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Wholesale prices rose 0.9% in July, much more than expected

Absentglare said:
This ****ing guy told them we’d have zero covid cases if we stopped covid testing and re-elected him.

The farther they sink into delusion, the more dangerous a situation we find ourselves in.
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Agreed.
 
After liberation day trump put a 90 day grace period for the majority of his tarrifs. The clock has run out and the real damage is about to be revealed.

Wonder when Americans will realize that Trump has created the greatest consumption tax ever. Something republicans have always preferred over raising taxes on the rich. Let the poor and middle class finance the federal government and let the wealthy amass wealth without measure.
 
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Trump supporters: when will you learn Trump is economically illiterate and has no clue what he’s doing?
 
W_Heisenberg said:
Trump supporters: when will you learn Trump is economically illiterate and has no clue what he’s doing?
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The problem is, Trump supporters have no clue either. So they simply fall in line and are led around like ignorant lemmings. The problem is, they'll drag the rest of us off the proverbial cliff.
 
A Consumption tax is what should be the source of government funds. Taxing something that is good i.e income never made sense. It was just easier to implement.


rickc said:
After liberation day trump put a 90 day grace period for the majority of his tarrifs. The clock has run out and the real damage is about to be revealed.

Wonder when Americans will realize that Trump has created the greatest consumption tax ever. Something republicans have always preferred over raising taxes on the rich. Let the poor and middle class finance the federal government and let the wealthy amass wealth without measure.
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W_Heisenberg said:
Trump supporters: when will you learn Trump is economically illiterate and has no clue what he’s doing?
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You might be interested to realize it might not be in trumps rhetoric but the results are obvious

  • Shift to a consumption tax: Project 2025 suggests replacing individual and corporate income taxes with a consumption tax in the long term, potentially a value-added tax (VAT). A high VAT rate would be required to replace current tax revenue, potentially causing a significant increase in prices for goods and services, according to critics. Replacing income taxes with a flat consumption tax could shift the tax burden towards lower and middle-income households who spend a larger portion of their income on necessities.
 
rickc said:
You might be interested to realize it might not be in trumps rhetoric but the results are obvious

  • Shift to a consumption tax: Project 2025 suggests replacing individual and corporate income taxes with a consumption tax in the long term, potentially a value-added tax (VAT). A high VAT rate would be required to replace current tax revenue, potentially causing a significant increase in prices for goods and services, according to critics. Replacing income taxes with a flat consumption tax could shift the tax burden towards lower and middle-income households who spend a larger portion of their income on necessities.
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Tax cuts for the rich.

Tariffs and inflation for everyone else.

Good job, Trumpers.
 
rickc said:
You might be interested to realize it might not be in trumps rhetoric but the results are obvious

  • Shift to a consumption tax: Project 2025 suggests replacing individual and corporate income taxes with a consumption tax in the long term, potentially a value-added tax (VAT). A high VAT rate would be required to replace current tax revenue, potentially causing a significant increase in prices for goods and services, according to critics. Replacing income taxes with a flat consumption tax could shift the tax burden towards lower and middle-income households who spend a larger portion of their income on necessities.
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These people belong in jail. Not bygones be bygones
 
ScrambledEggs said:
It all went downhill after boomers joined facebook / social media
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I wish I could agree with you. I believe it was when they took jailbait gallery offline that is when things really went sour. The internet went from wild wild west to easily offended individuals. Add to that the amount of bots that were put online and individuals being unable to spot who the bots are. Reddit is full of bots. And just look at how they deal with real individuals that are not part of that hivemind.
 
TobyOne said:
A Consumption tax is what should be the source of government funds. Taxing something that is good i.e income never made sense. It was just easier to implement.
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Why should but be?
 
Chomsky said:
I think one of the more important elements is this was predicted. And, it's since become manifest.
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It's not even predicted, it was measured in Trump's first term when he had his mini War on Trade. People rallying against a measured system is ****ing insane, IMO.
 
Muh groceries!

How can I MAHA when prices on fresh produce goes up?!?

 
W_Heisenberg said:
Wholesale prices rose far more than expected in July, providing a potential deterrent for the Federal Reserve to lower interest rates in September, a Bureau of Labor Statistics report Thursday showed.

The producer price index, which measures final demand goods and services prices, jumped 0.9% on the month, compared to the Dow Jones estimate for a 0.2% gain.


Excluding food and energy prices, core PPI rose 0.9% against the estimate for 0.3%. Excluding food, energy and trade, the index was up 0.6%, the biggest gain since March 2022.

On an annual basis, headline PPI increased 3.3%, the biggest 12-month move since February and well above the Fed’s 2% inflation target.

Services inflation provided much of the push higher, moving 1.1% higher in July for the largest gain also since March 2022.

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Trump is a mean, belligerent, ignorant fool who doesn’t know anything about economics.

This is what happens when you put a tax on imports.

The more Trump ratchets up the tax rate on imports the more our costs will go up.
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This is worse than it seems.

You have declining imports and exports for 4-5 months now. Also you have declining labour participation rate. It indicates decline in economic activity. That should have decreased demand in general.

But for some reason you have higher than expected inflation (tariffs year I know)

The cherry on the top being of course the tax cuts, that made the deficit 2.0-3 trillion yearly. The whole MAGA shtick was that middle class is dying etc and needs help. Not sure how doing the same thing for 20-30 years now will help the middle class if previously tax cuts didn't help and arguably made the situation much worse.
 
“Prices will come down,” Trump told voters during a speech last week laying out his vision for a return to the White House. “You just watch: They’ll come down, and they’ll come down fast, not only with insurance, with everything.”

“Prices will come down and come down dramatically and come down fast,” he said.
Trump vowed to slash not just the price of gasoline, cooling bills and electricity, but predicted this would happen across the economy.
 
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