{"id":12688,"date":"2022-06-11T16:45:28","date_gmt":"2022-06-11T16:45:28","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/us-inflation-spiked-8-6-highest-in-40-years-economist-says-were-not-seeing-any-signs-that-were-in-the-clear-economics-bitcoin-news\/"},"modified":"2022-06-11T16:45:28","modified_gmt":"2022-06-11T16:45:28","slug":"us-inflation-spiked-8-6-highest-in-40-years-economist-says-were-not-seeing-any-signs-that-were-in-the-clear-economics-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/us-inflation-spiked-8-6-highest-in-40-years-economist-says-were-not-seeing-any-signs-that-were-in-the-clear-economics-bitcoin-news\/","title":{"rendered":"US Inflation Spiked 8.6%, Highest in 40-Years \u2014 Economist Says We\u2019re Not \u2018Seeing Any Signs That We\u2019re in the Clear\u2019 \u2013 Economics Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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After April\u2019s consumer price index (CPI) report was published, a number of American economists and bureaucrats said that inflation had peaked and it was possible that inflation would subside. However, statistics from the U.S. Labor Department indicate the CPI increased 8.6% from a year earlier, as the month of May\u2019s inflation data reached another lifetime high.<\/strong><\/p>\n

CPI Data From May Shows Inflation Has Not Peaked<\/h2>\n

The U.S. economy doesn\u2019t look so hot these days and after shutting down the economy over a respiratory virus and printing trillions of dollars in stimulus, it seems these ideas were huge mistakes. Inflation is the general increase in the cost of goods and services, and currencies like the U.S. dollar can\u2019t buy as many goods and services as they could when inflation was lower. Reports<\/a> show that nearly everything in the supermarkets now has a higher cost and the prices of things like rent, gasoline, cars, and housing have skyrocketed. Prices of goods and services continued to rise even though politicians told the public inflation would be \u201ctransitory.\u201d<\/p>\n

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Maybe creating the Fed was the original policy error. pic.twitter.com\/6SRYSLQCPy<\/a><\/p>\n

\u2014 Sven Henrich (@NorthmanTrader) June 11, 2022<\/a><\/p>\n<\/blockquote>\n

When April\u2019s CPI data was published, some people even claimed that inflation had \u201cpeaked,\u201d but the latest CPI data from May<\/a> shows this claim did not come to fruition. U.S. inflation data from the Labor Department\u2019s metrics indicate that last month\u2019s CPI hit a 40-year high at 8.6%. Inflation has been so bad in the U.S. that the stimulus checks, expanded child-tax credits, extended unemployment benefits, and even the slight rise in wages have been erased by the rising costs of goods and services.<\/p>\n

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Inflation is NOT transitory. Inflation is NOT caused by Putin. Prices will stay high and increase further. Inflation is always and everywhere a monetary phenomenon. Inflation is caused by central banks debasing currency (money printing). Inflation is why Satoshi created #bitcoin<\/a> pic.twitter.com\/4aFQ68OVUB<\/a><\/p>\n

\u2014 PlanB (@100trillionUSD) June 11, 2022<\/a><\/p>\n<\/blockquote>\n

The Labor Department\u2019s metrics show that rising food, gas, and energy prices have pushed the CPI data higher and shelter costs were one of the largest contributors to last month\u2019s inflation data hike. So while a slight rise in wages has taken place for some U.S. workers, real wages dropped 0.6% from April. Economists who noted that April\u2019s data was \u2018peak inflation\u2019 are starting to notice that the cost of goods and services keeps peaking<\/a>. Morning Consult\u2019s chief economist, John Leer said that May\u2019s CPI was upsetting.<\/p>\n

\u201cIt\u2019s hard to look at May\u2019s inflation data and not be disappointed,\u201d Leer explained<\/a> on June 10. \u201cWe\u2019re just not yet seeing any signs that we\u2019re in the clear.\u201d<\/p>\n

\u2018It Might Not Have Been a Good Idea to Shut Down the Economy for a Respiratory Virus\u2019<\/h2>\n

Meanwhile, U.S. president Joe Biden continues to blame Russia and Vladimir Putin. \u201cToday\u2019s inflation report confirms what Americans already know \u2014 Putin\u2019s price hike is hitting America hard,\u201d Biden stressed<\/a> at a press conference this week. However, many people are saying that shutting down the U.S. economy, the lockdowns, and the Covid-19 stimulus bills were horrible ideas. \u201cI\u2019m beginning to think it might not have been a good idea to shut down the economy for a respiratory virus,\u201d the economist Jeffrey Tucker wrote<\/a> on Friday.<\/p>\n

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Pres. @JoeBiden<\/a> keeps lying. He falsely blamed #inflation<\/a> on #Putin<\/a>, greedy foreign owned shipping companies and domestic #oil<\/a> companies. He also falsely claims families have more savings and less debt than when he took office and that the U.S. economy is the world’s strongest.<\/p>\n

\u2014 Peter Schiff (@PeterSchiff) June 10, 2022<\/a><\/p>\n<\/blockquote>\n

U.S. representative Thomas Massie, a Republican from Kentucky, has been sharing statements he made back in 2020 when he said it was not the greatest idea to pass the massive stimulus bill. In January, Massie said<\/a>: \u201cToo many people failed to see the bill being passed would cause massive inflation, its passage without members present would set the tone for nationwide mail-in ballots, the money would enable all of the lockdowns, and paying people not to work would kill productivity in the U.S.\u201d Yet, many critics gave Massie a hard time about his contrarian statements and resorted to ad hominem attacks.<\/p>\n

\u201cMassie just says whatever stupid thing pops in his head,\u201d one individual wrote<\/a> in response to Massie\u2019s tweet at the time. The Kentucky representative recently fired back at the individual\u2019s comment and said<\/a> this \u201ctweet did not age well.\u201d<\/p>\n

In 2020, Democrat senator John Kerry said \u201cCongressman Massie has tested positive for being an a**hole.\u201d The Kentucky representative also decided to mock Kerry\u2019s tweet and remarked that he predicts \u201cDemocrats will sequester John Kerry and his energy-price-hiking dogma in a rock formation until at least November.\u201d Massie added:<\/p>\n

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Here\u2019s his doltish tweet when I opposed the first $2 trillion printing spree on March 27, 2020 \u2013 because it was going to cause inflation .<\/p>\n<\/blockquote>\n

Massie was not the only one that opposed the trillion-dollar monetary expansion as the gold bug and economist Peter Schiff was quick to criticize those who supported the stimulus. On the same day as John Kerry\u2019s tweet in March 2020, Schiff wrote<\/a>: \u201cAs the Fed will create all this money out of thin air the people will pay the cost through inflation. Consumer prices are about to soar, wiping out the savings of millions of Americans, and destroying the purchasing power of wages for millions more.\u201d<\/p>\n

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\nTags in this story
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analyst<\/a>, Bitcoin (BTC)<\/a>, CPI<\/a>, CPI report<\/a>, data<\/a>, DOW<\/a>, economics<\/a>, Economist<\/a>, equities<\/a>, Federal Reserve<\/a>, Gold Bug<\/a>, inflation<\/a>, John Kerry<\/a>, nasdaq<\/a>, Peter Schiff<\/a>, QE<\/a>, stocks<\/a>, the fed<\/a>, Thomas Massie<\/a>, U.S. Labor Department<\/a>, United States Inflation<\/a>, US Inflation rises<\/a>, Vladimir Putin<\/a><\/div>\n<\/div>\n

What do you think about the latest CPI data and the contrarian opinions that opposed shutting down the economy and massive spending in 2020? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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