#46 President Joe Biden

The Juggler

Thanks a lot, Brandon.




https://www.cnbc.com/2024/08/14/july-consumer-price-index.html

Annual inflation rate slows to 2.9% in July, lowest since 2021

Published Wed, Aug 14 20248:31 AM EDTUpdated 33 Min Ago

Jeff Cox@jeff.cox.7528@JeffCoxCNBCcom

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Signs reading, ‘please bear with us: we are currently experiencing interruptions in our supply chain which may affect the availability of certain products,’ is seen taped to the drive-up menu at a Wendy’s restaurant on May 06, 2020 in Miami, Florida. 

Joe Raedle | Getty Images News | Getty Images

Inflation rose as expected in July, driven by higher housing-related costs, according to a Labor Department report Wednesday that is likely to keep an interest rate cut on the table in September.

The consumer price index, a broad-based measure of prices for goods and services, increased 0.2% for the month, putting the 12-month inflation rate at 2.9%. Economists surveyed by Dow Jones had been looking for respective readings of 0.2% and 3%.

Excluding food and energy, core CPI came in at a 0.2% monthly increase and a 3.2% annual rate, meeting expectations.

The annual rate is the lowest since March 2021, while the core is the lowest since April 2021, according to the Bureau of Labor Statistics report. Headline inflation was 3% in June.

A 0.4% increase in shelter costs was responsible for 90% of the all-items inflation increase. Food prices increased 0.2% while energy was flat.

Stock market futures were mildly negative after the report while Treasury yields were mostly higher.

Though food inflation was soft on the month, multiple categories saw sizeable increases, most notably eggs, which were up 5.5%. Cereals and bakery items declined 0.5% while dairy and related products fell 0.2%.

Inflation readings have been gradually drifting back to the central bank’s 2% target. A report Tuesday from the Labor Department showed that producer prices, a proxy for wholesale inflation, rose just 0.1% in July and were up 2.2% year over year.

Fed officials have indicated a willingness to ease, though they’ve been careful not to commit to a specific timetable nor to speculate about the pace at which cuts might occur. Futures market pricing currently points to about an even chance of a quarter- or half-percentage point reduction at the Sept. 17-18 meeting and at least a full point in moves by the end of 2024.

As inflation has eased, percolating concerns about a slowing labor market seemed to have raised the likelihood that the Fed will start cutting for the first time since the early days of the Covid crisis.

“Coming down but the sticky areas continue to be sticky,” Liz Ann Sonders, chief investment strategist at Charles Schwab, said in describing the CPI report. “We have to keep a close eye on both the inflation data as well as the employment data.”

There were several crosscurrents in the report that indeed suggest inflation is stubborn in some areas.

Gern Blansten

This seems to destroy a GOP narrative...

The Juggler

Gern Blansten said:

This seems to destroy a GOP narrative...

It will not destroy their narrative because they will ignore it....just like they ignore the fact that Trump wants to keep our border wide open for his own political benefit. 

mickeyrat

https://www.threads.net/@thetnholler/post/C-qYQNDBEBC/?xmt=AQGzS4TNzaTCozuUko71HJiiGQF2p_OgNPwN3QakQVEJbA

teskeinc

Inflation Reduction Act was supposed to reduce inflation? 20% inflation under BidenHarris!

Just 2 months ago Harris said she was proud of Bidenomics.

Day 1 Harris wants to reduce costs. Why not today? How great would she look if she could do something now?

Whats her policy? Banning plastic straws? No tax on tips? Maybe she’s waiting for Trump to give her more ideas?

Gern Blansten

teskeinc said:

Inflation Reduction Act was supposed to reduce inflation? 20% inflation under BidenHarris!

Just 2 months ago Harris said she was proud of Bidenomics.

Day 1 Harris wants to reduce costs. Why not today? How great would she look if she could do something now?

Whats her policy? Banning plastic straws? No tax on tips? Maybe she’s waiting for Trump to give her more ideas?

I think you missed the inflation news yesterday. 

Halifax2TheMax

Gern Blansten said:

teskeinc said:

Inflation Reduction Act was supposed to reduce inflation? 20% inflation under BidenHarris!

Just 2 months ago Harris said she was proud of Bidenomics.

Day 1 Harris wants to reduce costs. Why not today? How great would she look if she could do something now?

Whats her policy? Banning plastic straws? No tax on tips? Maybe she’s waiting for Trump to give her more ideas?

I think you missed the inflation news yesterday. 

I think it might have been reality.

pjl44

A slightly lower annual rate of inflation is not necessarily great news when you're dealing with a higher baseline from several years of high inflation 

mickeyrat

this administration at work....

ACTUAL BIG DEAL POLICY NEWS: Per the AP,  the prices for 10 of Medicare’s most popular and costliest drugs will be cut after deals struck between the government and the drug companies. “White House officials said Wednesday night they expect U.S. taxpayers to save $6 billion on the new prices, while older Americans could save roughly $1.5 billion on their medications.” Prescription drug costs consistently rate as one of the most salient election issues. Just sayin’.

Gern Blansten

pjl44 said:

A slightly lower annual rate of inflation is not necessarily great news when you're dealing with a higher baseline from several years of high inflation 

Lower inflation, higher retail spending....we're fine

pjl44

mickeyrat said:

this administration at work....

ACTUAL BIG DEAL POLICY NEWS: Per the AP,  the prices for 10 of Medicare’s most popular and costliest drugs will be cut after deals struck between the government and the drug companies. “White House officials said Wednesday night they expect U.S. taxpayers to save $6 billion on the new prices, while older Americans could save roughly $1.5 billion on their medications.” Prescription drug costs consistently rate as one of the most salient election issues. Just sayin’.

Deceptive framing on this issue. The savings refers to the reductions on the list price of the drug. The vast majority of older Americans are not paying for these meds out of pocket so they're not realizing $1.5 billion in savings. Depending on how those savings shift, PBMs or insurance companies recognize the savings and then it's just a matter of if/how that makes its way to the customer.

This detail is laid out in the NBC article. Since we're always on the lookout for misinformation.

mickeyrat

pjl44 said:

mickeyrat said:

this administration at work....

ACTUAL BIG DEAL POLICY NEWS: Per the AP,  the prices for 10 of Medicare’s most popular and costliest drugs will be cut after deals struck between the government and the drug companies. “White House officials said Wednesday night they expect U.S. taxpayers to save $6 billion on the new prices, while older Americans could save roughly $1.5 billion on their medications.” Prescription drug costs consistently rate as one of the most salient election issues. Just sayin’.

Deceptive framing on this issue. The savings refers to the reductions on the list price of the drug. The vast majority of older Americans are not paying for these meds out of pocket so they're not realizing $1.5 billion in savings. Depending on how those savings shift, PBMs or insurance companies recognize the savings and then it's just a matter of if/how that makes its way to the customer.

This detail is laid out in the NBC article. Since we're always on the lookout for misinformation.

prior to biden pushing for it, medicare couldnt negotiate.  so theres government price, retail, and insurance pricing and those discount card prices

Gern Blansten

pjl44 said:

mickeyrat said:

this administration at work....

ACTUAL BIG DEAL POLICY NEWS: Per the AP,  the prices for 10 of Medicare’s most popular and costliest drugs will be cut after deals struck between the government and the drug companies. “White House officials said Wednesday night they expect U.S. taxpayers to save $6 billion on the new prices, while older Americans could save roughly $1.5 billion on their medications.” Prescription drug costs consistently rate as one of the most salient election issues. Just sayin’.

Deceptive framing on this issue. The savings refers to the reductions on the list price of the drug. The vast majority of older Americans are not paying for these meds out of pocket so they're not realizing $1.5 billion in savings. Depending on how those savings shift, PBMs or insurance companies recognize the savings and then it's just a matter of if/how that makes its way to the customer.

This detail is laid out in the NBC article. Since we're always on the lookout for misinformation.

As someone who pays out of pocket for Eliquis I look forward to 2026. The savings is real.

pjl44

mickeyrat said:

pjl44 said:

mickeyrat said:

this administration at work....

ACTUAL BIG DEAL POLICY NEWS: Per the AP,  the prices for 10 of Medicare’s most popular and costliest drugs will be cut after deals struck between the government and the drug companies. “White House officials said Wednesday night they expect U.S. taxpayers to save $6 billion on the new prices, while older Americans could save roughly $1.5 billion on their medications.” Prescription drug costs consistently rate as one of the most salient election issues. Just sayin’.

Deceptive framing on this issue. The savings refers to the reductions on the list price of the drug. The vast majority of older Americans are not paying for these meds out of pocket so they're not realizing $1.5 billion in savings. Depending on how those savings shift, PBMs or insurance companies recognize the savings and then it's just a matter of if/how that makes its way to the customer.

This detail is laid out in the NBC article. Since we're always on the lookout for misinformation.

prior to biden pushing for it, medicare couldnt negotiate.  so theres government price, retail, and insurance pricing and those discount card prices

You do not understand this ecosystem 

pjl44

Gern Blansten said:

pjl44 said:

mickeyrat said:

this administration at work....

ACTUAL BIG DEAL POLICY NEWS: Per the AP,  the prices for 10 of Medicare’s most popular and costliest drugs will be cut after deals struck between the government and the drug companies. “White House officials said Wednesday night they expect U.S. taxpayers to save $6 billion on the new prices, while older Americans could save roughly $1.5 billion on their medications.” Prescription drug costs consistently rate as one of the most salient election issues. Just sayin’.

Deceptive framing on this issue. The savings refers to the reductions on the list price of the drug. The vast majority of older Americans are not paying for these meds out of pocket so they're not realizing $1.5 billion in savings. Depending on how those savings shift, PBMs or insurance companies recognize the savings and then it's just a matter of if/how that makes its way to the customer.

This detail is laid out in the NBC article. Since we're always on the lookout for misinformation.

As someone who pays out of pocket for Eliquis I look forward to 2026. The savings is real.

This is great news for you, who is a narrow exception and not remotely the rule

Gern Blansten

https://www.cnn.com/2024/08/15/politics/medicare-drug-price-negotiations/index.html

The initial round of negotiations with drugmakers – who have been trying, unsuccessfully so far, to quash the program in federal court – focused on the most widely used and expensive drugs taken by Medicare enrollees. The medications are Eliquis, Jardiance, Xarelto, Januvia, Farxiga, Entresto, Enbrel, Imbruvica and Stelara, as well as Fiasp and certain other insulins made by Novo Nordisk, including NovoLog.
The $6 billion in savings estimate is based on Medicare’s 2023 cost for these drugs, Chiquita Brooks-LaSure, administrator of the Centers for Medicare and Medicaid Services, told reporters.

Seems odd that a program that won't actually save anything would be so strongly opposed by the drugmakers....

pjl44

Medicare negotiating drug prices is negotiating on behalf of PBMs and insurance companies who actually administer the plans. We need more information to know how those entities intend on passing savings on to their customers with Medicare.

pjl44

Gern Blansten said:

https://www.cnn.com/2024/08/15/politics/medicare-drug-price-negotiations/index.html

The initial round of negotiations with drugmakers – who have been trying, unsuccessfully so far, to quash the program in federal court – focused on the most widely used and expensive drugs taken by Medicare enrollees. The medications are Eliquis, Jardiance, Xarelto, Januvia, Farxiga, Entresto, Enbrel, Imbruvica and Stelara, as well as Fiasp and certain other insulins made by Novo Nordisk, including NovoLog.
The $6 billion in savings estimate is based on Medicare’s 2023 cost for these drugs, Chiquita Brooks-LaSure, administrator of the Centers for Medicare and Medicaid Services, told reporters.

Seems odd that a program that won't actually save anything would be so strongly opposed by the drugmakers....

I'm not saying it doesn't save. It does. I'm saying the framing is deceptive about WHO saves and how much.

pjl44

One thing that is certain is that older Americans will save nowhere near $1.5 billion. "Could" doing enough heavy lifting to be a lie.

Gern Blansten

Can I borrow your crystal ball?