Important Takeaways:
- Inflation forcing Americans to spend $709 more per month than 2 years ago: Economist
- Scorching-hot inflation has created severe financial pressures for most U.S. households, which are forced to pay more for everyday necessities like food and rent.
- Moody’s chief economist Mark Zandi made the statement Friday on X, formerly known as Twitter, as part of his analysis of July’s consumer price index report. Despite the jarring increase in cost, Zandi say inflation is moderating, with just a 0.2% increase from June to July.
- “To be sure, the high inflation of the past 2+ years has done lots of economic damage. Due to the high inflation, the typical household spent $202 more in a July than they did a year ago to buy the same goods and services. And they spent $709 more than they did 2 years ago,” Zandi wrote.
- The fed could resort to further interest rate hikes later this year, but Federal Reserve Chairman Jerome Powell has not made any announcements.
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Important Takeaways:
- 61% of Americans say they are living paycheck to paycheck even as inflation cools
- Lower-income workers have been the hardest hit by price spikes, particularly for food and other staples, since those expenses account for a bigger share of the budget, studies show. Roughly three-quarters of consumers earning less than $50,000 annually and 65% of those earning between $50,000 and $100,000 were living paycheck to paycheck in June, based on LendingClub’s numbers.
- Fewer top earners have been struggling to make ends meet. Of those earning $100,000 or more, only 45% reported living paycheck to paycheck, the report found.
- A majority, or 52%, of adults, including high earners, said they have felt more financially stressed since before the Covid pandemic began in 2020, according to a separate CNBC Your Money Financial Confidence Survey conducted in March — largely due to inflation, rising interest rates and a lack of savings.
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Revelations 13:16-18 “Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name. This calls for wisdom: let the one who has understanding calculate the number of the beast, for it is the number of a man, and his number is 666.”
Important Takeaways:
- As food prices rise in June, analysts warn of a ‘tipping point’ for Americans
- Grocery prices were 5.7% higher in June compared to a year ago, and dining out was 7.7% more expensive
- “Overall, there continues to be a similar narrative of extended upward pressure on food prices as we try to discern whether this stress has led to a tipping point where consumers are struggling to buy the foods that they want,” said Jayson Lusk, the head and distinguished professor of Agricultural Economics at Purdue University.
- Reported food insecurity across households of different income levels reached 17% in June, the highest level since March 2022, according to the monthly Consumer Food Insights Report from Purdue University. Although it didn’t deviate too much from the normal range — food insecurity hovered at 14% two months ago — Lusk said the increase is concerning given the amount of pressure on more financially vulnerable consumers.
- Around 47% of low-income households — those earning less than $50,000 a year — said they relied on SNAP benefits in May, up from roughly 40% in February, according to a recent Morning Consult report
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Luke 21:11 There will be great earthquakes, and in various places famines and pestilences. And there will be terrors and great signs from heaven.
Important Takeaways:
- Drug And Food Shortages Are Here, And They Will Get A Lot Worse…
- A lot of the experts didn’t think that this would happen. Once the pandemic subsided, global supply chains were supposed to return to normal. But now “hundreds of drugs” are in short supply in the United States, and even CNN is admitting that we are in the midst of “the worst food crisis in modern history”
- Orange County Register reports: Pfizer will run out of several doses of penicillin, which treat syphilis, strep throat, and other infections, later this year as shortages ripple across the US supply chain.
- The company anticipates running out of the children’s dose of the syphilis drug Bicillin L-A by the end of June, according to a letter Pfizer posted Tuesday on the Food and Drug Administration’s website
- The Hill Reports: A recent survey found that a majority of cancer centers are reporting shortages of commonly used chemotherapy drugs used to treat a wide variety of cancers.
- Much of the current shortage stems from the temporary closure of a drug manufacturing facility in India that happened after the Food and Drug Administration (FDA) found issues in the plant’s quality control.
- The New York Times Reports: Hundreds of drugs are on the list of medications in short supply in the United States, as officials grapple with an opaque and sometimes interrupted supply chain, quality and financial issues that are leading to manufacturing shutdowns.
- The shortages are so acute that they are commanding the attention of the White House and Congress, which are examining the underlying causes of the faltering generic drug market, which accounts for about 90 percent of domestic prescriptions.
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Luke 21:25 ““And there will be signs in sun and moon and stars, and on the earth distress of nations in perplexity because of the roaring of the sea and the waves
Important Takeaways:
- ‘There are roofs collapsing everywhere’: Thousands of Californians are running low on food and water as California Governor Newsom declares state of emergency in 13 counties after historic winter storms dump seven feet of snow
- Newsom deployed the national guard on Wednesday to assist residents, especially in San Bernardino County, where some have been trapped in their homes for days
- Wind, freeze and winter storm warnings were issued by The National Weather Service throughout the sunny state effective until Thursday as temperatures hit sub-freezing lows down to 26 degrees Fahrenheit in certain areas.
- Southern California mountain ranges have been hit by several feet of snow and residents are begging the governor for help to clear the roads as food and water supplies run low.
- The counties named in the emergency declaration include Amador, Kern, Los Angeles, Madera, Mariposa, Mono, Nevada, San Bernardino, San Luis Obispo, Santa Barbara, Sierra, Sonoma and Tulare.
- The storm left about 100,000 homes and businesses in the state without power as of Wednesday.
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Peru faces shortage of food and fuel as anti-government protests continue
- As the anti-government protests in Peru show no sign of ending, the country is currently facing a shortage of basic products including food items and fuel. A report by the news agency AFP on Wednesday (January 25) said that dozens of roadblocks, where demonstrations have been the most intense, are hindering freight deliveries to Peru’s south.
- In Puno city, the prices of basic food items including tomatoes and potatoes have tripled
- Meanwhile, the Madre de Dios region, which is on Peru’s border with Brazil and Bolivia, has reported shortages in fuel and food after protesters blocked the major Interoceanica Sur highway.
- Anti-government protests: 46 killed in clashes, President calls for national truce
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Average American family is spending $72-a-month more on food due to inflation as experts predict a recession in 2023
- American families continue to attempt to meet the rising cost of living as inflation continues to plague household budgets
- The most recent CPI report showed that inflation has slowed considerably since the summer, when the figure capped out at 9.1 percent
- Despite slowing inflation, however, a group of experts surveyed by the WSJ says there is a greater than 60 percent chance of recession in 2023
- Moody’s Analytics showed that families are spending an estimated $72 more on food per month than they were a year ago.
- That figure is pulled out of a report that says the typical US household is shelling out $371 on goods and services more than they were a year ago.
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Luke 21:25-26 “And there will be signs in sun and moon and stars, and on the earth distress of nations in perplexity because of the roaring of the sea and the waves, people fainting with fear and with foreboding of what is coming on the world. For the powers of the heavens will be shaken.
Important Takeaways:
- Blackouts Could Hit Texas on Christmas as Arctic Blast Threatens Grid
- Texas suffered a massive power grid failure in February 2021 after three severe winter storms and frigid temperatures stressed the grid. The grid’s failure resulted in millions of Texans losing power, leading to a lack of food, water and warmth. The failure proved fatal, and hundreds died because of the outage. The failure dealt a blow to the economy as well, resulting in a loss of at least $195 billion
- “The bigger story going forward is the Arctic blast that moves into the west first then pushing east for Christmas,” Panovich tweeted. “The Texas Grid is going to be tested again.”
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Nearly 70% of Americans struggling to pay grocery bills, survey finds
- Food inflation continues to surge
- Retail technology platform Swiftly reported Wednesday that 69% of shoppers say they are struggling to pay their grocery bills after months of persistently sky-high inflation
- And 83% currently rely on some form of coupons or loyalty program to put food on the table, according to its True Cost of a Grocery Shop survey.
- The Labor Department’s latest consumer price index showed prices rose an average of 7.7% on an annual basis in October, hovering near a four-decade high. But the cost of food at home soared 12.4% over the same month a year ago.
- Some staple items rose by eye-popping amounts, with coffee up 14.8%, cereal up by 16.9%, and eggs up by a staggering 43%.
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Luke 21:11 “There will be great earthquakes, and in various places famines and pestilences. And there will be terrors and great signs from heaven.”
Important Takeaways:
- Kenya to import 1st genetically modified maize amid drought, food shortage
- Food supply has depleted as Kenya faces its worst drought in 40 years
- Local media reported that Kenya will on Friday authorize the duty-free importation of 10 million bags of maize over the next six months, and for the first time it will include genetically modified maize.
- Annual rains have failed across Kenya, Ethiopia and Somalia for the last four seasons, forcing 1.5 million people out of their homes in search of water and food elsewhere.
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