The government published new inflation data on Tuesday. The results, unfortunately, are more bad news.
The Wall Street Journal reports that US inflation hit a four-decade high of 8.5 percent in March compared to one year earlier, driven largely by surging food and energy prices, supply chain problems, and increased consumer demand for goods.
“The Labor Department on Tuesday said the consumer-price index—which measures what consumers pay for goods and services—in March rose at its fastest annual pace since December 1981, when it was on a recession-induced downswing after the Federal Reserve aggressively tightened monetary policy,” writes Journal reporter Gwynn Guilford.
Americans hardly need to be told prices are rising sharply. They feel the pain at the pump ($4.32 a gallon for gasoline) and at the grocery store when they pay $4 for a dozen eggs, $3 for a carton of milk, and $18 for a ribeye steak that was $14 a year ago. They feel it when they go out to the local Mexican restaurant and their bill is $20 higher than it was the last time. They feel it when they get a shocking quote for home repairs from a contractor, who apologetically explains those high lumber prices are back.
This is how inflation destroys good people:
Our local Mexican restaurant is owned/run by a wonderful Mexican family. Their son is the same age as ours, and we order from there at least once a week. For the past 5 years a total check for 5 entrees + rice/beans has been $90.
1/7
— Erich Hartmann (@erichhartmann) April 8, 2022
Everyone is feeling the inflation pinch. A recent Wharton School of Business analysis found that the average US household spent $3,500 more in 2021 on goods and services because of inflation.
Inflation is a serious problem with real consequences, which is why it’s so important to understand why it’s happening. Some politicians, such as Sen. Elizabeth Warren, would like you to believe that inflation is caused by corporate greed. But even left-leaning economists from the Obama administration have pointed out Warren’s economics are wildly off base.
You don't need them to tell you what inflation is. You know how bad it is as you try to feed,clothe and shelter your family, pay for gas and other expenses. And you know it is more than they are saying.
This was entirely avoidable and we cannot let reckless policy continue.
— Carol Roth (@caroljsroth) April 12, 2022
The real reason we’re seeing the highest inflation in generations is because of the steps taken by the federal government during the pandemic. In an effort to keep the US economy afloat as politicians shut down the economy, the Federal Reserve began aggressively printing trillions of dollars, swelling the Fed’s balance sheet to nearly $9 trillion in 2021.
“You flooded the system with money,” 60 Minutes journalist Scott Pelley said in a 2021 interview with Federal Reserve Chairman Jerome Powell.
“Yes, we did,” Powell replied. “That’s another way to think about it. We did.”
The mystery of Inflation.
"You flooded the system with money."
"Yes, we did." pic.twitter.com/2ClRf97fg7
— Jon Miltimore (@miltimore79) January 17, 2022
There was never any question the Fed’s action would cause inflation. The only question was how much. Now we know.
You see, you can’t just print vast quantities of money without consequences. There’s a great episode of Common Sense Soapbox that explains why. In the episode, Bob’s father “Ron” explains that money “doesn’t grow on trees.”
“Why not just pwint mo money?” Bob’s baby brother says. “Den Bob can have some mo.”
Bob’s baby brother is then told why the government can’t just print money to solve its problems.
“Printing more money can be a very bad idea. It results in the money we already have losing its value,” says Seamus. “In the short term, it may not seem like it costs you. But in the long run, it results in all of your money being worth less than it was before. So it’s basically just a hidden tax.”
The federal government took its monetary experiment to new heights during the pandemic, and Americans are now experiencing the results. But in order to solve the problem, Americans need to understand how this inflation arrived.
It’s one thing when Bob’s baby brother doesn’t understand the problem with printing money. Politicians should know better.
This article was adapted from an issue of the FEE Daily email newsletter. Click here to sign up and get free-market news and analysis like this in your inbox every weekday.
Jon Miltimore
Jonathan Miltimore is the Managing Editor of FEE.org. His writing/reporting has been the subject of articles in TIME magazine, The Wall Street Journal, CNN, Forbes, Fox News, and the Star Tribune.
Bylines: Newsweek, The Washington Times, MSN.com, The Washington Examiner, The Daily Caller, The Federalist, the Epoch Times.
This article was originally published on FEE.org. Read the original article.
Most “Conservative” News Outlets Are on the Big Tech Teat
Not long ago, conservative media was not beholden to anyone. Today, most sites are stuck on the Big Tech gravy train.
I’ll keep this short. The rise of Pandemic Panic Theater, massive voter fraud, and other “taboo” topics have neutered a majority of conservative news sites. You’ll notice they are very careful about what topics they tackle. Sure, they’ll attack Critical Race Theory, Antifa, and the Biden-Harris regime, but you won’t see them going after George Soros, Bill Gates, the World Economic Forum, or the Deep State, among others.
The reason is simple. They are beholden to Big Tech, and Big Tech doesn’t allow certain topics to be discussed or they’ll cut you off. Far too many conservative news outlets rely on Google, Facebook, and Twitter for the bulk of their traffic. They depend on big checks from Google ads to keep the sites running. I don’t necessarily hold it against them. We all do what we need to do to survive. I just wish more would do like we have, which is to cut out Big Tech altogether.
We don’t get Google checks. We don’t have Facebook or Twitter buttons on our stories. We don’t have a YouTube Channel (banned), an Instagram profile (never made one), or a TikTok (no thanks, CCP). We’re not perfect, but we’re doing everything we can to not owe anything to anyone… other than our readers. We owe YOU the truth. We owe YOU the facts that others won’t reveal about topics that others won’t tackle. And we owe America, this great land that allows us to take hold of these opportunities.
Like I said, I don’t hold other conservative sites under too much scrutiny over their choices. It’s easy for people to point fingers when we’re not the ones paying their bills or supporting their families. I just wish there were more who would make the bold move. Today, only a handful of other major conservative news outlets have broken free from the Big Tech teat. Of course, we need help.
The best way you can help us grow and continue to bring proper news and opinions to the people is by donating. We appreciate everything, whether a dollar or $10,000. Anything brings us closer to a point of stability when we can hire writers, editors, and support staff to make the America First message louder. Our Giving Fuel page makes it easy to donate one-time or monthly. Alternatively, you can donate through PayPal or Bitcoin as well. Bitcoin: 3A1ELVhGgrwrypwTJhPwnaTVGmuqyQrMB8
Our network is currently comprised of nine sites:
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We are also building partnerships with great conservative sites like The Liberty Daily and The Epoch Times to advance the message as loudly as possible, and we’re always looking for others with which to partner.
Some of our content is spread across multiple sites. Other pieces of content are unique. We write most of what we post but we also draw from those willing to allow us to share their quality articles, videos, and podcasts. We collect the best content from fellow conservative sites that give us permission to republish them. We’re not ego-driven; I’d much rather post a properly attributed story written by experts like Dr. Joseph Mercola or Natural News than rewrite it like so many outlets like to do. We’re not here to take credit. We’re here to spread the truth.
While donations are the best way to help, you can also support us by buying through our sponsors:
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We know we could make a lot more money if we sold out like so many “conservative” publications out there. You won’t find Google ads on our site for a reason. Yes, they’re lucrative, but I don’t like getting paid by minions of Satan (I don’t like Google very much if you couldn’t tell).
Time is short. As the world spirals towards The Great Reset, the need for truthful journalism has never been greater. But in these times, we need as many conservative media voices as possible. Please help keep NOQ Report and the other sites in the network going. Our promise is this: We will never sell out America. If that means we’re going to struggle for a while or even indefinitely, so be it. Integrity first. Truth first. America first.
Thank you and God Bless,
JD Rucker
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