WASHINGTON (AP) — Prices for U.S. consumers jumped 6.2% in October compared with a year earlier as surging costs for food, gas and housing left Americans grappling with the highest inflation rate since 1990.
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The year-over-year increase in the consumer price index exceeded the 5.4% rise in September, the Labor Department reported Wednesday. From September to October, prices jumped 0.9%, the highest month-over-month increase since June.
Inflation is eroding the strong gains in wages and salaries that have flowed to America’s workers in recent months, creating political headaches for the Biden administration and congressional Democrats and intensifying pressure on the Federal Reserve as it considers how fast to withdraw its efforts to boost the economy.
Job gains and pay raises have been much healthier during the pandemic recovery than they were after the Great Recession roughly a decade ago. But in contrast to the years that followed that downturn, inflation is now accelerating and diminishing Americans’ confidence in the economy, surveys have found.
Hey Joe its the economy stupid.
Yes salaries went up. But thats only for blue collar workers who live off fat Govt programs. Us white collar “privileged” Corp america workers who number in the hundreds of millions have not seen any increase in salary. All we see are job cuts all day. When will the govt care about us?
And if you think we are small. Well listen up. We are the “white suburban” folks who are independents. We are the ones that decide who to vote for and ain’t loyal to one party. You better start caring about us or out you go in 2022.
The time for action is now. Start bringing down prices and end the chip shortage. i don’t want to hear lectures how we don’t understand the supply chain. Its not our job to understand it. Thats your job. Now get to work and solve it. Solve the oil crisis too. Oh and you can use the bully pulpit to at least change altitudes at corp america and tell them to stop treating us like numbers but like humans