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Today’s inflation data was terrible, we’re back to 40+ year highs. For some reason it was “higher than expected,” although I certainly expected it. Last month I said price inflation was reaching deep into most sectors and May wouldn’t get the benefit of April’s falling gas prices. Here’s the monthly breakdown:

▪️The CPI was ⬆️1.0% in April for all items and ⬆️8.6% year over year (YoY). This is the most since Dec. 1981. The increase was broad-based, prices rose in ALL major categories and all but one major subcategory! Only physicians’ services (-0.1%) dropped in May.

▪️Food continued to surge, ⬆️1.2% in May (10.1% YoY), the most since March 1981. Food at home was even worse at +1.4% (11.9% YoY), the most since Apr 1979. All 6 grocery store indexes rose, and food at home now has 5 straight monthly gains over 1%, hitting virtually everyone.

▪️Energy more than reversed April’s decline of 2.7%, up 3.9% in May (34.6% YoY), the most since Sep 2005. This was led by gasoline, +4.1% (+48.7% YoY), but even electricity surged 1.3% (+12% YoY). Buying an electric car won’t avoid higher energy costs.

▪️Piped gas was also up a whopping 8% (30.2% YoY), the most since Jul 2008. Fuel oil rocketed +16.9% in May, up an unbelievable 106.7% YoY, the most ever recorded going back to 1935! Unfortunately, energy will likely continue its rise in June.

▪️Other major categories also surged, like new cars, +1.1% (+13.7% YoY) and used cars, +1.8% (+16.1% YoY). Used cars had declined in the prior two months. Both of these categories already made multi-decade highs during the last year, so no new 40 yr highs this month.

▪️The index for all items less food and energy (aka “Core CPI”) was +0.6%, and +6.0% YoY. Core has been slowly decreasing in recent months, but seems to be leveling off and holding steady now at triple the Fed’s target. Sadly, this is probably the best news in this report.

▪️Rent crept up to a 0.6% monthly gain, now +5.2% YoY, the most since Feb 1991. Shelter is by far the largest component of the CPI, and has been steadily rising. It’s still helping the CPI stay lower, but is a sticky index and 0.6% gains will make it tough for inflation to come down.

▪️Airfares spiked again, up a whopping 12.6% in May, following +18.6% in April. It’s now +37.8% YoY, the most since Nov 1980. I’ve been predicting this for months, and still don’t see an end in sight. Hotels also up 1.0% (22.2% YoY). Travel costs are spiking.

▪️The one bright spot is rental cars, which were +1.7% in May, actually falling 0.4% YoY. But this is a fake bright spot, since early 2021 saw a meteoric rise in rental car prices. So it’s a slight drop from that, but you’ll still likely get sticker shock renting a car.

▪️This report showed that price inflation isn’t slowing and continues to reach deep into most sectors of the economy. The experts’ belief that prices will magically slow or come down isn’t materializing. If anything, the danger is it will accelerate toward 10%.

▪️As this meme highlights, wages are now really falling behind. Wages are up 5.2%, while CPI is at 8.6%, which means a pay cut of 3.4%. If this continues, it is not just recessionary, but an inflationary recession coming, a reality few have seriously entertained.

▪️For those wishing to drown their sorrows in alcohol, that’s also +4.0% YoY, the most since Jan 2009. But, distilled spirits (+0.7% Yo) and wine (+1.8% YoY) are still quite muted, cheers 🥂

CPI report:
https://www.bls.gov/news.release/cpi.nr0.htm

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It’s funny to see the left use the same conspiratorial rhetoric as the right did a year ago regarding the jobs numbers being downwardly revised. So many on the right, who knew nothing of how the jobs numbers are calculated or why they revise them, were convinced the downward revisions were a conspiracy to help Biden win.

If people want to have a debate about the birth death model or the survey methods, ok, but that’s not what’s happening here. Most people are under the delusion that the BLS report is the govt reporting every job created and lost, and are thus easily swayed it’s rigged when it suits their political ends.

Feminist News apparently not a fan of Hulk Hogan, shocking.

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This is almost laughingly misleading, as it leaves out everything before the letter.

▪️After being repeatedly lampooned by the Smothers Brothers over Vietnam, Johnson finally had enough. One night at 3 am he called the head of CBS William Paley, demanding that he “get those bastards off my back.”

▪️Paley then asked the heads of CBS entertainment to get them to back off of LBJ. However, instead of backing off the Smothers Brothers doubled down, booking a folk musician performing “Waist Deep,” an anti-war song about a soldier being stuck in the mud while “the big fool says to push on,” clearly a dig at LBJ.

▪️At the last minute, CBS cut the song from the pre-taped show to the outrage of the Smothers. They continued to push the boundaries off and on for the rest of his presidency, with CBS sometimes cutting segments that they thought went too far. Basically, it was a soft form of censorship.

▪️It wasn’t until Johnson made his surprise announcement not to run in 1968 ...

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