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U.S. Inflation Climbs To 7.5%

2022 02 10 08 21

  • Rents rose 0.5% last month in another of a series of sharp increases since last summer. The cost of rent — the biggest expense for many households —has jumped almost 4% in the past year.
  • Food prices also increased again, up almost 1% in January. The cost of groceries have climbed 7.4% in the last 12 months — a 14-year high. Dairy and fruit showed the biggest increases last month.
  • Energy prices rose almost 1% last month due to a large spike in the cost of electricity. Cold weather also boosted demand.
  • Gas and natural gas prices fell slightly, but the respite for consumers probably won’t last long. The cost of fossil fuels have been trending higher.
  • The cost of used cars, furniture and medical care also rose in January.
  • And your health and car insurance are going up this year.

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As Governments Remove Some/Most Covid Restrictions

Robert Higgs: The Ratchet effect

In my work, the ratchet effect describes the characteristic way in which government under modern ideological conditions grows during a perceived national emergency. The government’s size, scope, and power grow abruptly as the government acts to “do something” to allay the threat. Then, as the threat is eliminated or diminished, the government shrinks, but not all the way to the level it would have reached if the crisis had not occurred. Hence, each crisis shifts the government’s growth trajectory to a higher level of size, scope, and power.

In my formulation, the reasons for the ratchet are several: one is political and legal inertia; another is institutional persistence brought about by those who operate or benefit from crisis-spawned government agencies or authority; and still another — perhaps the most important — is institutional change associated with the public’s becoming accustomed to the exercise of new government powers and with the government’s concurrent efforts to justify its exercise of these powers. Other economists and historians had described a ratchet effect, but most of them confined it to fiscal growth, and none of them developed its ideological aspect in the same detail that I have. The ideological change engendered by seemingly successful passage through a major crisis then predisposes the government to create and the public to accept even greater growth of government when the next crisis occurs.

Bastiat Foresees 1/6

“As long as it is admitted that the law may be diverted from its true purpose—that it may violate property instead of protecting it—then everyone will want to participate in making the law, either to protect himself against plunder or to use it for plunder. Political questions will always be prejudicial, dominant, and all-absorbing. There will be fighting at the door of the Legislative Palace, and the struggle within will be no less furious.”

Frédéric Bastiat, The Law (1850)

Veterans’ Group Responds to Liz Cheney: ‘Put Up or Shut Up’

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Today Bring Our Troops Home, a national organization of Global War on Terror veterans, called on Wyoming Representative Liz Cheney to stop using the U.S. Constitution “as a media prop” and support congressional war powers as stated in Article I, Section 8.

“It is time for Liz Cheney to either put up or shut up. In a weak attempt to defend herself after the Republican National Committee rebuked her, Cheney tried to claim she was standing on constitutional grounds. It is a lie,” said Sgt. Dan McKnight, Chairman of Bring Our Troops Home.

In reaction to the censure enacted Friday by the Republican National Committee, Rep. Cheney made the following statement:

“I’m a constitutional conservative and I do not recognize those in my party who have abandoned the Constitution…I will never stop fighting for our constitutional republic.”

“There is at least one provision of the Constitution that Liz Cheney has complete disdain for,” continued McKnight, a thirteen year veteran of the U.S. Military, including time spent in the Marine Corps Reserves, U.S. Army, and Idaho National Guard. “The U.S. Constitution places sole and exclusive authority to make war in the hands of Congress. Article I, Section 8 is written there in black and white. But Rep. Cheney and those of her warmongering ilk ignore that critical restriction.”

“Without a formal declaration of war from Congress, the U.S. military should not be involved in foreign conflict, including in Ukraine. Only the elected representatives of the people have the right and authority to commit our sons and daughters to combat. But Liz Cheney has always disrespected that part of our founding document,” said McKnight, who served an eighteen month combat tour in Afghanistan, 2005 to 2007.

“Rep. Cheney says she wants to live in a ‘constitutional republic.’ But a humble republic does not police the world. It doesn’t fight endless wars, or occupy other countries for decades,” McKnight said. “Everything Liz Cheney has worked for in American foreign policy is toxic to traditional conservatism. Like her father she represents the modern global empire, not the American republic founded by Washington and Jefferson.”

“This two-faced hypocrisy by Rep. Cheney must end. If you are in favor of the U.S. Constitution as you claim, then commit to enforcing congressional war powers, including a declaration of war before any American participation in a conflict in Ukraine. But, if you are what millions believe you to be, a lobbyist for the defense industry and the globalist agenda, then find the courage to stand up and say so, instead of using the document I swore an oath to defend as a media prop,” McKnight concluded.

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