Economist weighs in on record high inflation rate in U.S.

The Labor Department says inflation in the U.S. jumped 7% between December 2020 and December 2021. That's the biggest increase since 1982. Peter Morici, an economist and emeritus professor at the University of Maryland, joins CBSN's Lilia Luciano to discuss what the latest data means for our economy.

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Economist weighs in on record high inflation rate in U.S.

The Labor Department says inflation in the U.S. jumped 7% between December 2020 and December 2021. That's the biggest increase since 1982. Peter Morici, an economist and emeritus professor at the University of Maryland, joins CBSN's Lilia Luciano to discuss what the latest data means for our economy.

CBSN is CBS News’ 24/7 digital streaming news service featuring live, anchored coverage available for free across all platforms. Launched in November 2014, the service is a premier destination for breaking news and original storytelling from the deep bench of CBS News correspondents and reporters. CBSN features the top stories of the day as well as deep dives into key issues facing the nation and the world. CBSN has also expanded to launch local news streaming services in major markets across the country. CBSN is currently available on CBSNews.com and the CBS News app across more than 20 platforms, as well as the Paramount+ subscription service.

Subscribe to the CBS News YouTube channel: http://youtube.com/cbsnews​
Watch CBSN live: http://cbsn.ws/1PlLpZ7c​
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  • Comments

    Nathaniel Anderson says:

    If people stop paying higher prices, people will lower prices.

    Dark Dan says:

    I’m going to stop purchasing things I can do without, problem solved…

    DEFFIE CLY says:

    needs to have different streams of income, a well detailed diversified investment portfolio in the financial markets is needed to survive,as well as secure a profitable investment future.

    Gerrick säul says:

    Investing in the right things matter, I have actually invested into the stock market and also the cryptocurrency market trust me cryptocurrency trading is more profitable than the stock investments..

    BattleBeard says:

    This is the second time this week I’ve seen this same bot post the same exact message. Now a bunch of other bots/paid accounts are going to come on here and name drop Mr. Berry something or maybe the name of another scam. 👎🏻

    Goat Rock hunters says:

    Is prostitution considered a different steam of income if I don’t actually have sex with my customers???

    BattleBeard says:

    @Goat Rock hunters 🔥

    S Starklite says:

    Help end inflation by not buying anything for a long time!
    Help end world poverty!

    PROUD PURE BLOOD says:

    End inflation by NOT voting for Democrats

    BattleBeard says:

    People just letting stimulus money sit in the account… I can’t imagine. I actually needed mine and spend it immediately on bills and groceries…

    ALCAN52 says:

    You should have invested it or bought gold.

    BattleBeard says:

    @ALCAN52 Rather than feed my kids and buy heating oil? Blue collar guy with three kids. Your ideas might work for your situation, but not others. And the stimulus check was not enough money to invest meaningfully in way that would benefit my suffering family. Feel free to bother someone else because I don’t take you at all seriously.

    Edit: Also, just checked, the price
    of gold has dropped slightly in the last year. The market will not bear the price rising much higher than it already is. I have a retirement plan, company stock. I’m alright with losing the possibility of making …a couple hundred dollars. You toolbox.

    fun_fact says:

    The Republican-led states of Mississippi, Louisiana, Kentucky, Arkansas, West Virginia, Alabama, Oklahoma, Tennessee, South Carolina, North Carolina and Texas are eleven of the top twelve states with the highest poverty rate.

    Bx C says:

    @Goat Rock hunters You are picking and choosing certain areas in a state, I’m talking about entire states, I hate to mention his name, but who ever gathered Trump’s data during Trump’s campaign knew Trump would win a majority of the white conservative vote and they would be uneducated and of course from the red states, Trump even called these supporters poorly educated.

    Goat Rock hunters says:

    @Bx C “poorly educated” is a relative concept. Just because a person doesn’t have a college degree in art history, or women’s studies doesn’t mean they are uneducated. I’d trust the judgement of an experienced electrician or welder over some clown with a degree in Marxism any day. Besides, most of these colleges and universities are jokes. They just rob students of their money and could care less whether they can read or write. Let alone gain critical thinking skills. By the way, I have a masters in finance. But I don’t think that I am any smarter than my plumber!! Unlike your kind, I’m not an arrogant little weasel!!

    Mr. White says:

    And the top 3 states with the least amount of debt are all “Red States”. Don’t forget……some red states have “Blue cities” that drag those “red states” down. I can provide examples and stats for anyone attempting to prove me wrong.

    Donald Robinson says:

    @Mr. White the blue States help support the red States. The blue States pay much more in federal taxes and receive back much less in federal program spending while the red States pay much less in federal tax but get back much more in federal program spending

    Mr. White says:

    @Donald Robinson Correct. Now, pick one of those red states you speak of and we’ll dive into the cities in these states to see how “red” they are.

    Turd Ferguson says:

    When you print more money, you make it worth less. That’s inflation.

    Sophie Edel says:

    This is the result of a loose FED that is allowed to print trillions of $. If the US doesn’t quickly raise interest rates, it will look like Venezuela and Turkey.

    ALCAN52 says:

    They cant raise rates. System collapses if they do. Inflation collapses the system if they dont. Thats why its called a liquidity trap.
    They are going to have to change the monetary system and very few are prepared for that.

    5%LowBattery says:

    We have to endure a recession to fix it? A recession meaning people not being hired for even crappy jobs? Yikes 😬

    ♿NPC-TardLivesMatter✊ says:

    *”We reduce demand for cars by making Americans poorer.”* -Joe Biden aka Brandon

    bitcoin daddy says:

    $30T treasury debt x nominal rate 3-4% = $1T interest payment ..theres no way Feds can raise rates

    Carshmee Ampereson says:

    I dont think these people interact with real people. If they were in our communities they would know the stimulus checks were gone the second they were put into our accounts. They really think that we are holding onto this money? Im sorry but thats the dumbest thing ive ever heard. I have loans. I have bills. I have to get groceries. The money is LONG gone. Get outta here with this noise

    Obamas Cock says:

    The simple fact is to ease the national debt we need to spend more money. If we don’t then we will be creating more debt. On top of that, printing more money will help increase buying power, the more money in the economy, the more buying power. It’s good that they increased the spending limit, and we are on our way to print more money. It’s just smart economics. Joe Biden for sure has qualified economic aids by his side. Im hoping he increases the minimum wage too, prices are too high. We need at least 30 dollars an hour to match inflation numbers. People saying businesses would just increase prices, there is no evidence of that.

    Johnfontaine says:

    Say what you will about DT, still doesn’t change the fact that Brandon led us to x2 gas and grocery prices, 9.6% inflation and %$3,500 drop in annual real wages. With the economy going south and prices going crazy, 3 BEST ways to double or hold your funds in this economy; Physical Silver, Gold ,Who can guess the 3rd??

    Robstark says:

    @Jen Gonzalez
    I will give this a look, thanks a bunch for sharing.

    Kirsteen Luna says:

    If you include inflation, it becomes the worst economy in 50 years.
    In fact, it is the slowest economic recovery from a man-made economic collapse in US history.

    luckynumberkevin says:

    Passive income: the best source by far is to build a successful business to the point where you can hire others to do all the work and pocket the profit from their labor. Second best is to be buddies with the FED and get your money for free and use it to buy up assets and then charge market rates for others to use your stuff.

    Mitchel says:

    Yawn. It was no better under tronald dump. GOP and Democrats are two sides of the same coin. All politicians want to do is stay in power and they don’t care about anything but getting re-elected. Just look at dump, he even tried to pull a coup d’eta in order to stay in power. He is so corrupt, and so is everyone else in washington, no matter what party they belong to.

    Kalimdor199 says:

    @Mitchel Under God Emperor Donald Trump the average wage climbed up with 20%. Inflation was very small. His policies of tax reduction and abolition of regulations created millions of jobs. The country was on the right path. The plandemic ruined his plans unfortunately, but still his administration did not buy into mass hysteria in 2020 and actually prioritized the economic factor. Democrat-led states reacted with hysteria, closing down their economies first and for the longest periods. Those are the most affected right now.

    Trump didn’t try to pull a coup. That’s horseshit. The elections were mired with fraud and an usurper now stands as the president of a country. The US ceased being a democracy in 2020 when the loser won. Trump was the real winner. But the establishment falsified the election because Trump actually was a threat to them. His policies, his unpredictability, his tendency to show the middle finger to the establishment nomenclature was a threat to them. As such, the system wanted him to go. And they chose Cho Bai Den as its puppet. And what a glorious puppet he is. A demented guy that can barely stand on his feet, that can barely speak a proper sentence even with a prompter, an obedient guy that doesn’t do well under pressure. This is exactly what the establishment wants. And what the enemies of the US want. Xi and Putin are very, very pleased right now, especially after the Afghanistan debacle.

    Fortunately, 2024 is coming, Trump will win this time since Democrats and Biden will face the inevitability of a power erosion due to their disastrous policies and incompetence. This time around the fraud will not work, as Trump will win in a landslide. Trying to fraud that will become visible even from the moon. That is why they are pushing this insurrection nonsense. They are trying to prevent Trump from running knowing that he will win. What happened in January 6 was not an insurrection. It was a popular revolt against an election fraud. People fighting back against the abolition of US democracy, republic and the Western civilization.

    Felipe Granados says:

    This inflation is calculated using the current CPI model. I am pretty sure that if you used one of the older models from the 90’s then inflation is probably well above 10%.

    Marc Siste says:

    U.S. Inflation hit 7% in December, fastest pace since 1982. Consumer prices in Germany rose by 3.1% in 2021. France shows a 12-month inflation rate of 3.4% the highest since September 2008. Good job Brandon!

    G W says:

    It’s really on the Fed to manage inflation. I’m not sure why are they are not raising interest rates to combat inflation.
    Also, the inflation was probably triggered by all of the money being printed during the Trump presidency for “Covid Relief” checks being sent out to everyone.

    Larry Jonesboro says:

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    Elizabeth peter says:

    I’m really happy😃 for Seeing this comment theard ,.I just text him now hope he reply soon .

    G W says:

    @Elizabeth peter Be careful. Just reading through this thread. It sounds like a scam. Has all the tell-tale signs. For all you know, all of those accounts could belong to him.
    Yeah all fake accounts. I just realized you can look at peoples comment history.
    I wonder if this actually works to hook people in.

    G W says:

    Let’s start printing a bunch of money for “Covid Relief” checks. That’s not going to cause any problems down the road? Right?

    Daniel Bracken says:

    When the price of everything goes up with the pay is the same

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