This is incredible. They are touting the automatic COLA increases, which have been around since 1975 from a law passed by Congress, as a Biden achievement! Biden had nothing to do with it, nor does he dole out anything, all it means is that inflation was the highest in 40 yrs 😂
▪️Annual COLAs are tied to the CPI-W index (urban wage & clerical workers) which is slightly different from the CPI-U (urban consumers), the headline number most people refer to. Increasing SS payments means that SS will just become insolvent quicker, it’s not a good thing!
https://www.ssa.gov/cola/
▪️On a related note, the CPI data for Sept came out yesterday and was again higher than expected. The CPI-U rose 0.4% in Sept, +8.2% year over year (YoY) which was a slight decline from last month, but there are lots of troubling signs that inflation will remain high.
▪️The last 2 months have been cooled mostly by steep declines in energy prices, and also used cars. But it’s doubtful energy will continue falling in the coming months, meanwhile price inflation in the broader economy has taken root.
▪️In the beginning of the inflation crisis, the shelter component helped tamp down the inflation numbers. Shelter is almost 1/3 of the CPI and was growing at ~2-5% for most of the past year, which helped the headline number stay at “just” 7-9%. But shelter is now rising.
▪️In Sept, shelter rose 0.7% and 6.6% YoY, the highest in 40 yrs. This also propelled the core index (excluding food & energy) to a 40 yr high. Shelter is a much stickier index and won’t likely come down quickly, meaning elevated CPI readings will probably continue.
▪️Food also remains high, +0.8% in Sept (11.2% YoY). Food away from home rose the most in 41 years! If energy increases again in the coming months we could see CPI actually go up and reach new highs, something few are expecting but would have giant repercussions.
https://www.bls.gov/news.release/cpi.nr0.htm
Just incredible. After posting a meme blaming Charlie Kirk for his own murder, they post another a few hours later applauding Democrats for their civility.
Also, if you look at the Occupy Democrats timeline, their posts “denouncing political violence” were variations on “no one should be shot…BUT here’s a quote from Kirk showing he’s a terrible person.” Or sometimes they’d leave the first part out altogether and just attack him. There are no posts denouncing violence without qualifiers trying to gin up their base.
