Stuart Varney: US Inflation Spiral Means Policy Change
During his last “My Take”, “Varney & Co.” host Stuart Varney discussed the “disturbing” inflationary spiral sweeping the country and the “political shift” that could take place due to falling living standards.
STUART VARNEY: This is particularly troubling when you see prices rising rapidly.
You feel like you’re in a spiral, and you don’t know where it’s going to end.
There are a lot of people who have this sentiment today: Gasoline rose 5 cents overnight to a new all-time high: $4.67.
Motorists across the country will be shaking their heads at the new higher prices at gas stations this morning.
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And I’m going to show it to you again… $8 gas and $9 diesel at a station in Los Angeles.
An outlier yes, but the shock will reverberate across the country.
It’s already $5 in seven states.
It is the inflation of energy prices in the broad sense… This will lead to more inflation in the whole economy.
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And it will be the same: more than 11 million job offers!
11 million jobs just waiting to be filled.
This means wage inflation, as employers will offer more money and better benefits to bring in people to do the job.
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We are in the middle of an inflationary spiral.
It’s the Fed’s job to stop it.
This usually means a recession.
And it eats away at the standard of living.
It means political change.
Just like 40 years ago: the chronic inflation of the 1970s ended when the Fed caused a chronic recession and Ronald Reagan won the presidency with a landslide victory!
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