Yet more “good news” about the nation’s economy, as a report released today by the U.S. Labor Department showed a sharp jump in inflation:

U.S. inflation soared to a 17-year-high annual rate in July, a government report showed, led by gains in food, energy, airline fares and apparel.

The consumer price index rose 0.8% in July, the U.S. Labor Department said today. Excluding food and energy, the CPI advanced 0.3% for a second-straight month.

Wall Street economists had expected only a 0.4% rise in the headline and 0.2% core increase.

Consumer prices jumped 5.6% on a year-over-year basis, the highest rate since January 1991.

Now this jump in inflation comes on the heels of a projection by the U.S. Department of Energy that heating costs are projected to rise significantly this winter. The DoE’s projection calls for the typical Midwestern homeowner to pay more than $1,200 this winter, a jump of 21% from last year’s costs.

So let’s recap:

  • Inflation rises to 17 year high? CHECK!
  • Heating costs projected to rise 21%? CHECK!

So what I’d like to know is when our economy is going to stop circling the drain. When’s George W. Bush going to finally get something right when it comes to our economy, and when are his defenders going to wake up and realize things aren’t very rosy right now? Obviously it’s unlikely things will improve much if Sen. John McCain has a chance to continue more of the same economic policies we’ve had under President Bush, which is why it’s absolutely vital folks don’t give President Bush his third term.

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12 Responses to Inflation Reaches 17 Year High…Thanks GWB!

  1. Jack Lohman says:

    Inflation and high taxes are just the symptom, our corrupt political system is the problem. Get the private contributions out of our electoral system and these jokers will start voting for their people instead of their pocketbooks.

    Jack Lohman
    http://MoneyedPoliticians.net

  2. El gato says:

    You dopey liberal Dems are so ignorant about just about everything. It’s not Bush, or any President, that makes our economy tick. To blame Bush for the high cost of oil, food cost inflation, the mortgage crisis, etc. is to demonstrate your ignorance. It’s funny how you completely ignore the failures of your party’s buffoon Jimmy Carter. There was nothing right about his term in office! Clinton benefited from the Republican Congress that lost its way after Newt was railroaded out of office. I’m so sick of ignorant people, mostly Democrats, whining about how the government should be fixing everything. The people bear most of the responsibility for the screwed up country that we have…and it’s getting worse. People have money problems generally because they spend too much on crap they could do without. I don’t see many poor folks without a TV or with a small waistline. Give it a rest! The disingenous Obama and the liberal Dem Congress are going to take us to very horrible places!

  3. Zachary says:

    Gato, I’d love to hear your explanation for how consumers are to blame for inflation, because I’d love to hear you try and explain how consumers are responsible for rising prices on consumer goods, gas, groceries, etc.

    Do you have some facts and figures to back up your liberal bashing, or are you just pulling things out of your hind end?

  4. El gato says:

    #1 Motorists refuse to carpool and we use 25% of the world’s oil.
    Any fool other than liberal Dems know that this drives up the
    cost of oil and therefore everything that depends on oil.
    #2 We are a consumer nation that MUST have every new
    worthless gadget that comes along. Whoever heard of
    electric can openers being a need. We use a good old
    fashioned hand opener that does the job perfectly!
    #3 We are a screwed up country because we elect monkeys that
    promise us the world and we are too dumb to know that we
    pay for it all in taxes and fees. We refuse to accept personal
    responsibility for our actions. We are becoming more and more
    socialist and will soon not object to a Putin as our leader.
    #4 We like to blame everyone else for the mortgage crisis, but
    the bottom line is that anyone with a elementary school
    education should know whether they can afford the
    payments. If they wasted their opportunity to learn, it’s their
    fault and the taxpayers shouldn’t bail them out. I pay my own
    bills, let them pay theirs!
    #5 We are being forced by the liberal Dems to embrace homo-
    sexuality and that will really be our undoing. Name me one
    once great power that went queer and is still great.

    That’s enough to give you food for thought! As a liberal Dem you won’t accept any arguments, but the truth remains the truth!
    ignorant drop-outs couldn’t figure it out, shame on them for
    wasting their opportunity to be educated.

  5. Zachary says:

    #5 We are being forced by the liberal Dems to embrace homo-
    sexuality and that will really be our undoing. Name me one
    once great power that went queer and is still great.

    Wow, now there’s a convincing argument….homosexuality is to blame for rising worldwide oil prices and inflation here at home!

    As for your assertion that I won’t accept any arguments, I’ll just say that I’m more than willing to listen to an argument, provided it’s rational and based in reality, not just tired talking points.

  6. Jack Lohman says:

    So let me see if I have this right: Bush gave a massive tax break to the wealthy, converted a $300 billion surplus to a $500 billion deficit, trashed the dollar bill, sent home prices tumbling and oil prices through the roof, and he didn’t have anything to do with our failed economy. I see. How are you liking it so far?

    See Are we having fun yet? at http://moneyedpoliticians.wordpress.com/2008/01/15/are-we-having-fun-yet/

    Jack Lohman
    http://MoneyedPoliticians.net

  7. fedupwithmorons says:

    I see another Bush basher has come out of his hole! The Congress gave the tax legislation and Bush just signed it. The wealthy already pay almost all of the taxes, so they deserve a break. Let the greedy little guy whose got his hand out pay for what he wants!
    The war cost a bundle and that’s not Bush’s fault even though you’d like it to be. You conveniently ignore the fact that Clinton the weakling let terrorism go unpunished other than sending cruise missiles on a aspirin factory. And of course your idol Jimmy “the snake” Carter let the imams have Iran. God, you liberals surely are a stupid and blind lot! Of course, you’re alot of fun to poke jabs at as you make fools of yourselves. I love it!

  8. Zachary says:

    fedup/el gato, what’s with the name calling?

    As for your assertion that the Iraq war isn’t Bush’s fault because Bill Clinton let terrorism go unpunished, I’d just note there never was a connection between Iraq and the terrorists who attacked us on 9-11. You really need to update your talking points, because that particular talking point was debunked years ago. There was no al-Qaeda in Iraq before George W. Bush & Friends invaded and destabilized the country. The war in Iraq is completely Bush’s doing, as are the billions of tax dollars that have been wasted fighting that war.

    As for us liberals making fools of ourselves, I’ll just note that I’m not the one using talking points from 2001. Surf around the internet and find some new talking points, then come back and we’ll talk.

  9. Jack Lohman says:

    Bush basher? Yeah, and I voted for him twice. Shows you what a real moron I am.

    So his giving the country to the wealthy was successful? Maybe he ought to do it again. It worked so well, why not make the tax rate zero over $250K?

    And you didn’t answer the question: How are you liking it so far?

  10. Tim says:

    Let the greedy little guy whose got his hand out pay for what he wants!

    It’s hard not to be a little greedy when one is poor and has nothing.

    And of course your idol Jimmy “the snake” Carter let the imams have Iran.

    And Ronny Raygun gave them a cake and let them eat it too.

  11. Jack Lohman says:

    “It’s easier to be a conservative than a liberal…. ’cause it’s much easier giving the finger than a helping hand.” Author unknown

    Sorry, I think “compassionate conservative” is an oxymoron.

    I’m still waiting for the trickle-down. Maybe we have to give more tax breaks for the rich. It worked do well in 2001, can you imagine if we just gave more?

  12. capper says:

    Jack,

    Things are trickling down, but it’s not good things.

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