-- Posted Friday, 21 December 2007 | Digg This Article
| Source: GoldSeek.com
The measure of American's consumer confidence is down, a lot, which is mirrored in my own family's loss of confidence that I can provide a subsistence level of existence for them, as I gather from their constant whining that there is not enough to eat, and how "tired" they are of dressing in rags.
In days gone by, I explained to them that there just isn't any money left after paying all the bills, because all the freaking prices on every freaking thing are going up all over the place. Like, for instance, the green's fees for daddy's golf game keep going up, and they raised the price of beer, too, which is bad because I have to buy a lot of beer since I always lose so many beer-bets out on the course, all because I am such a lousy golfer because you damned kids are so damned cheap that you don't want me to pay for me to take expensive private golf lessons, and so don't come whining to me about your "pain", as we are all suffering.
Unfortunately, they have heard that so much over the years that they just roll their eyes, sitting there with those sunken, gaunt and anorexic Goth looks that are so popular these days, which I figure is a big plus for them, popularity-wise, but do I get any thanks? No!
So this time, I just gave them a copy of the Labor Department report that the "consumer price index increased 0.8 percent, the most since September 2005, which is after the 0.3 percent gain in October."
The news was that "The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.6 percent in November before seasonal adjustment. The November level of 210.177 (1982-84=100) was 4.3 percent higher than in November 2006." Yikes!
Worse, "The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 0.8 percent in November prior to seasonal adjustment. The November level of 205.891 (1982-84=100) was 4.6 percent higher than in November 2006"!
Later on we get the Ugly, Ugly News (UUN) that "The index for energy, which increased 2.9 percent in 2006, advanced at an 18.1 percent SAAR in the first 11 months of 2007. Petroleum-based energy costs increased at a 30.8 percent annual rate"! Yikes!
AP says, "The Labor Department said the consumer price index rose 0.8 percent in November amid a spike in gasoline prices. The report also found big increases in the cost of clothing, airline tickets and prescription drugs." Being up 0.8% annualizes at 9.6%! My screams betray my real emotions.
Well, the kids didn't like that news any better when it comes from official government sources, but at least they weren't rolling their eyes and making rude remarks about what a crappy father I am, which was nice for a change!
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Editor's Note: Richard Daughty is general partner and COO for Smith Consultant Group, serving the financial and medical communities, and the editor of The Mogambo Guru economic newsletter - an avocational exercise to heap disrespect on those who desperately deserve it.
The Mogambo Guru is quoted frequently in Barron's, The Daily Reckoning and other fine publications. Click here to visit the Mogambo archive page.
-- Posted Friday, 21 December 2007 | Digg This Article | Source: GoldSeek.com
