Best of Dennis – When It Comes To Inflation, The Fat Lady Isn’t Even Close!
Guest Post by Dennis Miller at Miller On The Money
Best of Dennis…
Dennis is taking a week off to unplug and recharge, but he will be back writing soon. Given how persistent cost-of-living pressures continue to weigh on household budgets, this article from January 25, 2024 is well worth a second look! Take a look back at Dennis’s timeless advice on tackling inflation and protecting your retirement savings against the ongoing financial squeeze…
“It ain’t over ’til the fat lady sings” is a phrase that comes from a tendency in operas to end with a heavy-set lady singing an aria. It’s a reference to Valkyrie Brunnhilde’s 10-minute solo that ends Wagner’s Ring Cycle opera.
Sportscasters use the line frequently. One should not presume to know the outcome of the event, even if it appears near its conclusion.
While politicians try to minimize inflation, don’t buy it, the fat lady is home, worrying about paying her bills, not even thinking about her closing aria.
James Rickards explains the propaganda currently being fed to the public:
“Everyday Americans understand inflation perfectly. …. Inflation is one of the biggest concerns of those who live in the real world.
…. Here’s the reality and here’s the political narrative: Reality is that prices have been going up at the fastest rate in 40 years and they are still going up.
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…. It’s true that the rate of inflation is coming down, but prices are still going up. They’re going up at a slower rate but they’re still going up.
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That’s the kind of inflation that real Americans confront every day.
…. It is possible to use propaganda to lie to the American people; it can work in the short run. But inflation is not one of those areas where propaganda works. The American people know what things cost, they know prices are going up, and no amount of lies can change that.”
Between 2019 and 2023, the average price of a burger rose from $9.74 to $15.88 – a 63% increase – along with the prices of most everything else. Did your income go up 63%?
Bankrate chimes in:
“Inflation is eroding workers’ gains. Three in 5 workers (60 percent) say their incomes haven’t kept pace with inflation over the past 12 months, up from 55 percent last year. For those who did receive a pay bump…more than half (53 percent) said their incomes haven’t kept pace with inflation, up slightly from 50 percent last year.”
Morningstar reports on a recent Allianz survey:
“A new survey finds that 61% of us are more afraid of running out of money in our old age than we are of dying itself.”
The politicos want us to believe they have everything under control. Treasury Secretary Yellen recently said, “It certainly takes skill on the part of the Fed to calibrate monetary policy properly.” The public knows better, prices are going up rapidly while wages and/or retirement income are not keeping pace.
Inflation is NOT under control; people are scrambling to protect their wealth and lifestyle. Something has to give. Click here to read more…
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[ H/T The Burning Platform ]
