Inflation hits 6-year high, wiping out wage gains for the average American

[workinclasszero]

By Heather Long July 12 at 4:52 PM

Prices rose at their highest clip since 2012 over the past year, the Labor Department reported Thursday.

The 2.9 percent inflation for the twelve-month period ending in June is a sign of a growing economy, but it’s also a painful development for workers, whose tepid wage gains have failed to keep pace with the rising prices.

The cost of food, shelter and gas have all risen significantly in the past year. Gas skyrocketed more than 24 percent, rent for a primary residence jumped 3.6 percent and meals at restaurants and cafeterias rose 2.8 percent.

Prices have risen roughly at the same rate as wages, erasing any gains workers may have hoped to realize via bigger paychecks.

For workers, more pain may be coming, as economists are concerned that prices could rise further due to President Trumps tariffs on many foreign imports. Trump put a 20 tariff on foreign washing machines earlier this year, and the inflation report Thursday showed more than a 13 percent spike in laundry equipment over the same period last year.

https://www.washingtonpost.com/business/2018/07/12/inflation-hits-year-high-wiping-out-wage-gains-average-american/?__twitter_impression=true&utm_source=reddit.com&utm_term=.e3cc37803d32

[dalton99a]

1. Excellent news for landlords like Trump

[workinclasszero]

2. And his slumlord son in law Kushner as well

[NewJeffCT]

3. I'm tired of all this winning

Trump's buddy Putin is happy with the high gas prices, though

[uponit7771]

4. Crap, they HAVE to raise interest rates more now. The first set of increases was to pay for tax cuts

[workinclasszero]

5. The usual republican "magic" is starting to take hold of President Obama's good economy

How many damn times does the GOP have to destroy the economy for the average American before working class republican voters get the fucking picture?

[uponit7771]

6. +1, we've not had organic growth under a GOP president since Eisenhower

[workinclasszero]

7. He was the last good republican IMO

Today in America, unions have a secure place in our industrial life. Only a handful of reactionaries harbor the ugly thought of breaking unions and depriving working men and women of the right to join the union of their choice. I have no use for those -- regardless of their political party -- who hold some vain and foolish dream of spinning the clock back to days when organized labor was huddled, almost as a hapless mass. Only a fool would try to deprive working men and women of the right to join the union of their choice.—Dwight D. Eisenhower

Every gun that is made, every warship launched, every rocket fired signifies, in the final sense, a theft from those who hunger and are not fed; those who are cold and are not clothed.—Dwight D. Eisenhower

The GOP party of today would brand President Eisenhower as a wild eyed dangerous radical socialist no doubt.

[uponit7771]

8. +1, I wonder what happened after him ... he was TRULY economic conservative too that didn't sound ..

... like a nutcase with trickle down.

[workinclasszero]

9. Anti-union big business took over the party and the rise of the religious right started up

“Mark my word, if and when these preachers get control of the [Republican] party, and they're sure trying to do so, it's going to be a terrible damn problem. Frankly, these people frighten me. Politics and governing demand compromise. But these Christians believe they are acting in the name of God, so they can't and won't compromise. I know, I've tried to deal with them.”

― Barry M. Goldwater