“NEW YORK (CNNMoney.com) -- Record gas and higher food prices took the government's key inflation measure to the biggest annual jump since 1991, fanning fears that inflation pressures were much worse than expected.
The Labor Department reading is also another sign, along with mounting job losses and declining home prices, of the economic pain being felt by Americans as prices outstrip increases in paychecks…”
That is bad news. I hope you belong to a union and you have a cost of living clause in your contract. Back long before many of you were born I worked for the KW Dart Truck Company. I was a welder. I was a member of the UAW union. For years we had a cost of living clause in the union contract. The cost of living was very low each year. We voted it out of the contract. Then the cost of living started going up each year. We got a pay raise each year but the cost of living made it much smaller.
The Social Security program and others have a built in cost of living index. That means that next year they will pay out more money. That is good for someone like me. The only income I have is SS.
It may not be good for the United States.
The cost of living is going up and the value of the dollar is going down.
President Clinton is looking like a great president right now.
You do know that if we had listened to President Carter during his term from 1977 to 1981 we would have no problems with higher oil? Old Jimmy is not looking so bad right now.
