President Joe Biden’s inflation problems have become a lot worse as the annualized U.S. rate of inflation rose to 9.1 percent in June, according to new figures released by the Bureau of Labor Statistics early on Wednesday. That represents “the largest 12-month increase since the period ending November 1981,” according to BLS. That rate is […]
Tag: inflation
Everybody Hates Self-Checkout, So why is it everywhere?
“Unexpected item in the bagging area.” “Please place item in the bag.”“Please wait for assistance.”If you’ve encountered these irritating alerts at the self-checkout machine, you’re not alone. According to a survey last year of 1,000 shoppers, 67% said they’d experienced a failure at the self-checkout lane. Errors at the kiosks are so common that they […]
Biden Begs for Oil in Saudi Arabia This Week
American Petroleum Institute (API) CEO Mike Sommers is urging Joe Biden to reconsider his energy policy ahead of the president’s visit to the oil-rich Middle East, arguing the administration should focus on expanding domestic energy sources instead of turning to foreign production. “While we appreciate the opportunity to open increased dialogue with the White House, […]
US Postal Service rate increases take effect
The next time you mail through the United States Postal Service (USPS), it’s going to cost you extra. The USPS’ rate hike, upping First-Class Mail prices by 6.5%, took effect Sunday, according to the agency. When the USPS made its announcement in April it noted that the 6.5% increase would still be below inflation, which […]
Wholesale Gas & Crude prices are falling, Will we see relief at the pump?
Wholesale gas prices are falling, but experts are warning Americans about getting too excited ahead of the summer driving season. “Domestic gasoline demand dipped recently, which took some of the pressure off of pump prices. About 80% of stations are now selling regular for under $5 a gallon,” AAA spokesperson Andrew Gross said in a […]
Sri Lanka is out of gas
Sri Lanka’s energy minister has issued a stark warning over the country’s fuel stocks as it faces its worst economic crisis in more than 70 years. On Sunday, Kanchana Wijesekera said the nation only had enough petrol left for less than a day under regular demand. He also said its next petrol shipment was not […]
Experts say the US is already in a recession
Amid soaring inflation, the prospects of the year getting worse economically have been growing with experts warning that the U.S. is already in a recession. While a recession is technically a contraction of gross domestic product (GDP) across two consecutive quarters, some experts say such a definition is too simplified. A government report has shown […]
Biden may be sending you a ‘Gas Rebate’ card soon
President Joe Biden signaled Monday that he would be open to sending Americans gas rebate cards to help offset soaring gas prices in the U.S. Speaking to reporters in Rehoboth Beach, Delaware, the president said the rebate cards are “part of what we’re considering, that’s part of the whole operation,” according to CNN. Biden also […]
Consumers are buying less and switching to store brands
Decades-high inflation is changing US consumers’ grocery habits. Kroger, the nation’s largest grocery store chain, said Thursday that budget-constrained shoppers were buying fewer items in stores, favoring Kroger’s cheaper store brands instead of name brands, and switching from beef to pork.“Rising inflation has consumers rethinking their shopping and eating habits,” Kroger (KR) CEO Rodney McMullen […]
Most Americans believe economy is now collapsing
More than half of Americans think the U.S. has already entered a recession, new polling shows. The latest IBD/TIPP Economic Optimism Index published on Friday found that 53 percent of Americans think the economy has gone into a recession, and 25 percent say they’re unsure. Only 20 percent believe the country is not in a […]
Joe Biden: ‘Inflation not my fault”
President Joe Biden has said high inflation is not his fault and that a recession is not inevitable, in a new interview he gave to the Associated Press (AP) and which was published on Friday. Biden reportedly became somewhat defensive when asked about inflation, which stood at an annualized rate of 8.6 percent in May, […]
‘Almighty Crash’ imminent says top US Stock Broker
As inflation continues, the U.S. is heading towards a massive economic crash, according to stockbroker Peter Schiff. Schiff, who is the chief economist and global strategist of Euro Pacific Capital, took to Twitter on Thursday to voice his predictions for the U.S. economy. Many people have finally [given up] on the idea of a soft […]