paying my loans off.

Sorry, use suckers don’t get redeemed.

[Normal]

Inflation will stop when we start paying down debt and stop printing extra cash for our citizens. As long as money is free and you don’t have to work for it, it is worth less of course.

[OhioBuckeye]

Originally Posted by manaboutown

Chevron Premium is well over $5/gal in Orange County, CA where I came for Thanksgiving. It had been around $3/gal when I was here last, several months ago.

Ships are still lined up waiting at sea to get into LA and Long Beach Harbors. One's anchor broke an oil line a few months ago and caused a huge oil spill and oil slick. Stores are out of certain items and prices have gone way up. Shortages!

Look at used and new car prices; it is next to impossible to find a new car equipped just as one wants.

Although we are not yet circling the drain we are heading in that direction. What a mess!

Oh I don’t disagree with anything you said what you said is the truth. We bought a new Ford Edge a week & a half ago & yes the price went up 7 to $8,000. from a yr. ago. Our country is a mess! We drove from Texas to Ohio & Texas & Oklahoma gas was $2.99 & still is today, in fact some places here in TX. it’s $2.94. Every state north of Oklahoma was $3.13 to $3.59. Illinois was the highest we saw & still is!

[Gigi3000]

Originally Posted by Dana1963

Obviously prices up buy ONLY what I need for food as I always have hated waste. At the end of the month I still have more than enough left over.
What I have noticed after being away for 6 months still disappointed in the Chinese Restaurants only get one won ton in my soup here were as for up north I get 4. As far as most sit down restaurants here Quality and Quantity is lacking for what I have enjoyed in my previous 6 months I’ll be eating more at home here. There is no shortage of Turkeys for Thanksgiving contrary to what the news reports.

It seems quality is really down.in touristy areas. Was in Myrtle Beach few months ago and not one decent meal, even went to the Hook and Barrell. Ended up eating appetizers all week which seem better than the Entrées. Went to Paducah Ky last month and not one bad meal!!

[manaboutown]

We are now experiencing the highest rate of inflation in almost 40 years according to the latest news.

[npwalters]

Originally Posted by dewilson58

Inflation is a tax on lower income people.

Inflation is a tax on everyone. It places a greater burden on lower income people.

[Dana1963]

You know who's not hurting from inflation? Big business.

Andy Kiersz Nov 9, 2021, 4:24 PM

Wall Street NYSE Bull
Corporate profits are looking pretty bullish these days. Spencer Platt/Getty Images
A report from FactSet found that firms in the S&P 500 are on track for near-record high profit margins.
Corporate profits have been skyrocketing since the start of the pandemic, and margins keep getting fatter.
That is not what you'd expect to see from skyrocketing inflation, meaning inflation could be less of a problem than widely reported.
We are all being fooled

[tophcfa]

I wish the powers that be would stop blaming inflation on false narratives like the supply chain and the pandemic. Time tested and proven economics tells the real truth. Ever since the housing bubble crashed in 2007/2008 interest rates have been kept artificially low, the money supply has been steadily and dangerously increased through something called quantitative easing, and non-stop deficit spending has resulted in ever increasing levels of unsustainable debt. All of these actions used to be things that were reserved as very short term emergency measures to help pick up the economy during a time of crises, then very quickly reversed to prevent run away inflation. However, this time around these once extreme and drastic measures were never reversed, instead they have been irresponsibly continued non-stop for almost 14 years. The result is that our economy became hopelessly addicted to them. We now live in a crazy world where the market does good when we get bad economic news because the market views this as a reason to continue these reckless and irresponsible policies. Since there is a significant lag effect between irresponsible economic policy and the ultimate result of runaway inflation, we are only now beginning to see the results, which is runaway inflation, not transitional. Sure, supply chain shortages might be the fuse that finally ignited the ticking time bomb, but the bomb would have gone off eventually regardless. Unfortunately, the longer this irresponsible policy is allowed to go on, the harder it is to break the addiction, and the worse the pain is when the crap ultimately hits the fan. So here we are, get used to this inflation. The only way to get this under control, in any reasonable time frame, will be to follow the playbook of Paul Volcker, the former Chairman of the Federal Reserve. During the late 70’s and early 80’s, Volcker jacked up interest rates to extremely high levels, with short term T Bills reaching 20% and the 10 year UST rate reaching almost 16%. Unfortunately, taking these actions today is next to impossible without totally crippling the economy. Unlike the late 70’s, our economy today is hopelessly addicted to debt and cheap money. Raising interest rates to tame inflation when a country is over $30 trillion (and counting) in debt would result in literally every tax dollar collected needing to be used to just pay the interest on the debt, with little hope of ever paying down any of the debt. Think about it, there would not be a single penny available to spend on things like defense, infrastructure, or social programs. Talk about politically unacceptable! So here we are, facing a prolonged period of runaway inflation, caused by years and years of irresponsible policy, with virtually no politically acceptable tools at our disposal to do anything meaningful about it. Older people who have responsibly saved and invested over many years should be able to weather this storm, albeit possibly having to make some small sacrifices. On the other hand, I am extremely worried that younger generations will be feeling pain from this for a long time. Bottom line, the outlook for the value (purchasing power) of the dollar is not good.

Dam, I haven’t exercised my brain like that since I retired many years ago. One last thing, this is NOT a political post. The irresponsible policy, that has us where we are, has been going on for many many years, through multiple administrations and Federal Reserve Chairpeople, run and appointed by both parties. Buckle up, it’s going to be a long and rough ride.

[Bay Kid]

I bought TIPS the 1st of the year. Figured it was a safe bet with the direction we are heading.

[dewilson58]

Originally Posted by npwalters

Inflation is a tax on everyone. It places a greater burden on lower income people.

that's the meaning behind the statement.

[dewilson58]

Originally Posted by npwalters

Inflation is a tax on everyone. It places a greater burden on lower income people.

that's the meaning behind the statement.

[retiredguy123]

Originally Posted by Bay Kid

I bought TIPS the 1st of the year. Figured it was a safe bet with the direction we are heading.

I agree. A convenient way to invest in TIPS (Treasury Inflation Protected Securities) is to buy shares in the Vanguard Inflation-Protected Securities Fund.