Defenders of big-government pandemic interventions have insisted that any price inflation these schemes have caused is just temporary. But even more data just came in showing price inflation hitting new highs—further spotlighting the destructive consequences of these reckless policies.
The federal government just released the latest Consumer Price Index (CPI) for June 2021, an imperfect but useful metric that tracks general price inflation in a bundle of typical consumer goods. Basically, it attempts to illustrate how much prices are rising for the goods average Americans buy regularly. The June edition shows prices once again sharply on the rise, with a 0.9 percent increase from May to June. From June 2020 to June 2021, the data show that consumer prices rose a whopping 5.4 percent.
Contrary to what the experts have been telling us, US consumer price inflation soared to a 13 yr high of 5.4%/yr. What did they miss? The explosion in the money supply. As Milton Friedman taught us: “Inflation is always & everywhere a monetary phenomenon…”https://t.co/I0vGYjAcAQ
— Steve Hanke (@steve_hanke) July 13, 2021
Some specific goods saw particularly drastic price hikes year-over-year. Chiefly, used cars and trucks rose 45.2 percent in price, while energy prices spiked 24.5 percent.
This all represents the biggest year-over-year price increase measured since 2008. In other words, price inflation just hit a 13-year high. But why? And, more importantly, why should you care?
Inflation seems to be taking off. CPI growth is way above trend. It doesn't seem "transitory" any more, does it? pic.twitter.com/te3LEapdQs
— Kurt Couchman (@KurtCouchman) July 13, 2021
While price inflation has many causes, we can trace much of the current surge back to the policy of the Federal Reserve, the central bank controlling the supply of US dollars. The Fed essentially created trillions of new dollars to pump into the economy in the name of “stimulus.”
“The quantity of money has increased more than 32.9% since January 2020,” FEE economist Peter Jacobsen explained in May. “That means nearly one-quarter of the money in circulation has been created since then. If more dollars chase the exact same goods, prices will rise.”
This policy-fueled price inflation is more than an abstract economic phenomenon. It means that average Americans, barring those who have seen big wage increases over the last year, are significantly poorer than they were before.
The typical person’s standard of living declines as a result of price inflation, because what really matters is not what number appears on your paycheck but what that paycheck can buy you. Working-class Americans suffer tremendously when their energy bill increases by nearly 25 percent in just one year, for example.
See the problem yet? pic.twitter.com/2ChsuO9Zzn
— Brad Polumbo 🇺🇸⚽️ 🏳️🌈 (@brad_polumbo) July 13, 2021
Plus, all those who have saved money in their bank accounts—whether for college, retirement, a rainy day fund, etc.—have had their real wealth eroded by this inflation.
Of course, the current rate of price inflation, while high, is still significantly short of the kind of hyperinflation that can ruin whole economies. And no one can predict with certainty what inflation will be in the future.
But the current levels of price inflation plaguing our economy are seriously harmful. Don’t forget the many ways price inflation hurts real people, or that we can ultimately trace much of it back to the decisions made by government policymakers.
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Brad Polumbo (@Brad_Polumbo) is a libertarian-conservative journalist and Policy Correspondent at the Foundation for Economic Education.
This article was originally published on FEE.org. Read the original article.
New Conservative Network Seeks Crowdfunding Help
They say we have to go big or go home. We’re trying to go big and bring the patriotic truth the the nation, but we need help.
Readers may or may not realize that over the past year, we’ve been bringing more conservative news and opinion outlets under our wing. Don’t take our expansion as a sign of riches; all of the “acquisitions” have been through sweat and promises of greater things to come for all involved. As a result, we’ve been able to bring together several independent media sites under a unified vision of preventing America from succumbing to the progressive, “woke,” Neo-Marxist ideologies that are spreading like wildfire across America.
The slow and steady reopening of America is revealing there was a lot more economic hardship brought about from the Covd-19 lockdowns than most realize. While we continue to hope advertising dollars on the sites go up, it’s simply not enough to do things the right way. We are currently experiencing a gap between revenue and expenses that cannot be overcome by click-ads and MyPillow promos alone (promo code “NOQ” by the way).
To overcome our revenue gap and keep these sites running, our needs fluctuate between $3000-$7000 per month. In other words, we’re in the red and hemorrhaging.
The best way you can help us grow and continue to bring the truth to the people is by donating. We appreciate everything, whether a dollar or $10,000. Anything brings us closer to a point of stability when we can hire writers, editors, and support staff to make the America First message louder. Our Giving Fuel page makes it easy to donate one-time or monthly. Alternatively, you can donate through PayPal as well.
As the world spirals towards radical progressivism, the need for truthful journalism has never been greater. But in these times, we need as many conservative media voices as possible. Please help keep NOQ Report and the other sites in the network going.
Thank you and God Bless,
Big Pharma’s Five Major Minions that Everyone, Vaxxed or Unvaxxed, Must Oppose
This is not an “anti-vaxxer” article, per se. It’s a call for everyone to wake up to the nefarious motives behind vaccine mandates, booster shots, and condemnation of freedom.
The worst kept secret in world history SHOULD be that the unquenchable push for universal vaccinations against Covid-19 has little if anything to do with healthcare and everything to do with Big Pharma’s influence over the narrative. Unfortunately, that secret has stayed firmly hidden from the vast majority of people because of the five major minions working on behalf of Big Pharma.
What’s even worse is the fact that Big Pharma’s greed is merely a smokescreen to hide an even darker secret. We’ll tackle that later. First, let’s look at the public-facing ringleaders behind the vaccine push, namely Big Pharma. But before we get into their five major minions, it’s important to understand one thing. This is NOT just an article that speaks to the unvaccinated. Even those who believe in the safety and effectiveness of the vaccines must be made aware of agenda that’s at play.
Let’s start with some facts. The unvaccinated do NOT spread Covid-19 more rampantly than the vaccinated. Even Anthony Fauci acknowledged the viral load present in vaccinated people is just as high as in the unvaccinated. This fact alone should demolish the vaccine mandates as it demonstrates they have absolutely no effect on the spread of the disease. But wait! There’s definitely more.
This unhinged push to vaccinate everyone defies science. Those with natural immunity may actually have their stronger defenses against Covid-19 hampered by the introduction of the injections which fool the body into creating less-effective antibodies. Moreover, the push to vaccinate young people is completely bonkers. The recovery rate for those under the age of 20 is astronomical. Children neither contract, spread, nor succumb to Covid-19 in a statistically meaningful way. What they DO succumb to more often than Covid-19 are the adverse reactions to the vaccines, particularly boys.
All of this is known and accepted by the medical community, yet most Americans are still following the vaccinate-everybody script. It requires pure cognitive dissonance and an overabundant need for confirmation bias to make doctors and scientists willingly go along with the program. Yet, here we are and that should tell you something.
Before I get to the five major minions of of Big Pharma, I must make the plea for help. Between cancel culture, lockdowns, and diminishing ad revenue, we need financial assistance in order to continue to spread the truth. We ask all who have the means, please donate through our GivingFuel page or via PayPal. Your generosity is what keeps these sites running and allows us to expand our reach so the truth can get to the masses. We’ve had great success in growing but we know we can do more with your assistance.
Who does Big Pharma control? It starts with the obvious people, the ones who most Americans believe are actually behind this push. Our governments at all levels as well as governments around the world are not working with Big Pharma. They are working for Big Pharma. Some are proactive as direct recipients of cash. Others may oppose Big Pharma in spirit but would never speak out because they know anyone who does has no future in DC.
This may come as a shock to some, but it’s Big Pharma that drives the narrative and sets the agenda for the “experts” at the CDC, FDA, WHO, NIH, NIAID, and even non-medical government organizations.
Most believe it’s the other way around. They think that Big Pharma is beholden to the FDA for approval, but that’s not exactly the case. They need approval for a majority of their projects, but when it comes to the important ones such as the Covid injections, Big Pharma is calling the shots. They have the right people in the right places to push their machinations forward.
That’s not to say that everyone at the FDA is in on it. Big Pharma only needs a handful of friendlies planted in leadership in order to have their big wishes met. We have seen people quitting the FDA in recent weeks for this very reason. The same can be said about the other three- and five-letter agencies. Too many people in leadership have been bribed, bullied, or blackmailed into becoming occasional shills for the various Big Pharma corporations. Some have even been directly planted by Big Pharma. That’s the politics of healthcare and science that drives such things as Covid-19 “vaccines.”