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Inflation May Be Slowing Down, But the Long Lasting Damage Is Already Done

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While the Biden Administration continues attempt to paint a picture that inflation is under control, the truth is that while things may appear to be finally subsiding for a moment, the irreversible damage that has been done will continue to harm American families financially for years to come.

A recent piece from CNBC points out that while inflation appears to be cooling down, the impact on the price of basics such as fuel and groceries will continue to linger:

Over the past few months, many of the key factors that fueled a four-decade high in inflation have begun to fade. Shipping costs have dropped. Cotton, beef and other commodities have gotten cheaper. And shoppers found deeper discounts online and at malls during the holiday season, as retailers tried to clear through excess inventory. Consumer prices fell 0.1% in December compared with the prior month, according to the Labor Department. It marked the biggest monthly drop in nearly three years.

But cheaper freight and commodity costs won’t immediately trickle down to consumers, in part due to supplier contracts that set prices for months in advance.

When combining the issues faced by suppliers as well as the increased costs of labor since the pandemic of 2020, consumers are left to carry the burden going forward.

The question that remains is, now that Americans can have a moment to breath (right before they then have to face the tax man this season), what does their financial landscape look like going forward? Are better days approaching or is the future simply a permanent disaster?

RELATED: Feds Borrowed $4 Billion Per Day In 2022, Totaling $10K Per Household

Millennials Will Likely Continue to Struggle Getting Ahead

The young people of today continue to be faced with the burdens of attempting to aspire to the dream of a middle class lifestyle while dealing with severe economic challenges that the prior two generations did not have to face.

An article from Fidelity published in July of 2022 pointed out the stark differences in spending habits between millennials and their parents, as well as the unique challenges they’re encountering.

“For the first time in their lives, millennials are feeling rapid inflation’s effects—and in some cases are being forced to reassess their future plans,” the author writes.

The author points out that younger consumers “are more likely to buy used cars, because they’re cheaper than new ones.” While that might seem like a generic, cost-effective decision, they note that “used car prices soared more than 37% in 2021” and have continued to rise since. 

Millennials largely are more likely to rent instead of buying homes, especially since many of them are priced out in our current, ultra-competitive home buying market. With that said, it also is not very helpful that within the past several years since the pandemic, rents increased by an average of 18% nationwide.

Critics may point out that at a surface level, Millennials, who consist of those born between 1981-1996, are now boasting an average net worth of $76,000 since they’re reaching their prime working years. However, Millennials are only doing better comparatively than those born in 1997 or after.

A Yahoo! report from December points out that “Millennials earn more money than any other generation at their age, but hold much lower wealth due to the cost of living outpacing wage increases,” according to certified financial planner Molly Ward from Equitable Advisors.

“Also, with boomers, as they married young there were often two wage earners in a household, so net worth increased,” said Ward. “Millennials are often living on one salary, as they might not marry young or marry at all.”

RELATED: Yes, They’re Coming for Your Gas Stoves – and They’ve Already Started

Central Banks Backing Up With Gold Signal Distrust in The Dollar

How have the central banks of the world fared during this tumultuous time? Well, while they were printing money at a rapid pace, devaluing our buying power and killing our savings, they were also buying gold at disturbingly high rates.

In an article published just this week by Daniel Lacalle from the Mises Institute, Lacalle sounds the alarm on the gold buying activities of central banks around the world.

“In 2022, central banks will have purchased the largest amount of gold in recent history,” says Lacalle. “According to the World Gold Council, central bank purchases of gold have reached a level not seen since 1967. The world’s central banks bought 673 metric tons in one month, and in the third quarter, the figure reached 400 metric tons.”

“This is interesting because the flow from central banks since 2020 had been eminently net sales.”

Lacalle adds that there are many factors for this rush in gold buying. Factors obviously include the drastic inflation of the U.S. Dollar, which is after all the world reserve currency, but also China’s attempts to distance their economy’s dependence on the dollar, the impact of the conflict in Ukraine on the rest of Europe, and the falling value of our own bond market.

“So, why do they buy gold?” He asks. “Because a new paradigm in policy will unavoidably emerge as a result of the disastrous economic and monetary effects of years of excessive easing, and neither our real earnings nor our deposit savings benefit from that. When given the choice between ‘sound money’ and ‘financial repression,’ governments force central banks to choose ‘financial repression.’”

Lacalle concludes that the “only reason central banks buy gold is to protect their balance sheets from their own monetary destruction programs; they have no choice but to do so.”

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GOP Criticism Crumbles As Biden Ordered Chinese Spy Balloon Shot Down On Wednesday

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Republicans were wrong when they criticized Biden for not shooting down the Chinese spy balloon sooner. It turns out that Biden gave the order on Wednesday, and the military was waiting until it was safe.

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Biden said, “Wednesday when I was briefed on the balloon, I ordered the Pentagon to shoot it down on Wednesday as soon as possible. They decided, without doing damage to anyone on the ground, they decided that the best time to do that was as it got over water within a 12-mile limit. They successfully took it down, and I want to compliment our aviators who did it, and we’ll have more to report on this a little later.”

When he was asked by reporters if he ordered the Chinese spy balloon to be shot down, the President said, “I told them to shoot it down.”

President Biden is making it very clear to China that he will not be messed with. It was a very important message to send to the Chinese and other rivals and adversaries that this President will protect the nation.

Republicans have been complaining that Biden should have shot the balloon down sooner, but the smart and safe thing to do was to wait until falling debris no longer posed a threat to life or property.

Biden handled this the right way, and all of the complaining that Republicans have been doing over the last two days has crumbled as the President made a quick decision.

Jason is the managing editor. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.

Awards and  Professional Memberships

Member of the Society of Professional Journalists and The American Political Science Association

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43-Year-Old Tennis Player Dies Suddenly During Match

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Club-level tennis player, Ryan Vannah, tragically died suddenly during a mixed double match on Sunday, January 29.

The 43-year-old player suddenly dropped to his knees and lay down during the tiebreaker of a mixed doubles tennis match at Red Rock Country Club in Nevada.

The doctors who were watching the match rushed to administer CPR, but despite their efforts and 55 minutes of medical procedures, Vannah was not revived.

According to Review-Journal, Vannah was taking medicine for hypertension. According to his sister, Tami Vannah Kang, he never displayed any symptoms that he was having trouble with his health.

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“He took impeccable care of his health,” she said. “He was so fit. He lifted weights. He looked like a bodybuilder to me. He was huge. We did not see this coming.”

Ryan Vannah was pronounced dead at Summerlin Hospital.

The doctors claimed that Vannah was taking the wrong medication for his blood pressure.

However, the coroner has not determined the official cause and manner of death.

Essentially Sports reported:

Ryan Vannah, resident of Las Vegas, comes from a family of doctors and lawyers. However, unlike his family, he chose sports as a career. He graduated from Durango High School and competed in the state tennis championships.

His family was in shock, as Ryan was in good shape and took extra care of his health. Ryan also used to teach children at local elementary schools for extra money.

His sister was in shock after a huge loss.

Ryan’s sister interacted with the media after the sad demise of her brother. She was in utter shock as she revealed that Ryan was extremely fit and it was the first incident of its kind. She also revealed that her husband also used to play alongside her brother at the same club and was present there when the sad incident happened.

Remembering him, she said that Ryan was nice to people and took very little time in making new friends. His friend at Red Rock club, Sean Hubbard, also expressed his shock over Ryan’s sudden demise. However, he also claimed that it was not the first time he saw a player collapse on the tennis court, as it happened in the club eight years ago as well.

Tributes poured in following his death.

“With heavy hearts, we announce the death of Ryan Powell Vannah (43 Years old). Leave your condolences, photos and videos on his commemorative page and pay homage to him or send flowers to show you care.”

“Today we remember a beloved member of our local tennis community, Ryan Vannah, who tragically passed away this past weekend while playing. We will truly miss seeing him in our store and out on the courts. His friendly smile and kind heart brought joy to our team and all who knew him. We’ll miss you, Ryan.”

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Democrats Kick Iowa To The Curb In New Primary Calendar

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The Democratic presidential nomination process will no longer begin with states that do not look like many Democrats as the new primary calendar highlights diverse states.

The New York Times reported:

For years, Democratic nominating contests have begun with the Iowa caucuses and the New Hampshire primary, a matter of immense pride in those states, and a source of political identity for many highly engaged residents.

But amid forceful calls for a calendar that better reflects the racial diversity of the Democratic Party and the country — and after Iowa’s 2020 meltdown led to a major delay in results — Democrats endorsed a proposal that would start the 2024 Democratic presidential primary circuit on Feb. 3 in South Carolina, the state that resuscitated Mr. Biden’s once-flailing candidacy. It would be followed by New Hampshire and Nevada on Feb. 6, Georgia on Feb. 13 and then Michigan on Feb. 27.

African-American and Hispanic Democrats will now play a much larger role in the primary process than under the old calendar. For years, momentum has been growing for Iowa to lose its first-in-the-nation status. The complete failure of the 2020 Iowa caucuses pretty much sealed the deal.

Democratic candidates will now appeal to African-American voters in South Carolina instead of trudging through the snow to meet rural white farmers in Iowa. Black voters in Detroit and Atlanta will now get a larger role in determining who will represent the Democratic party at the top of the presidential ticket.

These changes don’t mean much for 2024 as President Biden is likely to run virtually unopposed for the Democratic nomination, but Iowa bounces for candidates who can’t win in the rest of the country are a thing of the past, as Democrats make a move that reflects the future of their party.

Jason is the managing editor. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.

Awards and  Professional Memberships

Member of the Society of Professional Journalists and The American Political Science Association

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