More Obama Hope & Change: Wholesale Prices Up 1.6% … Biggest Jump in Food Costs in 36 Years


Barack Obama, the new Jimmy Carter and welcome to America’s misery index …

No wonder Barack Obama is playing golf  and filling out NCAA College Basketball brackets, wholesale prices up 1.6% as food prices rose 3.9% last month, the biggest gain since November 1974. We have an economy that continually is in the dumper, and unemployment rate that is understated from what it really is, gas prices on the rise and a national debt that continues to grow out of control. And the hits keep on coming for Barack Obama.

Wholesale prices jumped last month by the most in nearly two years due to higher energy costs and the steepest rise in food prices in 36 years. Excluding those volatile categories, inflation was tame.

The Labor Department said Wednesday that the Producer Price Index rose a seasonally adjusted 1.6 percent in February — double the 0.8 percent rise in the previous month. Outside of food and energy costs, the core index ticked up 0.2 percent, less than January’s 0.5 percent rise.

Food prices soared 3.9 percent last month, the biggest gain since November 1974.

Then comes the unbelievable, the complete disconnect from real Americans and reality. In an effort to tell folks that not all prices have increased, New York Fed President William Dudley is reminded that  … ‘I Can’t Eat an iPad’.

The former Goldman Sachs chief economist gave a speech explaining the economy’s progress and the Fed’s successes, but come question time the main thing the crowd wanted to know was why they’re paying so much more for food and gas. Keep in mind the Fed doesn’t think food and gas prices matter to its policy calculations because they aren’t part of “core” inflation.

So Mr. Dudley tried to explain that other prices are falling. “Today you can buy an iPad 2 that costs the same as an iPad 1 that is twice as powerful,” he said. “You have to look at the prices of all things.”

Reuters reports that this “prompted guffaws and widespread murmuring from the audience,” with someone quipping, “I can’t eat an iPad.” Another attendee asked, “When was the last time, sir, that you went grocery shopping?”

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  • Comments

    14 Responses to “More Obama Hope & Change: Wholesale Prices Up 1.6% … Biggest Jump in Food Costs in 36 Years”

    1. Steve on March 16th, 2011 9:57 pm

      Speaking of a “complete disconnect”, how does what New York Fed President William Dudley said have anything to do with Obama? Is Obama in charge of what Dudley is allowed to say?

      Seems like piling one one story with an unrelated story.
      SM: Oh poor baby, write your own blog if ya can’t stand the heat. Do not tell us what or how to write here. Last time I checked you were not an SM editor.

    2. Steve on March 16th, 2011 10:00 pm

      Please disregard the link in my prior post, it was intended to simply be bold highlighting. :-(

    3. paula on March 16th, 2011 11:09 pm

      Wow! Is Obama getting a bald spot in the back? He’s going to be devastated.

    4. ARIFF on March 16th, 2011 11:35 pm

      This is worst time for us and 0bama.. everything is happening with his knowledge. but what he can do, at the end he is also a human being. This is the result of all that were ruling before obama came.
      SM: hardly, this is Obama’s doing and its about time you people start holding Obama accountible. What’s the matter, he does not have the guts to stand up and take it like a man? Obama is the worst President since Carter and he is beginning to take that award away as well.

    5. rightknight on March 17th, 2011 1:52 am

      How to address World Situations: Go on Vacation, Play Golf,
      Keep Mum, Score Basketball Charts, Have an Expensive Dinner
      Party, Leave Town, Think, Think and Ruminate, Mention Bullying in
      Schools, Make Speeches of Gross Generalities and Unassailable
      Platitudes, Tell We the People What to Eat, Go on a Date, Stall, Promise, Dodge, Pause, Shout Out, Talk, Confiscate Guns,
      Hold Secret Meetings, Obscure, Avoid, Generalize, Repeat!

    6. Dolf on March 17th, 2011 8:16 am

      Steve…its all Obama’s fault.

    7. rightknight on March 17th, 2011 11:10 am

      On the other hand: Spend Money, Endrun Constitution,
      Stimulate, Appoint the Inexperienced, Organize, Unionize,
      Dither, Surround Self with Marxists, Redistribute $$,
      Travel, Avoid Flag, Read Teleprompters, Increase IRS,
      Force Govt. Healthcare, Ignore TEA Party, Stifle Oil Production,
      Legislate from White House, Indoctrinate, and so many other
      fine endeavors characterize this Administration.

    8. St. Stephen on March 17th, 2011 12:57 pm


      had Obama been capable of the job at hand and shown a modicum of competent leadership, much of what is affecting us today would be minimal, not the snowball effect that we are experiencing.

      Blowing two years on the faux healthcare plan when we were wallowing in debt and experiencing serious job losses did nothing to improve the nation’s economy.

      He did nothing, of course, because it really looks like he did not and still does not know what to do. Oh, well.

      Let’s put it this way, if people here had jobs, even if food went up, they would still be able to afford it instead of having to get help from the government to buy it. Too many good hard-working people had to go where they did not want to go and accept food cards after proudly working for decades to earn their own way.

      That is precisely why I am interested in Donald Trump and his platform on CREATING jobs in the United States and making an even playing field in trade with China, India et al.

    9. Dolf on March 17th, 2011 3:44 pm

      Trump platform?

      for his toupet? ;)

    10. Dolf on March 17th, 2011 3:54 pm

      St. Stephen; Its the goverments fault that they got fired?

      Is it the govermenst fault that US companies prefered cash above employees and laid them off even when they didn’t have too and now are bathing in cash?

      My hopes for Obama never were that big, if a politician says he is going to change things….and makes that his slogan, you know he will not deliver, esp. the political climate you have in the US.

      But hey, at least the companies are making money over your backs again.

    11. NGBoston on March 17th, 2011 4:41 pm

      Dolf- Your Euro -Ignorance and sense of humor if offbeat and just plain weird.

      Do you even frickken live in the States? Shop here? Cost of an average gallon of Gas …approaching $4.00

      Loaf of bread- $2.79- 4.50 depending on quality & type

      Gallon of Milk $3.90-4.00

      It’s called INFLATION, EuroTard and no one is blaming it all on Obama—HOWEVER—-what does this all say about Obama’s inability to control inflation and his SPENDING IS OUT OF CONTROL.

      Go take a course in American Economics 101 before you come on here and spew more of your disjointed Euro BS, ok?

      Thanks, Dolf.


    12. Steve on March 18th, 2011 7:15 am


      There was no intent to suggest what content this blog should have, I was just trying to find out any connections to apparently distinct aspects of the story.

      As the record shows, no connection has been divulged. I suppose time will tell if that ever changes.
      SM: For the story challenged there is a connection … food costs going up and an individual stating that there are other costs that need to be looked at that were going down. Thus the comment … you cant eat an iPod. Broaden your “inside the box” horizons. And there will be no more comment.

      Comment on the story not your agenda.

    13. Dolf on March 18th, 2011 10:01 am


      Fuel here is at 1.7eu a liter
      slightly higher, I wish we had the US gfuel prices.

      and inflation is good for the US atm, cheaper dollar means more export.

      I don’t need the US 101, cause its kinda f* up.

      spending has been out of control since Reagan.
      and his economical idea has been proven to be seriously flawed.

    14. Dolf on March 18th, 2011 10:13 am

      1 US Gallon = 3.79Ltr
      1.4004 USD = 1 euro

      so you would pay 0.9475 USD per Liter

      sounds a lot better then our 1.7eu a liter

      and milk is as expensive as fuel??
      sounds like Africa to me

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