That, as Jimmy "I hate Israel" Carter taught us, is called stagflation. As prices rise you have less money!
Now Obamie says we are spending too much... but doesn't know what to do...
Makes me want to yell, "Hey Dummy! When I spend too much I quit spending!"
But then I didn't graduate from an elite university and become a community organizer.
Guess I'm just uneducated.
WASHINGTON (Reuters) - The number of U.S. workers filing new applications for unemployment insurance unexpectedly surged last week, while producer prices increased sharply in January, raising potential hurdles for the economic recovery.
Initial claims for state unemployment benefits increased 31,000 to 473,000, the Labor Department said on Thursday. That compared to market expectations for 430,000.
Another report from the department showed prices paid at the farm and factory gate rose a faster than expected 1.4 percent from December after a 0.4 percent gain in December, as higher gasoline prices and unusually cold temperatures helped boost energy costs.
"When you have PPI moving up and still no progress in the jobs situation, that doesn't bode well for continued improvement in equity prices," said Alan Lancz, president at Alan B. Lancz & Associates Inc in Toledo, Ohio.
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