President Biden continues to boast about how great the economy is doing under his “leadership,” and that draws applause from Jimmy Kimmel’s easy-to-please studio audience. But it’s getting to be a harder sell with each passing day. Here’s a round-up of just some of the latest economic news:
Monday, the Dow Jones Industrial Average plunged by another 800 points, erasing all gains made since the first of the year and officially putting us into a bear market. The S&P 500 is now down 20% since January. Before you let any economic ignoramuses gloat that it’s just hurting billionaires, note that millions of Americans have 401K’s invested in the market, and they just saw their retirement funds take a huge nosedive.
The Labor Department reports that the producer price index rose 0.8% in May to 10.8% higher than a year before. That’s close to a 40-year high. Click for more details on what the PPI is and how it affects your wallet.
The National Federation of Independent Business reports that its Small Business Optimism Index dropped in May, as it has every month since January. The percentage of small business owners expecting better conditions over the next six months is now at an all-time low.
Unfortunately, I could go on and on with economic stories like this, but I try to look on the bright side, so here goes…
If you download the 7-11 app, you can get three slices of pizza for $3.
Sorry, that’s all I’ve got.