The Schaftlein Report | Inflation Remains Elevated despite gasoline falling

1) Biden claims zero inflation which is not true. The inflation rate is running at 8.5%. The increase came in flat but that is little comfort to most Americans. Falling gas prices did help. 1A) The Producer Price Index was up 9.8% in July compared to July 2021, however it fell 0.5% from June. Falling gas prices were the main reason. Gas is now averaging $3.99 per gallon down from $5.01 55 days ago. 1C) The Strategic Petroleum Reserve which was at 638M barrels when Biden took office will be down to $384M barrels by 9-30. A 40% reduction. Capacity is 714M barrels. 1D) Jobless claims rise to 262K, highest in 8 months. We still have over 9.5M job openings in the country. 2) Federal government collected 4.1T in taxes during the first 10 months of the fiscal year. The government spent $4.8T leaving a deficit of $700B. Department of Health and Human Services spent $1.33T Social Security spent $1.06T Defense spent $590B 3) Republicans continue to demand answers from FBI Director Wray on the Trump raid. He remains silent. A judge has ordered the DOJ to respond to a request to unseal the Trump raid warrant. 3A) 77% of Republicans and 56% of Independents believe the Trump Raid was politically motivated. 4) Russian death toll of senior officers reaches 100 with over 10 Generals killed. They have suffered between 60K to 70K casualties of dead or wounded. 5) Plot uncovered to kill John Bolton and Mike Pompeo by Iranian. 6) Barnes versus Johnson in Wisconsin Senate race. Barnes is a radical leftist. 7) Fetterman versus Oz in Pennsylvania Senate race. Fetterman is a radical leftists. Get the pattern here. 8) I predict Bernie Sanders will run in 2024. Senator Joe Manchin approval rating declines 30 points after Inflation bill support.