Prepare Podcast #1 - Inflation

We talk about the alarming increase in the inflation rate. The economy is headed to a bad place. We are going to see more increase in the Consumer Price Index (CPI) and individual items increase in price.
The consumer price index rose 5% in May on a year-over-year basis, the highest since the summer of 2008, when oil prices were skyrocketing. Excluding food and energy, core consumer price index rose 3.8% year over year, the highest pace since 1992. A third of the increase was attributed to a sharp 7.3% increase in used car and truck prices.
Prices at the pump, they’re up over 50% from a year ago,” Grant Thornton’s Swonk said. “All of this is making it harder for workers to get to low-wage jobs.”
Lumber prices are up over 400% from last year.
Home prices have increased by 15%.
7.3% increase in used car and truck prices.
Larry Summers, the Harvard economist and treasury secretary under President Bill Clinton, has warned that Biden could push spending so high that businesses start running out of the capacity to produce goods and services, sparking inflation.
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