CPI not great. Might take out the lows at some point soon.
This might set off the acute crisis, credit markets were already breaking before this. Interesting to see what happens in the UK.
+1
CPI 8.2%... Probably another increase of 0.75 (or 1.00) by the FED in 1 month...
History will repeats again and we will see a final capitulation with a bottom between middle november and december 2023 ? We will know soon..
Last time CPI data came out it dumped then recovered.
Will assume it will do the same just slower because of the way the economy across the globe are all the sh***er right now.
But having bitcoin at mid $18k is troublesome.
Crypto winter has really begun?
Worse news is the way this prints money and tightens money at same time
Soc Security will Jump 8.7 % in Jan
Look at these numbers from here:
https://www.ssa.gov/policy/trust-funds-summary.html"Comparison: Key Measures of Actuarial Status in the Social Security Trustees Reports
2021 report 2022 report
75-year actuarial deficit
As a percentage of taxable payroll 3.54% 3.42%
As a percentage of GDP 1.2% 1.2%
Income and outgo in year prior to report year (in billions)
Income
Total $1,118 $1,088
Social Security contributions a $1,001 $981
Income taxes on benefits $41 $38
Interest $76 $70
Outgo
Total $1,107 $1,145
Benefit payments b $1,101 $1,138
Administration $6 $6
Net change in assets $11 −$56
Trust fund reserves
Amount at beginning of report year (in billions) $2,908 $2,852
Amount at beginning of report year (as a percentage of report year outgo) 253% 230%
Projected year of peak trust fund reserves c 2021 2022
Amount at end of peak year (in billions) $2,831 $2,805
Year of trust fund depletion
OASDI 2034 2035
OASI 2033 2034
DI 2057 d
Share of OASDI outgo covered by scheduled revenue in—
Year of trust fund depletion 78% 80%
End of 75-year reporting period 74% 74%
SOURCES: 2021 and 2022 Trustees Reports.
a. Includes adjustments for prior calendar years.
b. Includes a small amount of payments to the Railroad Retirement Board.
c. Measured at end of year.
d. The trust fund is not projected to become depleted during the 75-year period ending in 2096.
A 2021 annual deficit of $56.3 billion decreased the asset reserves of the combined OASDI trust funds to $2,852 billion at the end of the year. This amount is equal to 230 percent of the estimated annual expenditures for 2022. The 2021 Trustees Report had projected a $77.3 billion decrease in combined trust fund reserves during 2021 under the intermediate assumptions.
The Trustees project that OASDI annual cost will exceed total income throughout the 75-year projection period. After the projected trust fund reserve depletion in 2035, continuing income would be sufficient to pay 80 percent of program cost, declining to 74 percent for 2096.
Beneficiaries and Benefit Payments
At the end of 2021, the Social Security program was providing monthly benefits to about 65 million people: 56 million from the OASI Trust Fund and 9 million from the DI Trust Fund. Total benefit payments for the year (excluding payments to the Railroad Retirement Board) were $1,133 billion: $993 billion from the OASI Trust Fund and $140 billion from the DI Trust Fund."
This is a back ass way of printing money and it goes up next year by 8.7%
which means hard times coming.
They mention they want a rate of 2% rather than 8.2%
rates will go up .75 or 1.00 next time they adjust in Nov
