Tuesday's CPI report negated Biden's SOTU claim of defeating inflation.
Here's the nub that economists and the media overlook when discussing inflation: even though year-over-year inflation is decreasing, consumers are still intensely feeling the pinch.
Why? Prices have risen by nearly 14% in the past two years, a relatively short period, while earnings have not kept pace. Consumers are still adjusting to the new reality, and measuring inflation year-over-year fails to capture consumers’ pain.
Retail sales increased 0.5% in April compared to the previous month, marking the third straight monthly gain.
Calls to “tax the rich” are, once again, gaining traction online in recent weeks. It kicked off last month after New York Governor Kathy Hochul proposed a new tax on second homes in New York City worth more than $5 million.
According to Labor Department data, prices for food consumed at home rose 2.9% from a year earlier, the highest annual increase since August 2023. Restaurant and prepared meal prices also climbed, pushing overall food inflation to 3.2%.
Mortgage rates in the U.S. climbed to their highest level in five weeks, but homebuyers continued returning to the housing market despite rising borrowing costs and economic uncertainty.
On Wednesday, the Senate Committee on Homeland Security and Governmental Affairs, chaired by Sen. Rand Paul, R-Ky., heard the testimony of subpoenaed CIA whistleblower James Erdman III, who alleged the federal government suppressed inquiries into the origin of COVID-19.
Critics have said Hamas has engaged in a propaganda war intended to “provoke outrage, shift public opinion, and pressure Israel through foreign governments and media.”
Protests have dogged Cities Church, an evangelical Reformed congregation affiliated with the Southern Baptist Convention, since Immigration and Customs Enforcement surged to the Twin Cities.
