Wholesale Inflation Worst in 27 Years

Martin Crutsinger, reporting for The Associated Press, writes: "Soaring costs for gasoline and food pushed inflation at the wholesale level up by a larger-than-expected amount in June, leaving inflation rising over the past year at the fastest pace in more than a quarter-century."


The Current Oil Shock: No Relief in Sight

Dilip Hiro, writing for TomDispatch.com, says: "When will it end, this crushing rise in the price of gasoline, now averaging $4.10 a gallon at the pump? The question is uppermost in the minds of American motorists as they plan vacations or simply review their daily journeys. The short answer is simple as well: 'Not soon.'"



A nation of worriers

The Weekly Standard
by Irwin M. Stelzer


This is the summer of our discontent. Only 14 percent of us are satisfied with the way things are going in the United States, the lowest figure recorded by Gallup’s pollsters since they began asking that question almost fifteen years ago. Consumer confidence is at its lowest level in 28 years, according to the respected Reuters/University of Michigan survey. And not many Americans are expecting things to improve soon. ‘Consumers’ economic outlook is so bleak that the Expectations Index has reached a new all-time low,’ reports the Conference Board. In part this pervasive gloom is due to gasoline prices that have passed the $4 per gallon level. In part it is due to the squeeze soaring food prices are putting on consumers’ pocketbooks. In part it is due to falling house prices, and to a deteriorating job market, with long-term unemployment up 37 percent from last year. And there is no escape from the gloom...


Informant: Thomas L. Knapp


Irresponsible Bush Clueless on the Economy

progressive.org — With the stock market sliding down around the 11,000 marker, with unemployment up, and gas prices up, and food prices up, and home foreclosures up, Bush acknowledged, in his usual perfunctory manner, that "these are tough economic times for the American citizens." But what does he know?




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