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CNBC: Don’t tell Costco executives that inflation is low.

The big-box club chain said it’s been seeing accelerating prices across a range of products, including shipping containers, aluminum foil and a 20% spike in meat prices over the past month.

“Inflationary factors abound,” CFO Richard Galanti said on the company’s fiscal third-quarter earnings call Thursday.

“You have sown much, and bring in little; You eat, but do not have enough; You drink, but you are not filled with drink; You clothe yourselves, but no one is warm; And he who earns wages, Earns wages to put into a bag with holes.”

“These include higher labor costs, higher freight costs, higher transportation demand, along with the container shortage and port delays … increased demand in various product categories some shortages, various shortages of everything from chips to oils and chemical supplies by facilities hit by the Gulf freeze and and storms and, in some cases, higher commodity prices … Read More

Daily Wire: Inflation rates are soaring at the their fastest pace in decades according to new numbers released on Friday by the U.S. government.

“The Bureau of Economic Analysis’ personal consumption expenditure inflation measure climbed 3.6 percent in April from the prior year — the strongest reading in 13 years and more than the 3.5 percent gain that economists in a Bloomberg survey had expected,” The New York Times reported. “The core price index, which strip out volatile food and fuel prices, rose 3.1 percent in the year through April — the fastest pace since 1992. Prices rose 0.7 percent compared with the prior month, the biggest increase in two decades.”

Larry Summers, a former official in the Clinton and Obama administrations, warned that Biden is “overdoing it”  Read More

Zero Hedge: JPMorgan CEO Jamie Dimon went scorched earth on President Biden’s tax plan, which would raise the current corporate tax rate from 21% to 28%, arguing that it would result in capital flight out of the United States.

“The tax increase is actually four times what the tax decrease was from 2017,” Dimon said during a Thursday virtual hearing before the US House Committee on Financial Services. “You all know the phrase the devil is in the details, well the details here are all that matter, not the top line of 28%.”

President Joe Biden is set to propose a $6 trillion budget on Friday, which would raise the level of federal spending to its highest sustained point since World War II, according to documents reported by The New York Times.

For the Lord your God will bless you just as He promised you; you shall lend to many nations, but you shall not borrow; you shall reign over many nations, but they shall not reign over you. Deut. 15:6

In the report, the Times notes that the budget would also run “deficits above $1.3 trillion throughout the next decade,” and that “Biden’s first budget request as president calls for the federal government to spend $6 trillion in the 2022 fiscal year, and for total spending to rise to $8.2 trillion by 2031.”

As federal spending skyrockets in response to the Democrats’ agenda regarding infrastructure and social benefits, the Times noted that “the United States would run significant deficits as it borrows money to finance his plans.”

“Under Mr. Biden’s proposal, the federal budget deficit would hit $1.8 trillion in 2022, even as the economy rebounds from the pandemic Read More