Inflation Surpasses Forecasts Ahead Of Midterm Elections In Bad Omen For Democrats | Eastern North Carolina Now

    Publisher's Note: This post appears here courtesy of the The Daily Wire. The author of this post is Ben Zeisloft.

    The Consumer Price Index (CPI) rose 8.2% between September 2021 and September 2022, according to a Thursday report from the Bureau of Labor Statistics, surpassing expectations despite harsh contractionary policy from the Federal Reserve and boding poorly for Democratic prospects in the midterm elections.

    The month-to-month increase of 0.4% exceeded analysts' forecasts, while core inflation - which factors out the more volatile food and energy categories - reached 0.6% against an estimate of 0.4%. Despite energy costs falling in some categories, a 0.8% surge in food prices and a 0.7% increase in shelter prices contributed to the headline number.

    "Given elevated costs for food, home heating, and health care, the budgets of many may remain constrained next year," Bankrate senior economic analyst Mark Hamrick said in a statement provided to The Daily Wire.

    The Dow Jones Industrial Index fell 1.7% as trading began on Thursday morning, while the Nasdaq and the S&P 500 fell 3% and 2.2%, respectively.

    Year-over-year inflation in September was essentially unchanged since the previous month's reading of 8.3%. Lower energy costs produced a moderation from the 9.1% inflation rate in June and the 8.5% rate in July, although gasoline prices have since returned to an upward trajectory.

    Policymakers at the Federal Reserve had raised target interest rates by 0.75% last month, a move which followed two identical hikes in June and July, in an attempt to relieve elevated inflationary pressures. The continually elevated price levels may prompt further action.

    "The Federal Reserve continues to see a bright green light with respect to future interest rate increases," Hamrick added. "Based on the latest snapshots of inflation, they believe the target range for the federal funds rate must go higher from here. There's no pivot yet in sight, only a push to higher ground."

    Central bankers had initially pegged a near-zero target interest rate and acquired government bonds to stimulate the economy during the lockdown-induced recession. Many leading economists have criticized the central bank amid the return to a contractionary monetary regime, claiming that officials who were slow in their response to rising price levels over the past two years are now inflicting undue harm through their zeal to combat inflation.

    In remarks delivered earlier this week, Federal Reserve Vice Chair Lael Brainard said that monetary policy "will be restrictive for some time to ensure that inflation moves back to target." Federal Reserve Chair Jerome Powell similarly promised that officials intend to slash inflation to 2%, the rate largely maintained by the central bank for the past three decades, and emphasized that the institution must revive its mandate to guarantee stable price levels.

    President Joe Biden has repeatedly deflected on his administration's role in rising price levels through the passage of multiple spending packages. The economy and inflation are key issues among voters preparing to cast ballots in the upcoming midterm elections, with 84% considering the former to be a top factor on their minds. The Republicans lead the Democrats by a 16% margin and a 19% margin with respect to trust in handling the economy and inflation, respectively, according to a poll from ABC News and The Washington Post.

    "The inflation picture is now essentially set ahead of midterm elections," Hamrick added. "If looked at exclusively, which broadly it is not, the news isn't helpful for Democrats controlling Congress."


poll#162

In what may be the most divisive period in modern American History, even more divisive than the turbulent sixties due to today's lack of patriotism, consider what are the major catalysts causing so much of this calamity of conflict, and vote: What most instigates the division of America, on this day September 20, 2022?

  Racism within our society

  Sex realignment to the detriment of our society.

  Biden /Harris Wide Open Southern Border Policy for the Demographic Upheaval of OUR Constitutional Republic

  Rampant Crime in Democratic controlled cities, and the possible contagion elsewhere

  Covid Pandemic, and its mishandling at the political, and bureaucratic levels.

  The unresolved questions /allegation regarding the flawed 2020 General Election

  January 6th Riot or "Armed Insurrection", depending upon patriotic perspective

  Joe Biden as Divisive Leader; Ineffective and Corrupt Executive

  Failed Education Industry, from an overall perspective, regarding all levels of education.

  Propagandistic Media in complete conflict with the First Amendment's guarantee of Freedom of Speech, and the awesome responsibility of a Free Press..

  "Orangeman Bad!"

  Bureaucracy rushing to a behemoth size, its unjustified expense, and far too often overreach.

  The Weaponized Deep State for political purposes

  A secular ambivalence to all that is real.

  Record number of overdose deaths from opioids and now Fentanyl

  Biden Administration's disastrous Foreign Policy

  Bidenflation /supply chain failure inevitably evolving into stagflation and recession.

  "Ultra MAGA Extremists" freely speaking louder AND LOUDER!

927 total vote(s)     What's your Opinion?

poll#132

Considering that Joe Biden is considered by so many to be the Imposter President: Is he actually knowledgeable enough, wise enough, patriotic enough to be this Constitutional Republic's president at this difficult point in these tumultuous times?

  Yes, Mr. Biden is thoughtful and kind, and just so different from the "Orange Man".

  No, this representation of "president" is either too corrupt, too stupid, or both to be a real president.

  I just want the fun guy, who knew how to make stuff work back.

670 total vote(s)     What's your Opinion?

poll#154

Inarguably, the policies of the Democrats in congress and Joe Biden as the Executive is plunging the United States into a recession, if we are not already there; a recession that was completely avoidable. Will abrupt changes in policies occur in time?

  Yes, the Democrats have a bold plan, yet to be revealed, to save us.

  No, there will have to be a complete undoing of the damage done by these Democrats.

  I can't do simple math, so how am I to understand the concept of basic economics.

1,216 total vote(s)     What's your Opinion?