Inflation came in a smidge under expectations in July and — this time, for sure, they mean it — Presidentish Joe Biden’s economy has bottomed out and prosperity is just around the corner.
To hear CNN and other state organs tell the story, that is.
Markets are up on the news, probably because traders expect the Fed to use any handy excuse to stop the interest rate hikes.
Holy crap. CNN is celebrating 8.5% inflation.— Steve Guest (@SteveGuest) August 10, 2022
Talk about out of touch! pic.twitter.com/Z8cyOAZyh1
I haven’t seen this big a celebration since our most recent battlefield victory over Eastasia, with whom Oceania has always been at war. Unless we’ve always been at war with Eurasia.
Just like the glorious economic news, it’s so hard to remember what we’re supposed to believe.
Snark aside, 8.5% is better than last month’s 9.1% annual rate. But it still compounds on top of the “unexpected” and “transitory” and “high class” 5.4% from this time last year.
Read the full story HERE.
By Stephen Green | PJ Media