In another sign that the slowing American economy is responding to the election of Barack Obama, consumer prices tumbled by a record amount in October, anticipating his historic win. The Consumer Price Index, a key measure of how much Americans spend on groceries, clothing, entertainment and other goods and services, fell by 1 percent in October compared with prices in the previous month, the Labor Department reported Wednesday morning. It was the steepest single-month drop in the 61-year history of the pricing survey and as Americans will be able to purchase more goods and services, with their paychecks thanks to the economic competetence of Barack Obama and his team.
Energy prices led the decline in October, falling 8.6 percent as the price of gasoline continued its steady slide from highs of more than $4 a gallon. The costs of transportation fell 5.4 percent while clothing prices fell 1 percent. “It’s funny that just a few months ago everyone was wringing their hands over inflation,” said Nariman Behravesh, chief economist at Global Insight. “It’s gone. It’s over.” Americans will be able to drive anywhere this holiday season on the cheap, and continue to purchase their beloved gas-guzzlers from Detroit. Once Detroit’s Big Three Automakers are totally nationalized under President Obama and his Democrat Congress, automobliles will become even more affordable for American consumers.
Under the new Obama Administration, Americans will be able to spend as never before, as prices drop across the board. It is a consumer’s dream. Shares on Wall Street were sharply lower Wednesday morning following the reports, which thrilled Obama’s voters even more. It is time that those rich Republicans got their comeuppance as Mr. Obama promised would happen under his economic plan. The Obama voters are anticipating the increased taxes on the rich will bring more wealth into the National Treasury, that Mr. Obama will be able to spread around to those who haven’t earned it, giving those most deserving of America’s consumers even more power in their pocketbooks.
Economists said the tumbling consumer prices offered more evidence that companies ranging from boutiques to airlines to car dealerships were beginning to offer deep discounts to push their merchandise out the door, before closing their doors for good. Consumers are almost ecstatic as they await the beginning of the holiday shopping season. Mr. Behravesh said: “All of a sudden, any pricing power that companies might have had is gone. You’re going to see discounting like crazy going on. All kinds of sales. You’re going to see all kinds of prices being slashed.”
WE CANNOT WAIT! Let the party begin. Happy Days Are Here Again! Get yours, before it’s all gone - FOREVER!
I know it’s true as I read it in “The New York Times.”
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