First from Breitbart:
Barack Obama is consuming fine dining while you’re putting another helping of macaroni on your plate. In 2011, with Obama’s inflation beginning to hit, prices skyrocketed for staples that you consume, according to the government:
- Beef: +10.2%
- Pork: +8.5%
- Fish: +7.1%
- Eggs: +9.2%
- Dairy: +6.8%
- Oils and Fats: +9.3%
Thanks to those kinds of prices, more and more people are opting to stay home for dinner – restaurants are simply too expensive. The gap between how much Americans eat out and how much they eat at home is the biggest since the mid-1970’s oil crisis.
But it isn’t working. Because unemployment is high, prices for groceries are high, and the costs that retailers didn’t pass on to their consumers in 2011 in an attempt to keep businesses afloat are being introduced now, consumers are paying the price.
Next, from USA Today:
The Department of Agriculture on Wednesday dropped the estimated average U.S. corn yield by 20 bushels per acre, from 166 to 146, and blamed "scarce rainfall coupled with record-breaking temperatures." It said conditions are the worst since 1988.
Smaller harvests mean higher prices. The forecast sent December prices for corn up as much as 30 cents to $7.48 a bushel at the Chicago Board of Trade. The USDA predicted the corn harvest will total 12.97 billion bushels, down 12% from a month ago. It still would be the third-largest on record.
Besides increasing costs for manufacturing the thousands of products that contain corn — everything from cereal to soft drinks — higher grain costs have a ripple effect, says Scott Shellady of Trean Group, a Chicago-based brokerage.
"If you can't feed cattle because the price of corn is too high, cattle go to slaughter," he says. That translates into ample meat availability and lower prices this year, but "in six months time, we won't have any cattle."
That could mean higher prices for meat and dairy products next year, says Corinne Alexander, an agricultural economist at Indiana's Purdue University. "We're seeing multiple years where price levels are increasing," she says. "It puts a lot of pressure on consumers' budgets."
With so many people out of work, the burden is even greater:
Instead of a recovery,America has suffered the longest period of unemployment above 8% since the Great Depression, under President Obama’s public policy malpractice. Even last month, 52 months after the recession started, while supposedly 115,000 new jobs were created, the labor force shrank by another 342,000 workers, which is the only reason the unemployment rate reportedly declined from 8.2% to 8.1%. Without the decline in the labor force, unemployment would have risen last month to 8.3%.
As a result, the BLS reported that in April, again 52 months after the recession started, the total unemployment rate counting the unemployed and involuntarily underemployed was still 14.5%. That’s persistent depression level unemployment. [Forbes]
On top of all this bad news, taxes are about to go through the roof:
Taxmageddon is a massive one-year $500 billion tax increase that is poised to strike the economy on January 1, 2013. It is mostly the result of tax policies that expire at the end of the year.
Congress has been slow to stop Taxmageddon in part because of a common misconception that doing so would be a tax cut that adds to the deficit. [Heritage]
But there is a little good news too: