The administration's sole remaining claim to competence - that the economy is booming, as evidenced by stock market performance - was blown out the window today.
I'm not an economist or a financial guru, but I know there are lots of you out there who can add some words of wisdom. Apparently a sharp rise in this month's Consumer Price Index is responsible for today's tumble. In other words, inflation.
What are the factors that contributed to the, um, unexpected rise in the CPI?
Half of the increase in the core price index was because of rising shelter costs, the Bureau of Labor Statistics said, with increases in the cost of apparel, medical care and education also contributing.
In words that are so very familiar, "who could ever have anticipated that??"
The Washington Post quotes the Dept of Labor, in
"Consumer Price Report Shows Signs of Inflation"
The Labor Department said its consumer price index, a widely followed inflation gauge, rose 0.6 percent last month, the biggest increase in three months, largely reflecting a 3.9 percent jump in energy prices.
Inflation, surging fuel, housing, education and medical costs: That's a heckuva trickle-down economy...Can't wait to hear the tortured spin on this one.