The Labor Department said Tuesday that wholesale prices rose 1 percent last month, more than double the 0.4 percent increase that economists had been expecting.
The January surge left wholesale prices rising by 7.5 percent over the past 12 months, the fastest pace in more than 26 years, since prices had risen at a 7.5 percent pace in the 12 months ending in October 1981.
In his desire to help out Wall Street his policies are brutalizing average Americans who can't keep up with rising costs. This troubled economy is still in the beginning phase of unraveling and Washington is doing its best to drag it out.
This isn't like the S&L crisis of John McCain's 1980s where a few billion could patch things up. We are looking at hundreds of billions of dollars of bad business that were allowed because of GOP policies. It's not as easy as writing a few checks and hoping it will work out. Specific policy by Republicans brought us here and it's going to take a few years to get past this. We now need to decide if we are going to throw good money after bad to Wall Street or help minimize inflation for the general population. At the moment, it's all for Wall Street.
