The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3 percent in August on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics reported today. (Before seasonal adjustment, the all items index increased 0.1 percent for the month.) Over the last 12 months, the all items index increased 1.1 percent before seasonal adjustment.
The table shows food up fractionally (yeah, right), energy down, especially fuel oil (huh? Not around here!), electricity down (huh – again, not around here!), natural gas up big (almost 4%), used cars up big again (15% over the last 12 months!), medical care supplies up nearly a percent, and transportation and medical services up materially.
The only “standout” number in the report is the one for used vehicles. Cash for clunkers created insane price inflation in a place where the less-wealthy cannot afford it as this is not a discretionary purchase – transportation expenses.
If you’re an Obama supporter you need to take this one to heart folks: Obama effectively declared war on the lower-working class people in this country with that program, and now the evidence is in.
Contrary to the claims that this was “good for America”, once again the politicians – including most especially President Obama – stuck the corncob in the working man’s rear end. This, from a President who claims to be for the “working man and woman.”
The only way you can possibly justify that claim given the now-irrefutable evidence is if you’re Barney Frank and like getting screwed.