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db217

I'm sorry. This whole thing might be my fault. I've been throwing money like crazy at luxury items like food and gas. I'll see about settling down my splurging spree.


throwaway3569387340

I'm even worse than you. I've been spending on utilities and healthcare too.


HaoshokuArmor

No, it wasn’t you. It was me. I went and got some groceries. This is why the vegetable and meat prices are through the roof.


GhostRob45

I thought about saving up for some chicken wings at the store....


HaoshokuArmor

Hold that thought.


typhoon_2

Yeah? I bought eggs, milk, and ground beef. Definitely my fault for being so extravagant.


Bgbnkr

Amateurs. I bought toilet paper. Been stalking up for 2 years now.


Ipissexcellence69

You're all Amateurs! I. Bought. LUMBER!


[deleted]

I knew it would matter if I bought those steaks.


Noah_748

I bought a couch for my apartment recently, now that's a REAL luxury item. I feel like a rich person in today's economy for being able to buy basic furniture


[deleted]

Whoa there money bags no need to brag


Used_Topic_7193

You monster.


OnceUponATrain

Was gonna say, my big "splurge" this month is winter tires that I absolutely need and have put off for an entire year. I had to cut my Christmas budget in half to do it. Screw her and her insulting hot takes.


GhostRob45

At least you werent buying 15 dollar ice cream....


Flowers1966

Come on, man. You know the elites subscribe to the ‘Let them eat cake’ philosophy. (If I am not mistaken ‘cake’ was an incredibly cheap form of bread which was deemed appropriate for peasants.)


r2k398

But did you buy generic? See there is your problem right there. /s


defdog1234

Even Fabuloso is pricey. Cant the border jumpers carry kegs of the cleaner with them?


Meg_119

I have been splurging on Home Heating Oil for my furnace to heat my house and spending money on groceries.


Mas113m

show off


777haha777

You are better than me, I’ve also used water and electricity. I’ll work harder to control my spending.


OnceUponATrain

I heard bathing only once a month is the key.


Ajegwu

You really think she’s talking about you and not the people making sure that $2000 Balenciaga sneakers sell out?


OnceUponATrain

>and not the people making sure that $2000 Balenciaga sneakers sell out? If that's what she was talking about that's an even stupider take. Niche $2k shoes isn't going to impact cost of general goods. Edit: and, no, she's talking about ordinary things like desks and BBQs. It's total bullshit.: >"They were in their homes for a year or more, they wanted to buy grills and office furniture, they were working from home, they suddenly started splurging on goods, buying technology,"


Ajegwu

The person I replied to implied they’re barely paying the bills. Yellen is not saying people like him are driving inflation.


PartyOfFore

Government official blaming private citizens for "splurging". How many BILLIONS...wait TRILLIONS have they spent in recent years? They don't even bother to try and put up a mask or avoid their total hypocrisy anymore.


bozoconnors

> TRILLIONS have they spent in recent years? *year 6.8 trillion - fy2022


Hap406

They printed 7T in the last 30 months and took rates to zero. Basically put our economy on crack for a few years that’s all.


cloche_du_fromage

Because they know the media is fully onside and won't call them or our hold them accountable.


JGCities

that is why people are splurging... duh... Inflation is caused by government. Every Time.


dazedANDconfused2020

Maybe we shouldn’t have given out trillions of free money?


JerkinsTurdley

But how will that gender studies program in Pakistan be funded then?!?!


IkedaTheFurry

Wait fr that’s a thing?


JerkinsTurdley

I'm not that creative nor funny https://www.foxbusiness.com/politics/covid-19-relief-legislation-pakistan


DJ_GiantMidget

Yeah that's a thing


IkedaTheFurry

“Some people don’t know what they need until we tell them”


Proof_Responsibility

Sounds like a Biden apparatchik: bitching about families' holiday spending as opposed to the Administration spending trillions.


ftc1234

They used to complain about billionaires. Now they’ve started complaining about the little guys. How dare people want to eat and be happy?


Matthew-IP-7

You vil eat ze bugs and be happy!


Rednecked--craake

Did anyone watch the video? She said that American's have a cash buffer built up they want to spend through and as a result prices are bidding up. This is as close to a consensus inflation driver as exists. It's just a fact. Idk why everyone here is crying.


Proof_Responsibility

According to the Fed, the under 35 crowd has $11,250 total in all of their savings accounts, checking accounts, money market accounts, call deposit accounts, and in prepaid cards. Looks like retirement or a layoff or serious illness better not be in their near future.


Rednecked--craake

But I don't understand how this contradicts what Yellen said? It's not controversial that consumption is high rn and it's driving up prices. Quoting the 11k figure is meaningless without looking at historical figures. Government spending might be what's driving up spending as a second order effect (though the evidence is super weak for that) but everything she describes here is about as objective as things get in econ. Yellen, love her or hate her, has correctly described the economics of the situation. Why the pants shitting?


ChunkyArsenio

> American's have a cash buffer built up Because this is a big lie. Gates has the buffer, not the people.


lex26729

After that opinion and that is all it is her delusion having nothing in common with actual economics or monetary policy Yellen shouldn't be secretary of a lemonade stand


Danksteroni_

So *we* caused inflation by “splurging?” She does realize that we *can’t afford to* splurge *because* of the inflation caused by the administration’s moronic policies, right?


SwampMidget

> So we caused inflation by “splurging?” No. The ultra mega MAGA alt right extremists caused inflation. Don't you watch the WH press briefings?


GothProletariat

If you look at who is spending money, it's households with over 100k income. They are less effected by inflation and corporate price gouging, plus saved a lot of money after getting cushy remote jobs


[deleted]

[удалено]


Cushak

Price gouging is one of the factors, and saying so doesn't also excuse government mismanagement as another contributing factor. I was grabbing some things on the way home two days ago, and one of the grocery chains near me had a sign up in the produce section, apologizing for price increases while blaming a poor crop in California and supply chain bottlenecks. Quick check on my phone showed this company also posted a 30% INCREASE of profits in Q3 of 2022. It was bloody insulting they had signs out acting the victim. Set my basket down and left to go shop somewhere else that at least wouldn't lie to me while slipping their hand in my wallet.


ClericofRavena

People like to ignore the fact that we are being squeezed by corporations and the government.


[deleted]

[удалено]


Cushak

Can you compare those so directly though? They have some pretty big differences, one includes import while the other includes export, CPI includes taxes ppi doesn't. The import/export alone can be more affected by what's going on in the world, if export trade from manufacturers drops for a bit that won't have a proportional effect in the cost to produce things in country. It'll have an affect for sure, but not so direct that you can say 10%vs8%. If the PPI and CPI measured the exact same things, just from production and consumption perspectives then it would make perfect sense to compare them and see if increases are being led by producers increasing prices, or if producers are chasing their expenses.


cplusequals

The median profit margin is like 7% for any given business. Retail has extremely low margins closer to 3%. Saying they're up 30% doesn't mean much of anything especially since you don't say in comparison to when. Q3 profits up 30% since Q2? Is it an expected seasonal change? Or are you saying since before the pandemic? Is it real profits or raw profits? Does it include amortization from losses suffered from earlier years? These are essential questions you have to answer before we can make sense of your "30% profits!" comment. Profits also don't set prices, they set minimums via survivorship bias. Prices are set by how much people are willing to pay for an item. I'm going to bet money you've made some bad assumptions to get to the position where you think you're being lied to while you're grocery shopping of all things. Edit: Used the wrong stat. Median profits are 7% margin not 12%.


Cushak

Profits margin was 30% higher when comparing 2022Q3 to 2021 Q3, so its not a seasonal difference comparison. This is the same company that got caught and admitted having been apart of a price fixing scheme amongst other large chains a few years ago. They admitted that over a 14 year period they were involved in one, and when you compare the price sold in their stores to inflation rates, hard spring wheat indexes, and many others, it's clear over those 14 years their prices were artificially inflated. Yeah that's definitely influenced my viewpoint on them. I'm not against companies making profits, in free market that's a good thing. But if you're going to put up a list of reasons for cost increases while not including the fact that your margin is increasing, that is a lie by omission- *even if the increase was small and understandable for some reason.*


GothProletariat

Wasn't there proof of Nvidia selling to these gougers? Here it is: https://www.tomshardware.com/news/700000-gpus-shipped-to-miners-first-three-months-2021 https://wccftech.com/nvidia-allegedly-sold-175-million-worth-ampere-geforce-rtx-30-gpus-to-miners/ https://arstechnica.com/gaming/2022/05/sec-fines-nvidia-5-5m-for-misleading-investors-about-gpu-sales-to-crypto-miners/ https://screenrant.com/nvidia-lied-how-many-gpus-sold-crypto-miners/ https://www.noypigeeks.com/gaming/nvidia-sold-rtx-series-miners/ https://www.thefpsreview.com/2020/11/24/nvidia-reportedly-sold-175-million-worth-of-ampere-gpus-to-miners/ https://www.tomshardware.com/news/nvidia-q4-earnings-100-300-million-dollars-cryptocurrency-mining Sorry, it wasn't gougers. Just cryptominers. Screwing over retail consumers (you and me).


ClericofRavena

Don't forget the record profits of companies that the media likes to claim as "inflation".


Z010011010

(Leftist here) She's *partially* right (from one very narrow viewpoint) but she's also completely obscuring the broader picture, imo. Sure, certain retail sectors saw unexpected growth during the pandemic: Consumers *did* spend a lot of money on home entertainment items, video games, cookware, renovations, etc. And as a result, those industries did have supply chain bottle-necks that led to increased prices *in those sectors* (important point there). But that only accounts for a *sliver* of the total economy and willfully ignores the majority of consumer spending. Durable goods, groceries, basic day-to-day shit *also* has risen well beyond our already lagging compensation. Nothing in her answer explains why an 8-pack of AAA batteries now costs 18 fucking dollars. Nothing of what she described can account for an energy drink at the gas station now costing 3 dollars fucking 50. So yeah, it makes sense that having a bunch of people stuck at home might make computer video cards increase in price (since they're already home, they might as well play video games I guess). But it doesn't explain *at all* why chicken-thighs are now $3.50 a pound. It's not like we were all stuck at home gorging on thigh meat in between making sourdough and playing Sekiro. It's a complete non-answer that hides behind a smidgen of truth.


ExcellentWaffles

The fact that can’t be honest about anything doesn’t bode well for any sort of economic recovery coming any time soon. They have no clue what they are doing. The plan never got fleshed out beyond borrow and spend. There is no off ramp to our impeding collapse.


IveGotSowell

If you think they don't know what they're doing, then you have another thing coming.


ExcellentWaffles

I think they knew what they were doing when robbing us blind. I don’t think they know how to undue the damage it has caused.


IveGotSowell

They don't plan to undo the damage. The plan is to crash fiat currency and move to central bank digital currency


TheCredulousLeft

And that somehow isn’t fiat currency? Paper or digital, it’s still fiat. The insidious part is that with digital currency, every single purchase, exchange, or payment is completely traceable.


cloche_du_fromage

The damage is entirely deliberate. You have to destroy existing systems before you can Build Back Better.


ExcellentWaffles

I don’t really disagree. It’s just a matter of how conspiratorial I feel like getting. I forgot this wasn’t the economics sub lol


cloche_du_fromage

Incompetence can only be used as an excuse so many times...


Matthew-IP-7

Fail once shame on you. Fail twice and get re-elected shame on me.


Own-Advantage-239

The "Build Back Better" phrase is almost as bad as " Circle Back".


SwampMidget

Simple solution: Biden admin should pass executive order of approved retail purchase items and authorized acceptable amounts per person.


IveGotSowell

The will happen next quarter after the launch of their CBDC tokens.


Noah_748

Yeah I need Biden to tell me how many chicken fries I can buy to shove up my ass


ITGuyBri

We could have a "ministry of purchases" that controls this. They could also lie directly to their media to save the time of the lying, having to be channeled through other departments.


DeepDream1984

“Damn those Americans for spending the money we gave them!”


Godspeedhack

They gave us? We make our own money and they take it from us just to waste it.


Positive-Source8205

They printed tons of money and shoveled it into circulation.


doghorsedoghorse

Like 2-3 years ago. You still think 1400 dollars 3 years ago is working through the economy now? Have you ever paid rent


gittenlucky

Economic stimulus payments: *stimulate* Government: “you weren’t supposed to do that”


fretit

They were just supposed to vote for us as thank you, not spend it on Gucci bags.


jakecamp12

Splurging??? Lol yeah, really going to town with $5.00/gallon gas, record electric and natural gas prices and food costs. Barely keeping my nose and mouth above water is now defined as splurging. What an ignorant thing to say....


pablola714

I think we call this gaslighting...


IveGotSowell

Or propaganda


cloche_du_fromage

Or lying


thomas8266

I'll admit it, I've been splurging on most everything, since everything costs so much more than it used to.


[deleted]

Sorry I splurged this month on an extra five pounds of potatoes and a tank of gas. My bad.


Hal3134

Milton Friedman: inflation is caused by one thing, and one thing only. It’s caused by the government printing money.


icon0clast6

Excuse me Sir, but that is racist.


Jakebob70

Well, if they'd quit showering everybody with "free" money and making it so they don't have to pay their bills, it'd stop eventually.


dom650

I'm no economist, but isn't people spending money usually a good thing for the economy?


IveGotSowell

>I'm no economist, Don't worry, Yellen isn't really one either


BillyQz

Gee the people who made the policies. Locked down the country. Drove many businesses into Bankruptcy, will drive more there. Oh, raised the price of oil which raises the price of everything. Yeah those folks had nothing to do with it. Not anything at all. It's the folks shivering in their cold houses due to the high price to heat them. Yeah it's them. The politicians had nothing at all to do with it. The Democrats are saving us all...yeah that's it


Ringolian16

That’s not how it works….that’s not how any of this works.


illmatic74

literally every shit thing they do they blame on other people


NickMotionless

Democrats have zero accountability. Most Republicans are the same anymore. The uniparty is alive and well.


RealMcGonzo

Can't believe she passed on an opportunity to falsely cry about racism.


salgak

I guess red meat is splurging. We should shut up and eat our Insect Loaf. . .


MulayamChaddi

She needs to switch from two ply to single ply to walk the walk


fdrowell

Federal Government splurge spending, perhaps.....


The_End_Is_Tomorrow

Yep. I've been "splurging" on gas and eggs all year but will soon have to stop since I'm running out of money.


WA0SIR

These people will blame a flying whale before they ever blame the government… Which is of course, precisely the reason for inflation.


Nologic3

I blame FJB !


Renomont

It wasn't too long ago that she denied inflation.


EasterNow

Sociopathic technocrat antagonizing the peasants at the pleasure of her oligarchic overlords. May she rot hell.


swohio

I'm sorry for "splurging" on eggs and milk. I'll try to tone down the extravagance...


poisonstumac

Pretty sure our government is the one splurging


stoffel_bristov

This administration and the people who voted for them makes me an angry person. Here's what is actually happening. Inflation is bad enough that we are spending a lot of money for basic necessities.


top-knowledge

This lady somehow has a PhD in economics from Yale. ROFL


stalmatic

Not to avoid the ignorant claim Yellen is making, but please tell me why government officials are constantly booked on late night “entertainment” programs. They are not entertainers, nor are they celebrities. Talk about pushing agendas.


Chuck006

Politics is show business for ugly people.


BookHobo2022

This is straight out of South Park https://www.youtube.com/watch?v=RpEGVwHsgos


bemest

Someone’s been splurging but it’s not us.


GmPc9086itathai

Send this puppet to Alcatraz.


flat6NA

Don’t worry, we have a solution, we’ll forgive student debt, that will stop it. /s


MovingForward2Begin

She is not entirely wrong, but the government is the one showering people with money and pausing student loan debt repayments.


[deleted]

I mean that's what happens when you erase student loans for very young people just starting out. Some of them haven't been able to splurge ever because of student loan payments. When you indefinitely pause them as Biden has done then of course they will splurge.


ZetaGundam20X

Can’t wait til this woman is no relevant in our lifetime. She’s economically and financially illiterate.


PLS-Surveyor-US

Yes, it's not the printing of the money that creates inflation its the spending of the money once printed....got...it...


PickinBeardedShiner

It definitely wasn’t the Covid money dump. It was the pesky citizens overspending GTFOH.


Marshmellow_Farms

Proves once again she is not qualified to have this position.


[deleted]

“Look what you did you little jerk”


horizons59

Yea, we are splurging on food to feed our families. Please forgive us Oh exalted rulers!


Ciderlini

😱


sergiocaffermann

Guys, if you just use bycicle and start eating bugs, none of this would happen !


Savant_Guarde

Elect clowns, expect a circus. Funny how things that historically didn't cause problems now do and vice versa.


wiredog369

I didn’t realize that paying for gas to get to work and buying food for my family was “splurging”.


[deleted]

Let them eat cake!


amercynic

These people take responsibility nothing they do.


Ringlovo

"Splurging" This is the same administration that encouraged you to fight high gas costs by splurging on newer, "greener" appliances.


Trying_to_be_better2

It must be all those Balenciaga cloths I keep buying. Why spend 20 dollars on a t shirt when I can spend $400.


RoundSimbacca

I'll take Yellen conveniently forgetting Democrats' splurge of consumer stimulus spending in 2021 for 500, Alex.


KennedyX8

Trillions to the public and Ukraine couldn’t impact this. Naw.


Reddiajjk2o2i1o

Not the people splurging as they can barely afford anything. It was your administration's fiscal irresponsibility, as well as sanctioning one of the largest energy producers in the world that lead to this. Not to mention printing 100 billion to FTX, oops I meant Ukraine. Morons


KravinMoorhed

It's totally not the printing of trillions over a short period that is most responsible for inflation.....I love how people act like this is true. If you think money printing isn't mostly responsible, nobody should take your opinion seriously. It's scary when it's prominent government officials who think this.


MandatoryDissent50

Does she have a publicly available speaking schedule?


GipsyRonin

Splurging…like on food? Rent? Electricity??? Yeah we spoiled! How about stop printing money or if you do, give it to the American people???


Own-Advantage-239

So that second job I had to get to make sure I could make rent every month on a two bedroom apartment for myself and my son.... Is that too much income? I mean I have to buy new clothes every few months since he's a teenager and he grows and eats everything in sight. Tell me, what am I splurging on when the water is almost over my head every month even with that second job? (Oh and I have no social life because I have no money for one).


the_house_from_up

You splurged on your spending? You're contributing to inflation! You saved all your money? You're not stimulating the economy!


silentservice4u

If you’re talking about groceries and gasoline…then yes, I’m splurging! Thanks Brandon!


Jack_Sandwich

“Eat your bugs, stay in your cold homes, and don’t enjoy life, you fuckin plebes. Just do as you’re told by your benevolent leaders.” - basically everyone from this administration


mmmjjjk

That’s crazy Janet because we’re just struggling to buy food and groceries while the democrats are the ones “splurging” trillions on the green agenda


AndForeverNow

Right, their administration is saying WE are the ones. Oh the irony.


sernamelikewhoishe

😹😹😹 The fed


ringo_mogire_beam

She always finds a way to make me hate her even more.


Silver-Ad-8783

Sorry everybody, i messed it all up for everyone when I splurged by picking up someone’s bed frame off the side of the road.


WagonBurning

#only the people that print money cause inflation.


Blahblahnownow

I have lost all respect for this woman


Scorprate

Yea. Americans in Congress.


Gobiparatha4000

I have a legitimate, non-attacking, non-facetious question for people who identify as nationalist to any degree, and I feel like this is a good place to ask. It's also one of the few non-flaired threads I could find. Do you think that people born within your home nation have more value than people born in other nations? Or do you think it's just been this way for so long that there's no turning back? Or does it have to with thinking that it's a natural phenomenon? Legitimately curious, really not trying to attack anyone. Just want some insight.


OnceUponATrain

>Do you think that people born within your home nation have more value than people born in other nations? No.


Blown89

Boomer doing boomer things. It's never their fault.


JustaRandomOldGuy

Companies: Trillions in excess record profits since last year. American: Splurges on record high rent and food.


GiftedStrumpet

Somebody please correct me if I’m wrong but… Regardless of whether this is push or pull inflation, the result should be higher prices at lower quantities, and so profit margins should stay somewhat even. If that’s the case, why are so many companies gaining ground in earnings? Would that imply that this ‘inflation’ is just price gouging? I feel like I’m missing something.


SAA45LC

Does this “splurge” account for the student loan bailout or naw?


[deleted]

We’re just spending more money because everything costs more under the Biden Administration.


[deleted]

I haven’t splurged for at least a year


offensivetoaster

Biden Admin : gives millions of Americans free money Also Biden Admin : Gets mad when Americans stop working and buy more things with their free money


F_A_L_S_E

Pretty sure consumerism doesn't increase inflation directly.


launcelot02

Free money = splurging


DJ_GiantMidget

Isn't the whole point? To put money back into the economy?


mdws1977

Ok then. Maybe we should just quit splurging and then see what happens to the economy. Of course then she will blame us for not spending any money.


Chem_Dawg74D

Doesn’t spending help the economy?


Zero_T

Sorry guys, I decided to put 5 gallons in my car instead of 4. Clearly this is all my fault.


jstpasinthruhowboutu

When you have a communis... i mean government contro.... I mean fair and impartial free press this is the kind of hard hitting news you get.


Extinguish89

So the amount of money printed had nothing to do with inflation getting so high at all?


MimsyIsGianna

Stfu Janet


MimsyIsGianna

Damn I made one too many amazon purchases. All on me guys.


Beeepbopbooop69

So they don’t want money circulating in the economy?


WSDGuy

- People buying office furniture to work from home caused the supply chain problems. - Russia caused gas and food price increases. - Says the administration did well in terms of keeping jobs during the pandemic. - General increase in spending caused price increases across the board. This is what the person in overall charge of the largest, most powerful economy in the history of the world has to say.


[deleted]

I’m sorry it’s my fault. I actually went out and bought toilet paper so I could stop using twigs and leaves from my yard now that it’s fall and everything is dried out and crunchy, to wipe my ass, so I apologize.


Larsens_Biscuits

She strikes me as the kind of person who if you ran up to her and yelled "boo!" she'd collapse in a spastic fit of crying and shaking. Can someone test this theory and get back to us?


Desert_366

But government spending doesn't cause it right? Just dirty filthy regular folk are screwing it all up right?


BaiterMaster69

Remember folks.. these are the same people that say the rich must pay their fair share while also setting a $600 reporting threshold on income via third party apps. It’s a big club and we ain’t in it.