Tag: CPI

There Is No Such Thing As Wage-Driven Inflation

Tina Marie (Ms. Cat)1 Comment

Few know the name of Walter Heller, one of the first Chairs of the Council of Economic Advisers, and an adviser to President Kennedy. In 1968, however, he was a giant in economics who published in all the top journals. Fresh from his years in the Kennedy White House, he was invited to debate the relative importance of fiscal and monetary policy with another giant in economics, Milton Friedman, in a small book published by W.W. Norton & Company. Rarely do such debates interest more than a few thousand individuals. This is an exception, as a decade later PBS invited Heller and Friedman to debate their views on inflation.

There Is No Such Thing As Wage-Driven Inflation

Related:

Debunking: “If You Raise The Minimum Wage, It Will Cause Inflation”

Europe’s Coming Winter From Hell: Thanks for Your Sanctions War, Washington!

Tina Marie (Ms. Cat)
Source: Caitlin Johnstone

Europe’s impending depression is not to be discounted in terms of its relevance to this side of the Atlantic pond. Since the turn of the century, US exports to the European Union have soared from $12.3 billion per month to $30.4 billion. That latter amounts to $365 billion on an annual basis.

Needless to say, when European GDP descends into a double-digit slide, demand for US exports will plunge, causing declines in production and employment on this side of the Atlantic.

Europe’s Coming Winter From Hell: Thanks for Your Sanctions War, Washington!

Biden: July Inflation Was 0%. Actual July Inflation: 8.5%. Media: Eh, Close Enough.

Tina Marie (Ms. Cat)1 Comment

In July, the price of eggs and milk went up. The price of fruits and vegetables went up. The price of new cars went up. Electricity cost more. Medical costs rose. Alcohol became more expensive. Rent went up.

Biden: July Inflation Was 0%. Actual July Inflation: 8.5%. Media: Eh, Close Enough.

The value of the federal minimum wage is at its lowest point in 66 years

Tina Marie (Ms. Cat)1 Comment

The value of the federal minimum wage has reached its lowest point in 66 years, according to an EPI analysis of recently released Consumer Price Index (CPI) data. Accounting for price increases in June, the current federal minimum wage of $7.25 per hour is now worth less than at any point since February 1956. At that time, the federal minimum wage was 75 cents per hour, or $7.19 in June 2022 dollars.

The value of the federal minimum wage is at its lowest point in 66 years