Fox Business host Stuart Varney admitted that only the top 20% of earners are spending because they can afford to pay amid high inflation.
In the new September PPI report, it states, “showed producer price index rose 6.3% year over year, the largest annual increase since 2022.”
This horrific report had many Trump-supporting business reporters scratching their heads and trying to find some unicorns to defend his economy and its war with Iran. On The Big Money Morning Show, they blamed energy costs on everything.
Reporter Lauren Simonetti broke down the latest high inflation report to the Varney& Co., viewers..
SIMONETTI: We’ll start with factory inflation. Unfortunately, it rose double the estimate of 1.3% in September from August and 6.3% on the year.
That annual number, that jump is the most since 2022. At the core level, still hot.
PPI inflation at 5% when you take out food and energy. Eventually, wholesale inflation shows up in our shopping cart, right?
Trump liars like Kevin Hassett and Scott Bessent claim that since people are spending, the economy under Trump must be booming.
But that is a lie.
Simonetti appeared perplexed by the spending even during this inflationary economy, but Stuart Varney easily explained away her confusion.
read more