How bad is the economy right now? It’s perilously close to Jimmy-Carter-presidency bad.
The stock market is tanking — big-time — and people who are getting their quarterly statements for their retirement funds are noticing a much smaller number on the bottom line.
It’s even worse than that suggests, however. The government reported today that inflation for June climbed 1.1% — the biggest jump since 1982.
The Web site, inflationdata.com charts the inflation rate from 1990. For 15 years, the rate trended down. From 2004, however, it’s increasing.
1982. Let’s take a quick trip back: The Falklands War began. Never have so many, given so much for so few… sheep. The Equal Rights Amendment falls short of the 38 states needed to be added to the Constitution. The first CDs are released in Germany. The Dow Jones closes at an all-time high of 1,065.49 The first U.S. execution via lethal injection is carried out. In Texas, of course. AT&T is broken up into 22 companies. Gasoline is $1.42 A loaf of bread costs 55 cents.
About the blogger
Bob Collins has been with Minnesota Public Radio since 1992, emigrating to Minnesota from Massachusetts. He was senior editor of news in the ’90s, ran MPR’s political unit, created the MPR News regional website, invented the popular Select A Candidate, started the two most popular blogs in the history of MPR and every day laments that his Minnesota Fantasy Legislature project never caught on.
NewsCut is a blog featuring observations about the news. It provides a forum for an online discussion and debate about events that might not typically make the front page. NewsCut posts are not news stories but reflections , observations, and debate.