March 17, 2011
Inflation, Back to the '70s We Go!
Conservatives warned about it, economists predicted it, and now it's here. Inflation has arrived and it's taking off like a rocket. IBD reports that wholesale prices, often a precursor to consumer prices, rose at an yearly rate of 8% in February. The story warns: "Food prices today are the highest on record, rising at double-digit rates (see chart). Meanwhile, gasoline tests the $4-a-gallon level, the dollar is weakening, and gold is near its all-time high." This ominous surge is attributable to very high energy and food prices driven mostly by our government's reckless spending that's accelerating rather than abating. Combined with Obama's suicidal energy policies, continuing political instability across the Middle East, the government's stifling regulatory hold on our economy, the EPA's assault on manufacturers and energy producers, and the recent catastrophe and devastation in Japan, a dangerous perfect storm of inflationary and destabilizing...(Read Full Post)