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Mike Blake / Reuters file
Gas prices have been falling sharply from near-record highs seen recently in California, where supplies were constrained by a major refinery shutdown.
It's no surprise that voters in Tuesday's presidential election identified the economy as the No. 1 issue in the campaign, far ahead of health care and the federal budget deficit.
But it was a surprise that nearly four in 10 voters identified rising prices as the biggest economic problem facing people like them. That's nearly as many voters as said that unemployment was the biggest problem.
After all, unemployment has long been considered the toughest and most intractable economic problem, with more than 12 million people out of work and actively looking for a job. The unemployment rate, which hit a 25-year high of 10 percent early in Obama's presidency, has only fallen below 8 percent recently.
Meanwhile inflation has generally been running well under 2 percent, and Federal Reserve bankers repeatedly have said they feel comfortable that low inflation allows them to keep interest rates at rock-bottom levels.
Yet in an exit poll of more than 25,000 voters conducted by NBC News, 37 percent identified rising prices as the biggest problem facing people like them.
Unemployment was cited by 38 percent, only slightly more than the number who said inflation was their top economic concern. Taxes were named by 14 percent and the housing market was the top concern of 8 percent.
Chris Christopher, director of U.S. and global consumer economics for IHS Global Insight, said it makes sense that people would point to rising prices because it's something people deal with on an everyday basis.
“It’s a personal question: What affects them directly?” he said.
Unemployment is only the most worrisome issue for people who are either out of a job or fear they will be, Christopher noted. On the other hand, almost everyone has to pay for things like food, gas, health care and housing — and likely has some sense of whether those bills are going up or staying the same.
Christopher’s research has shown that just a small increase in gas prices can affect how consumers are feeling about their finances, even though the cost of gas represents only a tiny portion of most people’s household budget.
Still, the fact that so many people named rising prices was somewhat surprising because consumer prices actually haven’t been rising all that much.
Gas prices have been falling rather sharply recently, with the exception of regional spikes related to Superstorm Sandy.
Electricity and natural gas prices, which tend to be volatile, are lower than they were a year ago, according to the government data.
Food prices are expected to go up in the coming months because of this year's severe drought, which destroyed many crops used for feed. But so far this year food prices have not risen much, in part because of unusually low fruit and vegetable prices, according to the Agriculture Department.
Overall, the USDA is projecting food prices will rise 2.5 to 3.5 percent in 2012 and 3 to 4 percent in 2013.
Christopher said he expects wage gains to continue to outpace inflation, in large part because prices have been rising so slowly.
President Barack Obama’s Republican challenger, Mitt Romney, tried to make rising prices part of his appeal for why the country needed new leadership. In the first presidential debate, he pointed out that median incomes have fallen in recent years relative to rising prices for everything from gas to food to health care.
“Under the president's policies, middle-income Americans have been buried. They're just being crushed,” Romney said.
The exit polls could be a sign that Americans share Romney’s concern about rising prices. But clearly Romney wasn’t able to convince enough people that was a good enough reason to replace Obama.
Still, the exit polls showed voters do think there is much work to be done to improve the economy. More than three-fourths of those polled said the economy is either “poor” or “not so good.”
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What except for electronics is getting cheaper? Since 2000 gas, tuition, housing, healthcare have all at least doubled in price, and food seems to be going up a lot too. But according to the Federal Reserve and our trusty government, don't worry about that, your prices aren't rising, nothing to see here.
I hear ya! We buy pretty much the same things year after year at the same place (warehouse club) and prices on the basics have been rising like crazy over the past few years. Maybe it's not due to "inflation" technically, but that's why economists are out of touch with actual life as it's lived by real people. I don't really give a fig what the price increase is called when it's taking a huge bite out of a salary that has actually gone down because everything is slow.
It's tax increases that worry me the most. My house and cars are paid for, I have no bills and I can cut back on some things if I need to.
I can't cut back on the multiple taxes, especially property taxes.
Part of the problem is that the government incorporates technological improvements into its model. So the TRS 80 computer that you might have bought in 1980 for $1,000 is now in the model at $2. Problem is, I'm not buying a TRS 80, I'm buying a modern laptop for $1,000. So while the model says that my computer purchase has dropped in price by 99.8%, in reality I'm still paying $1,000 for the laptop. Same thing with cars. Buy a high end car in 1990 for $20,000.........a similar model may be priced at $50,000 today. A simple model would say that represents a 150% price increase. But today's vehicle has anti-lock breaks and a DVD player, plus side airbags, a navigation system, etc. So, because of all these improvements, the statistical price increase may only be 50%. There's an argument to be made for treating the data this way, but Joe 6-pack can't keep up with modern life if his wages increase at the official rate of inflation.
Right on, Steve. In addition, the core inflation statistic (by far the most often quoted) excludes food and energy costs. Bernanke has debased our dollar by over 20% in the last few years (via QE shenanigans), which immediately impacts anything we import (like oil). So, if gasoline used to be $2.50 per gallon, it is now $3.00 per gallon--the only thing that changed was the (diminished) value of our dollar.
the coming inflation will equal the Carter years; they can not dump 7 trillion into the world economy, have qe 1,2,3 and now 4, without causes a massive spike in goods, services, insurance, health care, food; we are in for one hell of a problem.
Will Trevor-1973 you need to vote for Obama again Just wait for Obama Care you'll be so happy that your insurance cost will go up 30-40 % next year but we had a chance to do away with the looming increases in taxes, gas and health care cost but because people are stupid see what we got on Nov. 6 more of the same X 10 enjoy it. Now The let see Obama blame Bush now this is his mess.
Health care alone is squeezing most people. Our premiums just went up by nearly 50% for next year. Last year was pretty bad, too. In all, I'll be paying about $3000 more in 2013 than I was in 2011 and getting less coverage. Groceries are going up too, but at least I have more flexibility with what I buy at the grocery store. I have no control over when my family gets sick.
However Carter had the greatest economy with over 10 million jobs created.
In Truth have noticed any increase in spending in our budget. Our food bill is still under 350 a month. After we paid off just under 100K of debt we can save so much and have a lot of free cash that were saving. And on top of that our pay has increased a lot in the last 6 years.
Steve,
Good post about how the inflation rate is calculated. Most people I know assume if the price of a car goes up 10% it's counted as a 10% inflation increase - as you correctly pointed out, that is not the case.
I know from my experience, we've already seen significant inflation in food prices (ex: milk used to be less than $3/gallon a few years ago but now it's over $4/gallon).
I also don't see how we will not see 70/80's level inflation due to the money pumping of the last few years. Add to that the declining median wages in the US, and I think it's going to be tough for the poor and middle class.
Are you guys seriously alleging that federal taxes are going up and up? How so? Since ~2003 we've been at historically low income tax rates. I see a country where corporate profits are at record highs, taxes are at record lows.
Christopher said he expects wage gains to continue to outpace inflation, in large part because prices have been rising so slowly.
Wages haven't kept up with inflation since the 80's. This guy is an idiot. In fact, the median income of Americans has declined as a result of the recession. He probably is on the payroll of the Federal Reserve to keep up the fairytale that inflation is almost nonexistant. Healthcare alone is expected to eat nearly a third of Americans incomes by 2025. That is insane.
In a lot of cases, even wage increases aren't covering or are barely covering the increased costs. You feel great if you see a bigger number in your pay check, but in reality, the dollar has lost enough value to offset the increase. The result is that you're either treading water or sinking little by little.
We are paying about $3.25 a gallon for gas here in Minnesota, but Diesel is still above $4 a gallon. Speculation on food prices have caused the prices to stay high, but transportation costs have kept them there.
Diesel fuel is used to transport goods everywhere. Prior to 2004 Diesel was on average $.25 a gallon lower than Unleaded, but since prices broke the $4 berrier in 2005, Diesel has never been below $.50 higher than Unleaded.
In 2006, when I got back from Iraq, we were paying $4 a gallon at the pump, and diesel was up around $4.50 a gallon, that was when I first noticed a significant change in inflation.
Yes, speculation causes fluxuation in the market on food stuffs, but transportation plays a bigger part in how much we actually have to pay off the shelf. That goes for EVERYTHING we buy. As long as items have to be transported from one location to another, we are going to pay more for them.
Certain geographic locations are harder to reach, so transportation costs hit them harder.
I'm not saying that is the only reason for inflation, I'm saying it is at least a MAJOR contribitor. We need to pressure the Oil industries to lower Diesel.
Easy Money/Credit caused all this.
...you dopes are complaining, but you voted for that POS Obozo????...now get an F'n job and start paying up , morons......you all deserve it.....
Rising prices on just about everything can be attributed directly to fuel and energy prices.
Costs more to make goods, costs more to transport goods.
The above post sounds like it was written by some wall street @!$%# wad who is afraid his little loop hole handouts will be going away.
Time to pay up bitch. The free ride the GOP made for you is going away.
@I'm right you're wrong . . this is no free ride for me brother!! My Social Security and Medicare are NOT COVERING my expenses and I DID NOT get a sufficient inflation adjustment in Social Security this year!
YOU SIMPLY NEED TO PAY MORE TAXES MR RIGHT/WRONG, I am going to Need it!!!
Don't blame me I didn't vote for the hack and empty suit, hater of America that currently resides in the taxpayers WH. Only you pick pockets of the taxpayers did so you can laze around and have the hard working Americans fund your shameless hijacking of our $$$. You make me sick!
I wouldn't worry about anything, that piece of crap that just got voted back in is all for the middle class... he said so himself!!! He's got us in mind as he:
1. Uses the EPA to shut down domestic fossil fuels (raise gas prices, heating gas, etc even higher)
2. Finishes reading ACA so he can implement it (my wife and I's health premiums just went up 10% and are up for rebid, so another increase incoming)
3. Gets more people on welfare, which means he'll have to increase my taxes to cover the lazy leeches.
4. Passes immigration reform which will literally explode the welfare budget with more lazy leeches, incoming tax increase again!
So... the dip@!$%# is all about the middle class... who the hell do you think is going to be funding him!
No Dotty, Obama is the empty chair, Romney is the empty suit with a pen (according to Grover) that the Republicans attempted to buy their way into the White House with. I voted for neither. Until the Republican party purges people like you from their base, they will not have my vote again. They would probably grow their base if they dumped the Dottys and went after sensible conservatives that understand the art of compromise.
Suck it up you liberal democrates. I hope you all bite the bullet with the win of Obama. You see wealthy rich guys like me won't get hurt a bit. It is you nit wits that want free stuff that will get hurt even worse than you did the past four years.
Good luck as I laugh all the way to my bank.......
I can't believe you are all blaming the Government for rising prices. You all need to use your brains and realize that it is corporate America and the oil companies who are increasing prices. Haven't you all seen the oil companies raise gas prices at the pump when ever they have an excuse. they raise the price of gas by 60 cents a gallon but when the price of a barrel of oil goes down, they will only lower their price at the pump 20 cents making it seem we are getting a break. We are the problem because we allow the oil companies to control us knowing we will blame our elected officials instead of putting the blame on the oil companies and don't forget they get billions in government welfare so why don't we stop wasting gas and start buying American made cars and products so the money gets circulated back into the American economy. Don't forget every time we but a foreign made product our dollars go to other countries. When we buy products made in China we are actually supporting communism. Buy American because if we don't prices will keep rising and our economy will keep getting worse.
We have seen nothing yet. Just think of all the celebrities that helped Obama get re-elected. They will ALL be guests in the white house for 4 years. If you think Michelle can put on a party for a mere $100,000.00 guess again. There will be party after party after party. These 2 nacisissts have NO conscience. You think Mrs. O. went on shopping trips before...just hang on...you ain't see nothing yet!
Winker, they are too indoctrinated into the Fox "News" propaganda machine. They started losing the rational members with the "moral majority" and lost a good deal more with the lynching of Bill Clinton. They just keep going deeper and deeper south. Something has to change with this party because there are too many conservative people in this country that do not have a voice. I know the radical republicans, such as Coco above, do not represent me.
Winker, Smaller economies are the answer to many of our woes. There will come a time when buying and banking locally will be our cheapest bet and global corporations will suffer. I will support a president that gives the tax breaks to small business and makes sure that global corporations pay their share of taxes. I will not support a government that can be bought out by super PACS.
WOW! What A LOT of GREAT-GREAT posts above!!! How refreshing to hear from REAL People who are actually living and able to name to THE REAL EXPERIENCE!
Name that DYNAMIC, anyone? EXPLOITATION? EXTORTION? Go straight for and set up to CONTROL and COMPEL (with NO ACCOUNTABILITIES) where People are the most vulnerable. I think it's pretty much a FACT, that to "CONTROL" a People, you control their food supply. Monetary food, Job/Wage food, Energy food, Home/Mortgage food, Transportation food, HealthCare/Insurance food, JUNK FOOD, etc (peripherally...a.k.a...pervasively and from-stock-marketed "does the trick" just fine, too) GET THE PRIVATE SECTOR,LLC OUT OF A SELF-GOVERNING PEOPLE'S GOVERNMENT!!! The Private Sector is suppose to be under Federal Government Regulation and the Rule of Law, NOT IN CHARGE OF IT!!!
More to the point and telling, too, as far as Election results go is that our "Private Sector" Congress's historic 87% DISAPPROVAL got elected back into play, obviously expecting a different result? A different end to those 87% DISAPPROVED OF means? Presidents come and go (AND THANK GOD for that, in the case of "W" and his HISTORIC IRREPABLE DAMAGE, but how many of his CONGRESSIONAL DREGS AND PRIVATE SECTOR MINIONS are still there and just got voted back in to stay?) THIS GETS THE PRIVATE SECTOR OUT OF A SELF-GOVERNING PEOPLE'S REPRESENTATIVE GOVERNMENT???
Pumping trillions of fiat dollars into a moribund economy can have only one result, massive inflation. When the value of the dollar is pushed down because purchasing power is adulterated by intrinsically worthless fiat dollars, prices have to rise to compensate. Corporations can't cause inflation, individuals can't cause inflation, only government has the power to run the printing presses day and night, inflating the currency without limit.
The people who advised us to hang onto our Confederate money were right. It is now worth more as a collector curio than the Yankee dollar. The people who advised buying gold were even more right. The gold that cost me $70 an ounce is looking real good about now, better even than the farmland I bought for $500 an acre.
Note well that gold, land, and Confederate money haven't gained in intrinsic value, it is the dollar which has lost purchasing power as the government has adulterated it with more worthless fiat paper. (Not all actual paper, of course. Paper does have some intrinsic value as a firestarter. Most of the inflation of the money supply is being done as 1's and 0's in some Federal Reserve computer. It is all a fantasy con game.)
And it is much cheaper, economical and environmentally friendly to produce it from hemp. There is an industry that is right in front of us, ripe for the picking that the powers that be do not want young entrepreneurs to start. Food, fuel, recreational drug, paper, cloth, ending the private prison complex... it is all there. HEMP.
PJ- In some of your earlier posts you really struck a chord that I felt in this election. I truly felt that I had no candidate, at almost every level, that represented me. As I have read vitriolic posts through and now after the election I began to believe that there were no moderates on either side left. Is there no one who could care less if gays marry or people smoke pot but want less federal government and fiscal sanity? More importantly, are there any politicians left that aren't so dogmatic they can't compromise for the good of the country?
nawtark, I think the parties to watch are the Libertarian and Green parties. Also, watch for more and more states to defy the Federal Government (as we have seen in this last election). I think we may have a civil war of sorts, It will be the States VS the Fed. We are living in lively times!
MysteryRhee . . What???
PJ . . You've been smoking too much of the good stuff. Let me guess . . You grow it too.
Winker . . . That is the name my mother had for my A**hole!! She said, it "winked" when she changed my diapers.
The voters couldn't have been too worried about higher prices. After all, they voted for Obama and with him as president, higher prices for pretty much everything is to be expected.
Must not be too concerned you just voted for another four years of the same NONSENSE.
They expect that the COLA adjustments will keep pace.
Most are in for a very rude awakening.
YourTruth, are you referring to the improving economy, improving unemployment, defict reduction, improved consumer confidence and improving housing market?
Or are you referring to four more yeasr of Republican obstructionism?
Chip Girouard-6021679
"Your Truth, are you referring to the improving economy, improving unemployment, Republican obstructionism". No Republican obstructionism save us from being 25 trillion in debt and the unions being 9 trillion richer, or GE shipping more jobs to China, spending more on Green Tech. that goes belly up 24 hours after it get a Gov. loan, or a bail out that give the company to the UAW and we paid for it and will never get 100% of that money back. That's why Obama could spend a billion on an election, Republican obstructionism never turn there backs on the military to cut spending and make the US weak or not send help when 4 Americans are being slaughtered in Libya so when you give me reasons why you as a citizen of this country can tell me why Obama has not protected this country from it enemies, listen to the will of the people than you can say Republican are obstructionism.
It would seem that is what made things better since they were elected they have had the largest employment gains. now when we go over the "cliff" things will get better you see the Democrats have proven that the bush tax cuts have done nothing for the economy but make it worse so when taxes go up every thing will get better.
To all
the only obstruction is Reid who is a puppet to Obama to push the Soros and Ayers progessive agenda.
Prices adjust accordingly to the feds devaluating the dollar and big government wasteful spendig.
Limited government and the power back to the states and its people as stated in our constittution is the only way to get us back.
Obama will not do that as he is set in his ways as in the beginng in Chicago as an organizer with the meetings with Ayers and Soros to get hiim first elected as a Senstor and to the white house to continue the progressive agenda.
Its sad that many voted on hype and propaganda instead of researching the background of the candidates.
This is where the main problem is at- people not taking the responsibility to vote by a sound and informed decision.
If in fact you want the truth on unemployment, it's 14.6%.
You see, Slick Willy in 1994 decided the numbers were too high, so he made the BLS give only the U-3 number, which the media promotes. So "just below 8%" discounts 3 categories of unemployed that we all used to count under presidents before Clinton.
Enjoy.
Hey, you sure got that right. Things are really bad, and what does good old American public do? Why they vote the SAME people who are responsible for this mess, right back in again, so that they can continue to do exactly the same things. Very smart people we have voting, don't we! Maybe too many illegals received the 'right' to vote, thus helping this muslim socialist back to lead them toward a socialist state.
Wow, Sugarfoot,
I
Who was responsible? If you say Obama, and the Dems I am going to have to laugh at you.
The recession/depression started in 2006/07...everything that has been done, what could be done with a GOP who wouldn't budge on anything that might make Obama look like he was able to accomplish anything. Who said, "Obama is going to be a One-Term President, we'll make sure of that..."
The budget went before the Congress three times, and all we were able to do was extend the Bush era tax code, because the GOP wouldn't allow a levelling of the tax code on the wealthy. Even though every time significant tax breaks have been given to the wealthy, we've gone into recessions. This is because when those tax breaks are given "to encourage corporations to increase work force and benefits," those benefits and jobs DON'T happen.
Again, I ask WHO is responsible???
Add to that two wars that were supposed to be paid for by oil revenues from Iraq (George Bush 2004)
Again I ask...Who?
2006 was when the Repub lost the majority, know your history before you blame one party.
Who was in power prior to that, you assume the issue started in 2006. I know my history and I don't credit someone who JUST attained office. The changes were instituted between 2000 and 2004.
Just like the GOP/TP like to blame the current administration for the debt, when it took the previous 8 years to build it.
So I guess it's still all bush's fault Military Man? When will you liberal @!$%#s make that piece of @!$%# take responsibility for his actions???
Oh, that's right... liberals don't have to take responsibility for their actions, they just get an abortion or go on welfare.
Chip...will you (or Obama) ever OWN it? Let's hope Rebuplican continue to obstruct destructive policy! Pathetic!!
Mr. Military man...When the F&^% will you OWN it, man? How long will it be Bush's fault? No talking to people like you...sorry I wasted my time on you.
I find it hilarious that some evidently ignorant person promised, cut the deficit by half, 5.2 unemployment and on and on. So anyone with a lick of intelligence looking into the situation in 2008 would have seen this coming, so you pick(A) lack of intelligence or (B) just a liar..only conclusion you can make, Bush did not hold a gun to the idiot's head and make him say what he did. It can me all the above you want both A & B.
We have 4 more years of that tired old "IT'S BUSH'S FAULT". Just watch. The whole problem is that Obama and his scholars were not conpetent to figure out the extent of the financial problems or how to fix them. That is why he made promises he could not keep. He was incompetent. When they found out they did not have a clue what to do they just decided to work on small things after they got Obamacare passed. Then he appointed czas who did not know what to do either. The intelligent decision would have to put people in positions who knew what they were doing but he did not know any.
If you think we have trouble now just wait until he starts appointing judges. Eric Holder on the Supreme Court should have been the #1 reason to vote for Romney. Our country and our world changed on November 6th.
All you republicans got spanked and you're so pissed.... he he, he, he.....ha, ha, ha O B A M A !!!!
Welcome to the new Obama normal.....
Amazing...............NOW they complain about inflation , yet they vote the core problem back in office for another four years...absolutely amazing....they got what they deserved.
amen-these stupid ass voters haven't seen anything yet, but remember it will be the Repubs fault.
Problem is, the ones to suffer the most are the hard working Taxpayers who actually earn a living which all voted against Obama not the Entitlement Handout vote for Obama.
Maureen, please provide a list of the the things that the current administration has done that directly effects inflation.
Thanks...
KURT--I know we will pay and then pay, sucks having to go for the ride.
Most Americans hardly pay any income taxes you have to get above 250K to get higher than an average of 10% income tax.
Auto 101, getting a "refund" does not mean one did NOT pay income taxes but rather they just OVER paid on their income tax. The rate of 10% is way too high considering when the "pernament" Income Tax was introduced in 1913, The Socialists "Progessives" in Congress that pushed this claimed it is only on on all income over $500,000 ($11 million in today’s dollars) at a tax bracket of 7%; and the lowest tax bracket was 1 percent
Who said anything about refunds? I'm talking about deductions we make 91K and pay 6% federal income taxes.
Chip
QE1
QE2
QE3
And coming to a town near you QE4
It's the commodities on the stock market that is going up..just like oil. ANd they started to go up under Bush. Again, not a lot that the government can do with regulating the stock market and commodities.
So the markets are controlled by entities completely outside the reach of the President?
Let's see, Clinton signed in the effective repeal of Glass-Staegall, and up came commercial and speculative trading, argued by many as the exact cause of the housing market collapse, federal bailout of finance firms, and the loss of thousands of jobs.
Oh I see, we can only blame things on Bush here.
Auto 101, why in all your posts do you insist on believing that everyone's finances, life and job prospects are exactly like yours?
6%? Our household makes less than 80 combined before taxes. Between state and fed I pay nearly 36% already.
Spinsquad,
Prior to 2003, there were consumer protection regulations in place to protect Americans and American jobs from the abuse of that act. There were protections against the abuse of NAFTA, conditions that corporations had to meet in order to move some of their operations to countries like China...
There were also regulations in place that controlled how much interest banks could charge on home loan interest and credit cards.
When those controls were removed, and the wealthy were given massive tax breaks, what happened? It took a few years, but we had the worst recession/depression since 1929.
Oh, yeah, that was when the SEC had teeth.
Me and my wife made $8,000.00 last year, full time! How much tax do you think I paid?
Malcontented...and I suppose you voted for Obama so you would get that "shot" he wants everyone to have?
Military...you are talking 100% out of the wrong orifice! You want to rely on "policy and regulation" for consumer protection? The US military, as we speak, is ignoring a LAW on the books (Berry Amendment) requiring that they acquire US-made products in various categories...in the name of NATIONAL SECURITY. This law is being ignored and they are buying from...you guessed it...China...whenever and wherever they can. But not even for the sake of saving American tax-payer $. No! because of powerful U.S.-based lobbyists. Don't talk to me about Federal regulations to "protect" us! If our U.S. government and our President can ignore laws and ignore opportunities for U.S. manufacturing jobs, nonetheless for sake of NATIONAL SECURITY, they surely won't "protect" us from economic threats. You need to pull your head out of your $%^ "on the double"!!
@auto101
6% taxes?!?! WTF....try about 36% on less than 60k per year. Where do you get 6% in taxes?
When we made 60K in 2006 we paid 2% federal income taxes and .75% state. NOW you can count payroll I don't Because we will most likely get it all back when we collect s.s. and then some.
To quote Rev. Wright.......
"America's CHICKENS.........have come home to ROOST!!"
Time for the lemmings to start living with their decision......This is just the tip of the iceberg.....
I do see that the empty suit is planning a trip to Burma....I guess Michelle and girls need another vacation......and the pimping continues.....
AMEN to that, brother wb52!! And I am SHOCKED to see mostly anti-obama sentiment in these NBC NEWS posts! I think the libs are VERY nervous about needing to defend THEIR President for the next four years! I willy gleefully sit on the sidelines shaking my head with a smirk on my face as they get EXACTLY what they voted for!
Re-Mark: we ALL got exactly what "they" voted for.
The vacations are just beginning!
Let king obama take care of it.
They can't be too worried about it. They re-elected the empty chair
Saw a comment from a friend of mine just 12 hours after the election results, about how gas prices had gone "sky high" in just one day, and what's it going to be like after four years. Did he consider that Hurricane Sandy devastating the East Coast just might have had something to do with it?
LooLoo - Sounds like Atlas is Shrugging.
Most people don't realize that it is greed that puts food on the table at a competitive price not altruism. Farmers want something they don't have so they produce what someone else needs for exchange. Greed is simply wanting more than what you have.
navyvet, no they didn't. The Republicans still have it.
What you don't want to do your patriotic duty? We make 91K in 2011 and paid 6% income taxes. Let the bush tax cuts expire we need to turn the 47% unpatriotic Americans into the 15% unpatriotic Americans. When we made 72K we paid 4%taxes.
I live in Norther New Jersey. Hurricane Sandy didn't raise gas costs, it just crippled the gas supply. CT, NY, and NJ governors were looking at gas prices here and so far nothing wild went on.
The Northeast is largely a terminal/pipeline system, and not a refinery system. Electricity goes out, and terminals don't run and pipelines slow. Trucks cannot get filled up. You can figure out the rest.
Obama don't need the ones that voted him in no more gas may go up to 5 or 6 bucks a gal.
How true. I could even see gas at $8.00 a gallon in a few short years. Food would necessarily double as well as electricity and natural gas. IMO the worst hit by the Obama economy will be his supporters since these costs impact the poor far more than those with decent jobs.
I am already seeing large layoffs announced by big players like Boeing... It is gonna get BAD!
Maybe they heard he was handing out free gas-cards.
GHX...and those are the people that are going to wonder why gas has doubled again, groceries and utilities are up again. When there are fewer paying taxes than not...and this could happen by the end of 2013...taxes will go UP! but sooner or later...before 4 years are up welfare benefits are going to have to be cut and watch the riots. OWS is nothing.
aren't these the same stupid ass voters that think the Country is headed in the wrong path, but lets keep going there. Can't fix stupid, have fun Obamabots, DUH!!
Exactly! WHY? I wish I knew, but no matter how bad it is, or will get, they just seem to put the same bandits right back in office again. Where has the notion of getting rid of some slug that doesn't do his job? WHY?, did they put this socialist right back in again to continue doing what he has done all along?? America? No, this is beginning to look a little like the former Russia of old...........the communist run country. Socialism and communism............pretty close allies, and obammy wants socialism so bad, he is willing to do anything to get it. Wait til these possums who voted for him, get the bill for their stupidity!!
Hey, LooLoo, Romney got 48 percent of the popular vote. Dems gained five seats in the House and have 53 seats in the Senate, and that doesn't count Independents. Learn to read results before spouting off.
Yes prices are going up, but then I remember when I was working at 12 years old (way back when) for $15 a week. And when the minimum wage went to 75 cents an hour people thought the world was coming to an end. Cigs went to 35 cents a pack and people said they were gonna stop smoking. Nothing happened and we were and still are the greatest country on the face of the earth.
Don't sweat the small @!$%# haters. Prices have been going up for all my 65 years. And inflation generally is between two and three percent.
Give it a break. Obama is still President and we still are gonna have gridlock in Congress. Remember there are three seperate and equalparts of the political spectrum, the Congress, Presidency and the Supreme Court.
Don't blame the President alone. All three are responsible for the screwups. And the divided Congress takes most of the blame.
Hey, Jackieboy, Romney won the popular vote - 52%. Obummer got the electorial and gets to devalue our dollar for another 4+ years.
Oops...looks like I was wrong...guess Obummer did win the popular vote according to the latest info......I was out of this for 1 day having knee surgery. I still stand on the other info in my post(s). "Have a nice day".
jackieboy, if you think inflation has only been at 2-3% these past few years, then I have a few bridges to sell you. Inflation has been MUCH higher than that when you consider the things that people spend most of their money on. On top of that, wages have been basically flat. People have every right to be concerned about rising prices because most of them are seeing their available cash decrease year after year.
I haven't seen much of an increase in our bills. Only about 2% in our food prices that bill is still below $350. Our pay has gone up about 30K over the last 6 years
Auto, you've averaged a pay increase of $5K per year. I'd say you are not the average case. How much has your health insurance gone up in those 6 years ? Be sure to count premiums, deductibles and reductions in coverage. In the last 4 years alone, my health insurance costs have increased by $5440.
I see the sore losers crawled out of their holes today. I also see their passion for bull@!$%# is as strong as ever.
Get over it loooseerss.
trust me, in the long run, you will be the loser. Enjoy!!
Auto the price of Milk is over $4 now. It was at $3 before Obama. That is a 33% increase. Braid was $1.20 a loaf for good wheat. It is now $3. That is 250% increase. Do you want me to continue? The value of the dollar in the last 4 years has dropped like a rock and all because of the Obama/FED policy of QE 1,2,3 and soon 4 just to make their MASSIVE increase in debt look smaller. For those of us living in the real world Obama's policies have cost us dearly. Add on top of that his push to make gas more expensive so we will be force to buy higher costing lower capable alternative fueled cars and most of us are now living on half what we where before Obama. And yes I know Bush started it but then why did Obama have to make it worse.
I remember paying $5/gal for milk in 2007-08. And bread was about $4.50/loaf then. I bought a loaf of good bread for $3.50 last week. Where I live the prices of things (other than healthcare) have seemed to come down.
The things going on in one part of the country don't necessarily happen everywhere else...
Here it is $3.10
We get it at the cheap bread place. it is about 2 for 2 for good multi grain.
We have Trycare but I have kept tabs on my employer policy and the cost is still the same save the office visit it now costs $20 instead of $15
People don't like rising prices, but then they went and chose the president who isn't doing anything about it and actually contributing to the problem by borrowing and wasting too much of our money.
They made their choice and now we all have to live with it. If the president has his way, your money will be worth much less than it is now in 4 years. That means prices will be higher. You want to blame someone, go look in the mirror.
Obama will finally be correct if he continues to blame the problems in the economy and the world on the PRIOR Administration. We are now headed ever further to a disasterous Fiscal Cliff due to the policies of the previous Administration, Barack Hussein Obama II AKA Barry Soetoro Oval Office Occupation Term 1
Obummer walked into a quasi-mess and then made it worse. He's got no business blaming Bush for so much when he did little to correct things. I don't understand how he can get away with adding so much to our debt and still get re-elected. If the young women really think that Romney would take away their right to have an abortion, then they must have a screw loose or something like that. Just because he doesn't personally favor abortion doesn't mean he would have tried to outlaw it.
Obama had much lower Interest Rates and a much lower unemployment rate when he took office than when Reagan took office from Carter. Yet within the 3rd year of the 1st term of Reagan, we had constant above 5% growth rates and unemployment in the 5% range and the Fed was complaining that the economy was "over heating". A Reagan type or Tea Party Member Type President would have had the same problem "an over heated" economy now instead of the Great Recession of Obamanomics and the slowest "recovery" on record.
As with your other issue, we should have the opportunity of "Life, Liberty and the Pursuit of Happiness", getting aborted by no choice of your own but by someone's selfish choice does not give one this opportunity.
Too bad we don't have another Carter he must have had the greatest economy he created 10.1 million jobs in 4 years Reagen did a small 8 million every 4 years and Bush 1 did 1.2 million (the same number his son did in 8 years). Clinton had 20.4 million in 8 years (it is a good thing Al Gor invented the Internet) With Obama we had only about 200K.
Kurt you are out of your mind comparing Obama's unemployment situation to Reagan's.
Obama gets the post-1994 BLS change to say unemployment is 7.9% ending October, yet Reagan has pre-1994 U-6 numbers to contend with. U-6 today is 14.6%.
I trade currencies and most of the pricing pressure comes from Obama/Federal Reserve devaluing the U.S. Dollar. It only gets worse from here, welcome to four more years.
I figure in about 2 years...the lefties will have a "Bridge over the River Kwai/David Niven" moment when they look up and say, "What have I done."
But then I remember it's the left...and they will never take responsibility for their poor decisions.....
yes, you said that right, but they have learned from the master, Obama is yet to own anything, I guess he is above everything and perfect. NOT!!
Exactly...they'll look up and say "Just look what Bush did!"
It is unbelievable the American public are so stupid as to elect this idiot Obama back in office. Obama is laughing all the way to his bank!
I hope all of you that voted for 4 more years of obama, are happy. You wont be smiling when the obamacare completely takes over and you are paying start paying all the high costs..When we start losing more and more jobs, the economy starts failing worse, he will keep blaming Republicans instead of himself. We are all in a downhill path to the bottom, and we willl hit bottom before he leaves office.....
Yep, with all their vicious attacks against the Tea Party in the last 4 years by the Obama Stormtroopers, the same ones will be wishing a Tea Party Member had been President after the real cost of ObamaUnCare start kicking in. Bring your parachute, that oncoming Fiscal Cliff is going to be awfully steep.
Bring it on. Cowards don't want to pay their taxes.
Auto, we have no problem paying taxes, it is the tax rates set by the Taxaholics in ALL levels of Government that we have a problem with. Taxes from actually creating jobs (permits to open a business), to sales tax (what had the Gov do with someone buying a product at an agreed upon price?), to capital gains tax (The Investor took all the risk and got NO advice from the Gov, why are they taking a cut?). If we did not have such taxaholics and Spendaholics of taxpayer's funds, tax rates would be at the reasonable pre 1913 rates.
Which cowards are we talking about, here? The people who've been on welfare for generations who continue to pay no income tax?
Or do you mean the hypocrite cowards like Warren Buffet who whines about his secretary's tax rate being too high while his company owes about a billion in back-taxes to the government?
Have you even looked at it??? if we fallowed that tax code adjusted for inflation our federal income would be less than Mexico about 200 billion. The lowest group taxed was at 17K or for to days income of 350K. that is the 1% tax bracket then you get to 7% at 11 million.
Here is an idea of some differences the top of the line Delaware class battleship was 6 million or 128 million to day they took 6 years to build( an Iowa class battle ship for WW2 cost 100 million). a supper-carrier costs 9 billion and the small destroyer is 1.1 billion.
Now if we kept our non spending habit from 1913 on we would not have gone into WW1 and this would have caused a draw that would have brought the war to an end (when we entered England needed 5,000 people every day to replace the casualty's). This might have prevented the great depression it might not have it might have prevented Hitler from taking power in might not have. if WW2 happened England would have given Germany a ceasefire but Europe may not have had a war. However it would not have prevented Japan from going to war against its neighbors they very well could have been to rulers of China to day.
Th prospects of the US would be far worse than it is today. We would spend on ever person about asmuch as the Sudan or the Republic of Cango. Mexico would be a better place to live.
People are lumping fuel and food in the inflation complaint in here. Well, those two commodities are not included in the official government inflation rate.
This is probably the Presdient's fault too.
The herd of righties are in rare form. Sour grapes?
No sour grapes from me.....Am I disappointed...of course....but it is what it is......I'm just saying you reap what you sow.....
We accept the will of the people, but realize taxes WILL go up for everyone, Food costs WILL go up for everyone, Gas and Energy prices WILL go up for everyone.. Just saying. Not a biggie and certainly no sour grapes. I for one like higher gas prices since it keeps our roads a bit less congested so there is a silver lining. At $8.00 a gallon I see a LOT less traffic on the roads as the poor are forced into public transportation which is probably a good thing so while it is disappointing in many ways the way things went, Obama is not all bad!
Well, he may not be ALL bad, but he is absolutely, NO good!!
The House and the Senate are the ones to blame. Congress makes the laws, not the President of the United States. Unfortunately, we have a bunch of extremely well paid /rich people in Congress who don't want to change the status quo. Nothing is going to help the middle class until the middle class starts putting pressure on these self interest groups. I also believe that the very wealthy in this country need to start paying a higher share. Too many of them have made their fortunes off the labor of the American worker and given little or nothing back. Instead, they ship our jobs overseas.
Cry me a river. Congress was voted into office just like Obama. Obama's "jobs tzar" once said he could see no reason to hire a SINGLE American when the job could be done cheaper overseas....
The wealthy in this country DO pay their fair share, and I only hope Congress can be strong and ensure the rest pay their fair share in January!
$500 child tax credit instead of the abhorred Bush $1000 per child tax credit to begin with!!!!! A trillion dollars in cuts Higher taxes on the wealthy by a giant margin.
A liberals dream for sure - increased revenue and decreased spending!!!!!. I for one am willing to pay a bit more to see the "fiscal cliff" realized and Obama's supporters burned at the stake!
The year is 2016, the US is 21.6 Trillion in debt, unemployment 9.9, credit rating dropped, 60 Million on foodstamps, gas at $5.50 a gallon the above is what four more years will look like!
Mark, you are VERY oppomistic on the unemployment rate unless the "official" unemployment rate is way understated or the report is out of reality such as the sudden 0.3% drop in the "official" unemployment rate reported on the 1st week of October on the September jobs report for a "rosy" report before the upcoming election
I have heard from soooo many companies about taking full time to part time to help with expense. It is going to be really bad, God help us! The last four years are going to look like a vacation.
plsthink90 I think you are correct. Alot of companies will scale full time folks back to part time also because of the Obamacare regulations.
correct PLS, Darden Resturants (owner of Red Lobster and other popular restuarants) have already started to convert their hourly employees from Full time to Part Time as they know the ONLY way to stay afloat with the coming cost of ObamaUnCare and regulations, they can not afford to pay medical insurance anymore unless skyrocket the prices on their menus that you pay to eat there. Thanks to Obamanomics our hardworking low wage service employees are losing their full time positions for parttime and losing their healthcare at the same time. Obama can try to claim there has been an "increase" in employment without actually stating it is actually an increase in PART Time employment due to the major shift of Full Time to Part Time of many in the service sector in Retail and the Restaurants.
My heart goes out to those looking for "Full Time" work in the service industry in the next year and beyond for they will be rare indeed.
$5.50? Not unless they make a gallon 30-40% smaller.
Mark...unemployment will be 10+%, gas will be $7.00 a gallon. Wait until you see what the September and October real % was before the books were cooked for election. We may never get the chance to see.
Kurt's comments; I think I am being optimistic. I hope things do get better but I am not sure about that. Funny we see this story after the election.
The most optimistic thing that can happen is regime change due either the Benghazi cover up Congressional investigation & then Soetoro's resignation or the fact that have the Occupier of the Oval Office actually never REapplied to be an American Citizen after his OWN mother changed his citizenship to Indonesian as a youth and resignation that we have had an unconstitional occupier of the Oval Office for the past 4 years.
KURT--if we could only be so lucky.
It was a little weird that Donald Trump offered $5,000,000 to a charity if Obama opened his records.
I believe it was even weirder that Obama dismissed it.
If he has nothing to hide, why not open his records for the benefit of the non-profit of his choice?
Of course it's pure gossip because I have no access to his papers but I've heard that Obama claimed Indonesian citizenship to get lower tuition rates.
Did somebody declare a RWNJ holiday, or did you just crawl out of your holes after the shellacking Romney took.
RightWrong...I'm out of my hole...and yeah, it was a deep one...and now ready to watch you eat the sh%t sandwich you just voted for. Enjoy!
The @!$%# sandwich the Country will endure is the ass clown you voted for as your congressman.
Yes there is the Benghazi thing where this administration allowed the murder of 4 Americans and then tried to cover it up...and there's also the "Fast and Furious" thing endorsed by the administration's Attorney General that put weapons into the hands of known thugs that killed 300 Mexican and another American and who then ran back to the Empty Suit looking for shelter. The Empty Suit then claims "Executive Privilege" to hide the facts and cover them up as well.
If this administration is so fast and loose with these human lives...I wonder how the average citizen will fare if push comes to shove.
Having an Empty Suit that does these things worries much more than rising prices.
wb52 what Obama does with Executive Orders and judge appoinments should be our #1 fear above job, prices, and the economy. Remeber this wb52!
The price of manufactured goods goes up... While the cost to manufacture those goods goes down... because the manufacturing process has been shipped to China, etc... Thus, creating higher unemployment as workers are displaced and can't be absorbed into other jobs... Because those other jobs are now in China, etc... The snowball is rolling downhill... Picking up speed and growing... America is heading towards third-world nation status and the economies of China, India, etc. are growing...
And while all this is happening... Corporate profits are at record highs! Corporate Senior Executive compensation is at record highs!
BTW… This has been happening right along… Doesn’t matter who occupies the Oval
Office… Democrat or Republican… Our government is owned (PAC Money!) by GREEDY Corporate America… The Government “of the people, by the people and for the people” HAS perished from the earth… GREEDY Corporate America is calling all the shots…
it's also about Fed money printing policy, i.e. QEs, which devalues dollar and causes inflation.
it does matter who occupies WH. if Romney would be elected, he would replace Bernanke with someone else who's not a QE supporter.
The Chinese are no longer buying our debt. 100% is being borrowed from the Fed. The official number is around $50 billion a month, but given we just went through 2.4 trillion in 15 months the real number must be around $120 billion a month. Now just two days after the elections Obama is demanding another 2.4 trillion.
I say take our medicine and let the Bust tax cuts expire for everyone. Make the mandated government cuts and we will be on our way to the start of recovery!
State and local governments are broke. Pension plans are unfunded. Unemployment is as high as ever. Sovereign debt is a problem. The total debt in the world economy is too high. Entire western world has borrowed excessive amounts in the last few decades. This is not just the money owed by governments, but it is the money people and companies borrowed from the banks. Perfect storm is coming. Austerity and spending cuts will be deflationary. Google for "PREPARE FOR MARKET CRASH".
I used to like to the grocery store, not any more the prices are ridiculous. They say for every action there is an equal reaction. The actions by the Government created the reactions across the board for the American People. Wait until after the 1/1/2013 and the Obama-Care taxes come into play. We will have less money to buy anything we need. The American People that voted for Obama actually voted for a tax increase. Get used to these high prices they will be around for some time and incomes will be taxed more. The new Obama Norm.