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.