Luxury Car Sales Surge Amid Global Supply Chain Disruptions and Surging Inflation

blue Rolls Royce at a dealership

Luxury car sales surged in 2021 while mainstream car companies struggled amid global supply chain disruptions and soaring inflation, The Wall Street Journal reported.

Luxury car brands, including Rolls-Royce, Bentley, Porsche and BMW, all reported record sales in 2021, the WSJ reported. Reduced international travel reportedly encouraged high-end car users to boost their vehicle purchases.

Meanwhile, the auto industry was crushed by supply chain bottlenecks and worsening chip shortages causing companies to curb production, the WSJ reported.

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Senator Ron Johnson Responds to Inflation Spiking: ‘Tax on the Middle Class’

Senator Ron Johnson (R-WI) responded to the recent spike in inflation, calling it a “tax on the middle class.” Johnson said in an interview with Fox News that “Biden and the Democrats have spent trillions to pay people to sit at home and not work.”

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Tennessee Senators Blackburn and Hagerty React to 40-Year High Inflation in the U.S.

Tennessee Senators Marsha Blackburn (R-TN) and Bill Hagerty (R-TN) both released statements this week after the U.S. Bureau of Labor Statistics reported that inflation in the U.S. had soared to its highest level since 1982 in December of 2021.

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Another Key Inflation Indicator Surges to Record High in 2021

The Producer Price Index (PPI), which measures inflation at the wholesale level, surged to 9.7% on a year-over-year basis as of December 2021, marking the highest rate in history, the U.S. Bureau of Labor Statistics (BLS) announced Thursday.

The BLS reported that the PPI grew 0.2% in December as prices continued to soar amid growing supply chain disruptions and COVID-19 concerns. As of November, the measure grew 9.6% on a year-over basis and 0.8% in that month alone.

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Inflation Soars to Highest Level Since 1982

The Consumer Price Index (CPI) increased 0.5% in December, bringing the key inflation indicator’s year-over-year increase to 7%, the U.S. Bureau of Labor Statistics (BLS) reported.

The CPI soared to 7% on a year-over-year basis in December, the highest level in almost four decades, the BLS reported Wednesday. Economists surveyed by The Wall Street Journal projected the index would soar past 7.1% in December.

“There’s still a lot of scarcity in the economy. Consumers and businesses are in great financial shape, and they’re willing to pay up for more goods, more services and more labor,” Sarah House, director, and senior economist at Wells Fargo, told the WSJ.

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Poll Shows More Americans Worry About Inflation Than COVID

Despite the mainstream media hysteria over the Chinese coronavirus, a new poll shows that a broader swath of Americans continue to care more about inflation and other more direct economic issues.

As reported by the Washington Free Beacon, the poll was conducted by the Associated Press and the NORC Center for Public Affairs Research throughout the month of December, with its findings released on Monday. In the poll, 37 percent of Americans believe that the coronavirus should be the government’s top priority in 2022. Last year, that number was 53 percent.

Conversely, 68 percent believe the economy should be the top focus instead. Of those 68 percent, 14 percent specifically named inflation as a major issue; last year, only one percent of respondents worried about inflation, which has since risen to a 40-year high under Joe Biden’s watch.

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Federal Reserve Chairman Powell Says Inflation Poses ‘Severe’ Threat to Job Market

Federal Reserve Chairman Jerome Powell acknowledged Tuesday that high inflation is indeed a serious threat to the U.S. central bank’s goal of helping to get U.S. employees back to work.

He also said the Fed will raise rates higher than initially planned if needed to slow rising prices, according to the Associated Press.

“If we have to raise interest rates more over time, we will,” Powell told the Senate Banking Committee, which is considering his nomination for a second four-year term, the wire service also reports. “High inflation is a severe threat to the achievement of maximum employment.”

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Senator Hagerty Calls Out the Left in Scathing Op-Ed: ‘America Has Real Problems – Most of Them Self-Inflicted in 2021 by Democrats’

Senator Bill Hagerty (R-TN) on Monday called for bipartisanship to address challenges facing Americans over the course of the new year.

In an opinion piece published by The Hill, Hagerty outlined issues, like historic inflation or the border crisis, and urged Democrats to work with Republicans to find solutions.

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Commentary: U.S. Rep Warren Davidson’s Not-So-Secret Plan to Combat Inflation

It doesn’t take an economist to figure out that historically low interest rates, two rounds of stimulus payments, extended unemployment insurance, and unrestrained government spending will result in higher consumer demand, outstripping the supply of goods, especially since employment levels—and productivity—have not yet returned to pre-pandemic levels.

And yet, it has taken several months for the Federal Reserve and the Biden Administration to even admit what Americans have known for months: Inflation is real and far from transitory. Democrats started by gaslighting Americans, claiming that inflation is a “high class problem.” Then they tried to attribute the inflation to supply chain bottlenecks—never mind that Administration policy has contributed to those very same shocks. Now that the administration admits the obvious, though it’s kicked the political football back to the Federal Reserve. Meanwhile, Joe Biden falsely claims Build Back Better is positioned as the solution to inflation. In reality, pouring more money into this economy right now is the equivalent of pouring gasoline on the fire.

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Owner Greg Davidson of Music City Outdoors Discusses Smart Moves for His Small Business Amid Supply Chain and Inflation Challenges

Tuesday morning on the Tennessee Star Report, host Michael Patrick Leahy welcomed local business owner, Greg Davidson of Music City Outdoors to discuss the effects of supply chain and inflation on small business.

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Victor Davis Hanson Commentary: The Truths We Dared Not Speak in 2021

As the long year of 2021 finally came to a close, there were a number of truths Americans on the Left found themselves privately acknowledging but unable to say in public for fear of doing damage to their political cause, their own reputations, or their sense of security. But as 2022 advances, it will become even more difficult to hide these truths.

Collusion, RIP
No one wishes to speak of the “dossier” anymore. Everyone knows why: it was never a dossier. It was always a mishmash concoction of half-baked fantasies and outright lies, sloppily thrown together by the grifter and has-been ex-British spy and Trump hater, Christopher Steele—all in the pay of Hillary Clinton, the original architect of the collusion hoax.

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As Gas Costs Soared in 2021, Prices Remained Among Lowest in Oklahoma, Texas

While gas prices have soared nationwide this year, average prices at the pump have remained among the lowest in Oklahoma and Texas, in part because they are significant oil and gas hubs for the nation.

The lowest current average regular gas prices per gallon are $2.822 in Oklahoma and $2.825 in Texas. Oklahomans have had the lowest prices nationwide throughout the surge of gas prices this fall, AAA reports. In the spring, Oklahoma’s average gas prices were the sixth-lowest in the nation.

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Commentary: Adam Mill’s Predictions for 2022 Midterms

I have a pretty good track record on predictions. In March of 2020, I wrote, “Don’t write off Joe [Biden] . . . it’s clear he will run a close contest against President Trump.” Approximately two weeks into the pandemic, I wrote “If we wait until [there is] no death before we demand a return of our liberty, we will have lost everything to this pandemic.” Also in March of 2020, I wrote that, “The supply interruption of even a couple of months will cause shortages or price increases in items that have a significant effect on the formula for calculating inflation.” In June of 2019, a month before Trump’s Ukraine phone call, I suggested that the Justice Department would use criminal prosecutions to protect Joe Biden from fallout for his son’s shady dealings in Ukraine. I wrote, “If that candidate has the best chance to defeat Trump, should the DOJ deploy its awesome criminal prosecution powers to prevent that information from reaching the eyes and ears of the American electorate?” I was close on that one, the cover came from Congress.

So as we head into 2022, hubris compels me to offer a few—not exactly predictions, but scenarios—that could easily come to pass based upon historical precedent. 

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Official Washington Looks Ahead to a New Year with More COVID, Inflation, and Supply Chain Risks

President Joe Biden walks along the Colonnade with the Combatant Commander nominees U.S. Air Force Gen. Jacqueline Van Ovost and U.S. Army Lt. Gen. Laura Richardson on Monday, March 8, 2021, along the Colonnade of the White House.

Inflation, “softness” in the White House, and pandemic uncertainty make up some of the biggest risks to the U.S. economy in 2022, according to a Washington consulting firm.

“Every quarter, I take a macro look at trends driving politics and policy looking both backward and forwards and identify where key political risks may lurk and where political opportunities may present themselves,” Bruce Mehlman, former assistant secretary of Commerce in the George W. Bush administration, told the Daily Caller News Foundation. “The most recent analysis targets 2022 and identifies the emerging risks business and government leaders should anticipate and prepare for.”

A founding partner of the Washington, D.C.-based consulting firm Mehlman Castagnetti Rosen & Thomas, Mehlman advises prominent companies to understand and prepare for emerging trends and risks critical to the ever-evolving policy environment.

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Another Key Inflation Index Hits 40-Year High

Inflation continues to soar throughout the U.S., with the Personal Consumption Expenditures (PCE) price index increasing to the highest level in almost 42 years while consumer spending cools, the Bureau of Economic Analysis (BEA) reported Thursday.

The PCE, one of the Federal Reserves’ key inflation indicators when it aims for a 2% annual inflation rate, surged 5.7% in November on a year-over-year basis, a 0.6% jump from October, the BEA reported. November’s figure is the highest since 1982.

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Michigan’s Whitmer Signs Off on $409 Million Small-Business Relief Program

Gov. Gretchen Whitmer signing legislation

The third time was a charm for a small-business relief provision of Senate Bill 85, which was signed Monday by Michigan Gov. Gretchen Whitmer.

A House version of the bill, House Bill 4047, was proposed by Rep. Timothy Beson, R-Bangor Twp., last March, and signed by the governor. However, Whitmer exercised a line-item veto of the afflicted business relief. Another version of a small-business relief subsequently was passed by the legislature with bipartisan support. Whitmer again exercised her veto authority to squelch it.

SB 85 was introduced by Sen. Ken Horn, R-Frankenmuth.

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Report: Inflation Costs Families Around $3,500 This Year

A new report estimated the annual cost of elevated inflation this year will be around $3,500 per household.

The Wharton School of the University of Pennsylvania, one of the nation’s leading business schools, released the report, which estimated much higher costs for American families because of inflation that has risen this year at the fastest rate in decades.

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Sec. Finance Flores: Virginia’s Conservative Fiscal Approach That Powered 2021 Revenue Growth Should Continue in Future Years

Virginia had historic revenue growth in 2021 and finished $2.6 billion above forecasts, thanks to a conservative approach, Secretary of Finance Joe Flores told the General Assembly money committees on Thursday. Flores’ presentation said that conservative approach should continue, with forecasts suggesting that Virginia’s income and job growth will continue in coming years, but will lag behind the nation.

“It’s also important to remember, to look back, because a year ago, you guys had just finished a session where you had taken down revenues to the tune of $2.7 billion, basically five percent of our biennial General Fund revenues,” Flores said.

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Majority of Michigan Voters Believe State Is on the Wrong Track, New Poll Finds

A new poll released on Wednesday shows that a majority of Michigan voters believe that the state is on the wrong track, an increase from September.

The survey initiated by the Detroit Regional Chamber demonstrated that 52.8 percent of voters do not support the direction of the state, compared to 31.7 percent who believe it is on the right track.

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Producer Price Index Grows the Fastest It Ever Has

The Producer Price Index (PPI), which measures inflation at the wholesale level, soared 9.6% year-over-year as of November, growing at the fastest rate ever measured, the U.S. Bureau of Labor Statistics (BLS) announced Tuesday.

BLS reported that the PPI, which measures inflation before it hits consumers, grew 0.8% in November. As of October, the measure grew just 8.6% on a year-over-year basis and just 0.6% in that month alone, meaning wholesale prices grew more and to a worse yearly figure in November than they did in October.

Economists projected a year-over-year increase of the core PPI, which excludes food and energy prices, to be 7.2% year-over-year and a 0.4% increase from October, according to CNBC. Demand for goods was the biggest driver for the surge in producer prices, increasing 1.2% in November, slightly down from October’s 1.3% figure. Final demand services inflation increased 0.7% in November, much faster than October’s 0.2%.

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Commentary: One Chart Explains Biden’s Inflation Disaster

We’ve told you before about Stephen Moore’s Committee to Unleash Prosperity and his must-read Hotline but the Friday, December 10 edition was a Pulitzer Prize winner, or would be if conservatives ever got Pulitzer Prizes. You can read the entire newsletter through this link and we highly recommend you do so, because in one edition it pretty well destroys the entire Biden Democrat agenda.

The lead article shows the effects of Biden’s inflation disaster in one chart. And Steve Moore explains “inflation isn’t going away. No, it isn’t transitory. And, sorry, no, CNN, it isn’t good for you!”

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Inflation Hits Highest Level in 39 Years

Large crowd of people shopping during the holidays

The Consumer Price Index (CPI) increased 0.9% in November, bringing the key inflation indicator’s year-over-year increase to 6.8%, the highest figure in four decades.

The CPI’s increase is the largest increase in four decades, up from October’s 6.2% according to the U.S. Bureau of Labor Statistics (BLS) report released Friday morning. Experts surveyed by CNBC projected inflation would increase 0.7% in November, translating to a 6.7% gain on a year-over-year basis.

“These are frighteningly high inflation numbers, the likes of which we haven’t seen for decades,” Allen Sinai, chief global economist and strategist at Decision Economics, Inc., told The Wall Street Journal.

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Crom’s Crommentary: ‘Biden’s Foreign Policies Could End up Creating Many More Problems Than His Terrible Domestic Policies’

Wednesday morning on the Tennessee Star Report, host Michael Patrick Leahy welcomed the original all-star panelist Crom Carmichael in studio for another edition of Crom’s Crommentary and Biden’s foreign policy fails.

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Experts Predict Less Economic Growth, Elevated Inflation for Years to Come

Woman shopping, going up escalator

A survey released Monday found that business experts expect prices and inflation to rise at elevated levels for years to come.

The National Association for Business Economics released the results of a survey of 48 economic experts who downgraded their growth predictions and projected elevated inflation through the second half of 2023, if not later.

“NABE Outlook survey panelists have ramped up their expectations for inflation significantly since September,” said NABE Vice President Julia Coronado, founder and president, MacroPolicy Perspectives LLC. “The core consumer price index, which excludes food and energy costs, is now expected to rise 6.0% from the fourth quarter of 2020 to the fourth quarter of 2021, compared to the September forecast of a 5.1% increase over the same period.”

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Almost Half of All Americans Say Inflation Caused Them Financial Hardship

Person walking down the aisles in Walmart

Almost half of Americans said soaring prices created some form of financial hardship for their households, while 10% reported that they are experiencing “severe hardship,” according to a Gallup poll released Thursday.

As Americans enter a busy holiday season, 45% of consumers reported hardship at the hands of the recent surge in inflation, according to a Gallup poll. Roughly 35% of respondents reported “moderate” financial hardship in their homes and just 54% reported “no hardship” at all.

Lower-income households suffered the most, according to the pole, with over 70% of respondents earning less than $40,000 a year saying price hikes have negatively impacted their families.

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Coffee Prices Reach 10-Year Highs That Could Last Years

Coffee prices soared to a 10-year high on Monday, with experts projecting the high costs to last well into 2023, CNBC reported.

Coffee contracts for December hit $2.34 per pound at the end of Monday’s trading day, CNBC reported. Coffee futures on the New York Intercontinental Exchange soared to $2.46 on Thursday, recording the highest price since 2011.

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More Americans Than Ever Say They Won’t Be Buying Christmas Gifts This Year

A record number of Americans say they won’t be purchasing gifts for the holidays this year amid ongoing inflation concerns and supply chain disruptions, a survey shows.

Roughly 11% of Americans said they expected to spend no money at all on gifts during the holiday season, according to a holiday retail survey by Deloitte. The number is the highest since Deloitte began its holiday retail survey in the 1980s and more than double the share of shoppers in 2020 who said they wouldn’t be buying presents.

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Fox Business Contributor Liz Peek on Friday’s Dow Drop, Inflation, and the Nomination of Marxist Saule Omarova

Conservative news analyst Liz Peek

Monday morning on the Tennessee Star Report, host Michael Patrick Leahy welcomed Fox Business contributor and financial guru Liz Peek to the newsmakers line to discuss Friday’s Dow, inflationary reactions, and the nomination of Saule Omarova.

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Dollar Tree Will Raise Prices for the First Time in 35 Years Amid Surging Inflation

Dollar Tree announced Tuesday it is raising its prices, bringing the cost of its products over one dollar for the first time in 35 years.

The dollar store will raise its prices by 25%, bringing the cost of its products to $1.25 as customers become accustomed to higher prices across multiple industries, the company announced in its third-quarter 2021 earnings report. Additionally, Dollar Tree said its decision to raise prices is permanent and “not a reaction to short-term or transitory market conditions.”

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U.S. Home Sales Continued to Grow in October as Housing Market Remains Hot

A beige house in a suburban community during the day

Home sales in the U.S. grew in October as buyers continue to enter a hot market, according to the National Association of Realtors.

Existing home sales increased at the fastest pace since January, growing 0.8% in October from the previous month to a seasonally adjusted rate of 6.34 million, the National Association of Realtors (NAR) reported Monday. October home sales declined 5.8% compared to the figure in October 2020, with the inventory of unsold homes decreasing 12% to 1.25 million on a year-over-year basis.

“Home sales remain resilient, despite low inventory and increasing affordability challenges,” Lawrence Yun, NAR’s chief economist, said in the report. “Inflationary pressures, such as fast-rising rents and increasing consumer prices, may have some prospective buyers seeking the protection of a fixed, consistent mortgage payment.”

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Over 75 Percent of Americans Say Inflation Is Affecting Them Personally, Most Blame Biden

Almost 80% of Americans say that inflation is impacting them personally, a new poll shows, with 57% blaming President Joe Biden.

The Yahoo News/YouGov poll also found that inflation was the top issue on Americans’ minds, with 17% saying so. Additionally, just a small minority of Americans, 18%, say that Biden is doing enough to address inflation, which is at its highest rate in decades.

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Crom’s Commentary: The Democrats Disdain for Institutional Constraints

President Joe Biden participates in an expanded bilateral meeting with Iraqi Prime Minister Mustafa Al-Kadhimi on Monday, July 26, 2021, in the Oval Office of the White House. (Official White House Photo by Adam Schultz)

Monday morning on the Tennessee Star Report, host Michael Patrick Leahy welcomed the original all-star panelist Crom Carmichael in studio for another edition of Crom’s Commentary addressing institutional constraints and inflation.

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Poll: Biden Approval Rating Hits New Low

President Joe Biden’s approval rating has dropped to its lowest level since taking office.

A new Washington Post-ABC News poll found that Biden’s approval rating has plummeted in recent months among steadily rising inflation, a difficult withdrawal from Afghanistan, and other economic issues.

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Sen. Cruz: Skyrocketing Inflation in U.S. Comparable to 1970s under Carter

Ted Cruz

U.S. Sen. Ted Cruz, R-Texas, says that skyrocketing inflation and long lines at gas stations are a result of President Joe Biden’s policies and are returning the U.S. to the days of high inflation, high cost of living and gas lines under President Jimmy Carter.

Eleven months into Biden’s term, inflation reached a 31-year high and gas prices surpassed a seven-year high.

“I’ve got to tell you the trillions that are being spent, the trillions in debt that’s being racked up, it is historic and not in a good way,” Cruz told Fox News’ “Sunday Morning Futures.”

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Energy Secretary Granholm Says Biden Is ‘All Over’ Gas Prices, But Can’t List Any Policies to Lower Prices

Jennifer Granholm

Secretary of Energy Jennifer Granholm said President Joe Biden is “all over” rising gasoline prices but failed to name a single administration policy aimed at lowering energy costs.

“The president is all over this,” Granholm said during a CNN interview Monday. “He really is very concerned about, you know, inflation, obviously, and the price of gasoline because that’s the most obvious manifestation of it. As you know, no president controls the price of gas, oil is sold on a global market.”

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Trump Comes to Bannon’s Defense, Says Contempt Prosecution Proof ‘USA Is a Radicalized Mess’

Steve Bannon and Donald Trump

Former President Donald Trump on Sunday came to the defense of Steve Bannon, suggesting the Biden Justice Department’s prosecution of his ex-adviser on contempt of Congress charges was evidence that America is a “radicalized mess.”

“This Country has perhaps never done to anyone what they have done to Steve Bannon and they are looking to do it to others, also,” Trump said, making a likely reference to former White House Chief of Staff Mark Meadows who also has been threatened with contempt charges if he doesn’t cooperate with the House investigation into the Jan. 6 Capitol riots.

The 45th president suggested his former advisers were being treated more harshly than American adversaries like China and Russia.

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Congressman Andy Biggs Challenges Lawmakers over Consequences of Infrastructure Bill

Andy Biggs at podium, speaking

U.S. Representative Andy Biggs (R-AZ-05) advised both Democratic and Republican lawmakers that they will regret the passage of a $1.2 trillion infrastructure bill passed earlier this month.

Pointing to the rising cost of energy consumption and many other services, Biggs described that the new legislation may impose added “inflationary pressure.”

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Crom’s Crommentary on the Biden Administration’s Negligent Response to Inflation, Supply Chain, and Oil Shortages

A massive ship getting pulled into the harbor

Friday morning on the Tennessee Star Report, host Michael Patrick Leahy welcomed all-star panelist Crom Carmichael in studio for another edition of Crom’s Commentary.

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Increased Federal Spending Gets Fresh Scrutiny with Ongoing Spike in Inflation, Consumer Costs

Skyrocketing inflation and consumer costs are hurting President Joe Biden’s and Congressional Democrats’ hopes to pass another major spending bill through the reconciliation process.

The Department of Labor’s Bureau of Labor Statistics this week reported an 8.6% increase in wholesale prices over the past 12 months, the highest increase in years. The federal agency also said this week that the consumer price index, another key tracker of inflation, is rising at the fastest rate in decades.

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The Godfather of Conservative Rap, Bryson Gray Responds to Crom’s Commentary Friday Morning

Bryson Gray

Friday morning on the Tennessee Star Report, host Michael Patrick Leahy welcomed conservative rapper Bryson Gray in studio to respond to Crom’s Commentary Friday morning.

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Inflation Surges to Highest Level in 30 Years

The Consumer Price Index increased 0.9% in October, bringing the key inflation indicator’s year-over-year increase to 6.2% as supply shortages continue and demand grows, the U.S. Bureau of Labor Statistics announced Wednesday.

The year-over-year inflation figure is an increase from September’s 5.3% level, marking the highest level in 30 years, according to the Bureau of Labor Statistics (BLS) report. Economists surveyed by The Wall Street Journal projected the CPI would increase to just 5.9% in October.

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Inflation Increases at Record Rate for Second Month in a Row

Woman shopping

The Producer Price Index (PPI), which measures inflation at the wholesale level, rose 8.6% year-over-year as of October, growing at a record rate for a second straight month, the U.S. Bureau of Labor Statistics (BLS) announced Thursday.

BLS reported Thursday that the PPI, which measures inflation before it hits consumers, grew 0.6% in October, in line with Dow Jones estimates, highlighting that inflationary pressure is still strong.

Over 60% of the month-over-month increase in producer prices resulted from a 1.2% spike in the price of goods rather than services, BLS reported. Goods prices rose 1.2% in October compared to a 0.2% increase in the cost of services.

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Michigan Businesses Brace for Biden’s Vaccine Mandate

Michigan businesses are scrambling to handle President Joe Biden’s Jan. 4 national vaccine mandate for private businesses exceeding 100 workers.

Michigan Occupational Safety Health Administration (MIOSHA) Director Bart Pickelman told The Center Square in an email that starting Nov. 5, federal OSHA issued an emergency temporary standard (ETS) to minimize the risk of COVID-19 transmission in the workplace. An ETS summary is here.

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Fed Official Sees Inflation Slowing in 2022, Future Price Increases Wouldn’t Be ‘a Policy Success’

Federal Reserve Vice Chairman Richard Clarida said he expects the recent spike in inflation to dissipate as supply and demand imbalances ease and that future price increases in 2022 would cause problems for the central bank.

“I do continue to judge that these imbalances are likely to dissipate over time as the labor market and global supply chains eventually adjust and, importantly, do so without putting persistent upward pressure on price inflation and wage gains adjusted for productivity,” Clarida said in remarks prepared for delivery on Monday.

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U.S. Trade Deficit Hits New Record as Inflation Grows and Supply Chain Issues Worsen

The U.S. trade deficit hit a record high of $80.9 billion in September as exports fell sharply while imports increased amid supply chain problems and growing inflation.

The trade deficit of goods and services grew 11.2%, driven by demand for items like computers, electrical equipment and industrial supplies, the Commerce Department announced Thursday.

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Federal Reserve Scales Back Bond Purchases as Inflation Rises

The Federal Reserve announced Wednesday that it would begin scaling back its monthly bond purchases in November, marking the first step towards ending its pandemic stimulus as inflation surges.

The scaling of bond purchases, more commonly known as tapering, will start “later this month,” the Federal Open Market Committee (FOMC) said in a statement. The Federal Reserve will reduce its purchases by $15 billion each month — $10 billion less in Treasury bonds and $5 billion less in mortgage-backed securities — from the current $120 billion figure.

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