Friday, June 13, 2008

Inflation up-food gas rise

The game this government is playing is beyond reckless. Bloomberg News reports, “Bank repossessions more than doubled in May and foreclosure filings rose 48 percent from a year earlier as previously foreclosed properties dragged down housing prices, trapping borrowers in mortgages.”

A new Pew Global poll found: The United States is blamed more often than any other country for hurting the world's environment. In 18 of the 24 countries, people said their own country's economy is bad and they blame the U.S. for its strong but negative influence.

Here at home, the statistical game is in high gear. According to the AP story:
The inflation rate shot up in May (2008) at the fastest pace in six months, pushed higher by soaring costs for gasoline and other types of energy. The Labor Department reported that consumer prices rose by 0.6 percent last month, the biggest one-month increase since last November, as gasoline costs surged by 5.7 percent. Food prices, which have also been rising sharply, were up 0.3 percent as the cost of beef and bakery products showed big gains.
Core inflation, however, which excludes energy and food, edged up (at) a more moderate (rate)…reliev(ing) worries that the big increases in food and energy could be breaking through to more widespread inflation.

Don’t you love it when the “core inflation” numbers are stable? It makes it a lot easier for me to write checks to my utility company, fill up my gas tank and buy food for my family. So what am I complaining about?

It’s a gimmick, and it’s the topic of Kevin Philips’ new book “Bad Money.” Here’s a clip of Philips on the PBS show “To the Contrary.” He’s one of the few Republicans I trust and can listen to without clawing my eyes out.

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