patrick.net

Patrick says

https://www.zerohedge.com/markets/two-refineries-produce-14-californias-gasoline-set-close-due-regulatory-pressure

Today in how not to get gas prices down on the West Coast news, it was announced that California is on the precipice of losing two more major refineries that produce 14% of the state's gasoline due to suffocating regulation.

Valero may shut down its two California refineries, according to Just The News.

With existing closures already requiring California to import 8% of its supply, the state could soon face a greater dependence on refined imports, adding to its reliance on Middle Eastern and South American crude.

Obligatory:

https://finance.yahoo.com/news/subway-sandwiches-short-meat-lawsuit-170649849.html

Subway sandwiches are short on meat, lawsuit claims

zzyzzx says

That is how California fast food restaurants can stay above water while paying their workers $20 an hour.

In the Florida panhandle it is $15 an hour.
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Read on Wolf Street website that PCE or overall inflation is 2.1% for last 12 months as reported today by the federal government.

Looks like most of that is attributed to lower gas prices. I paid $2.64 a gallon in Panama City today.

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At least this time they got 2 M&M's:

Booger says

about 8.5% annual inflation for that burger from 2008 to present day :-/

that restaurant (Flavortown Kitchen) is in Huntington Beach, California, so I'm not surprised of this

working class can only afford to live in near-3rd world conditions in California

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Booger says

that Flavortown Kitchen (in Huntington Beach) probably pays $20 an hour to its entry level staff (not servers)

at Dat Cajun Place ( https://datcajunplace.com/?page_id=428 ) about 3/4 of a mile from the shoreline in Panama City Beach , they pay at least $15 yet the food is just as good quality food and a patty melt burger with fries there goes for only around $12 and $11 for the special-of-the-day

it costs to rent a 3 bedroom, 2.5 bath, +1 car garage within 2 miles of Dat Cajun Place for about $1900 a month

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AD says

that Flavortown Kitchen (in Huntington Beach) probably pays $20 an hour to its entry level staff (not servers)

at Dat Cajun Place ( https://datcajunplace.com/?page_id=428 ) about 3/4 of a mile from the shoreline in Panama City Beach , they pay at least $15 yet the food is just as good quality food and a patty melt burger with fries there goes for only around $12 and $11 for the special-of-the-day

it costs to rent a 3 bedroom, 2.5 bath, +1 car garage within 2 miles of Dat Cajun Place for about $1900 a month

one example of affordable housing for service workers in the Florida panhandle listed at $1840 for 3 bedrm, 2.5 bath, 1 car garage townhome: https://www.zillow.com/homedetails/1702-Annabellas-Dr-Panama-City-Beach-FL-32407/87637913_zpid/

zzyzzx says

It's been decades since McDonald's would would overstuff their fry containers brimming from the top. These days they lay the container on its side and only layer in one or two layers. It's not like they are stacked deep like you would get pouring them in a bag.
I bet if you poured the contents from the vintage pack and a current one from the drive through. I bet you would get more fries in the vintage container.
The paper bag also budged and flexed out, allowing more volume the cardboard does not. Those boxes were designed to look like you got more than you really did.

https://wolfstreet.com/2024/10/31/inflation-doesnt-want-to-cooperate-pce-price-indices-for-core-core-services-and-durable-goods-worsen-further-mom/

Buuttt...abortion!

Wolfman has a great article on the latest CPI report : https://wolfstreet.com/2024/11/13/beneath-the-skin-of-cpi-inflation-overall-cpi-accelerated-for-4th-month-core-cpi-for-3rd-month-on-re-spiking-used-vehicle-prices-rising-homeowner-costs/

Overall inflation or CPI for last 12 months is 2.6%, at least a lot better than its recent high of 9% in summer 2022.

Hopefully it remains below 3%.

The Fed Funds rate is around 4.75%, and I expect the Fed will lower the rate to 4% if annual inflation remains below 3%.

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I hope at least Trump can at least cause within the next 4 years the debt to GDP ratio to return to 105% which was the approximate level when Obama left office.

https://fred.stlouisfed.org/series/GFDEGDQ188S

That will help as far as reduce interest rates like the 10 Year Treasury (historically about 1.5% higher than annual inflation) and 30 Year mortgage (historically about 1.5% higher than the 10 Yr Treasury).

AD says

Wolfman has a great article on the latest CPI report : https://wolfstreet.com/2024/11/13/beneath-the-skin-of-cpi-inflation-overall-cpi-accelerated-for-4th-month-core-cpi-for-3rd-month-on-re-spiking-used-vehicle-prices-rising-homeowner-costs/

From Wolfie:
The stubbornly high core inflation rate was driven, so to speak, by the prices of used vehicles that rose for the second month in a row, having U-turned from a historic plunge, which had been one of the big contributors to cooling core inflation. But it appears to be over. Used vehicles have now turned into an inflation headwind, which we figured was coming our way, based on the rising prices at used-vehicle auctions where dealers buy to replenish their inventories.

Car sales are going to be a bloodbath next year.

AmericanKulak says

The stubbornly high core inflation rate was driven, so to speak, by the prices of used vehicles that rose for the second month in a row, having U-turned from a historic plunge, which had been one of the big contributors to cooling core inflation. But it appears to be over. Used vehicles have now turned into an inflation headwind, which we figured was coming our way, based on the rising prices at used-vehicle auctions where dealers buy to replenish their inventories.

They will just remove used car prices from the index.

zzyzzx says

Yes, the problem is clear - what's with using metric instead of ounces?

The_Deplorable says

Yep, even the EU autocrats did a better fiscal job than xiden/cumalla

M2 should be $19 trillion based on this trend line. It is $21 trillion now.
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Minimum wage in 1972 was $1.60 an hour. See below ad for same year, which is 2.5 times minimum wage for 1972.



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Today "minimum wage" for service workers in Florida panhandle is around $15 an hour, and a 12-piece meal for 4 people costs around $36.

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https://www.nbcnews.com/business/rcna180874

85 cents a pound for a 12 pound turkey by JenniO at Walmart on Front Beach Drive in Panama City Beach

$2 for a 5 pound bag of Russert potatoes ...we bought 2 bags ...

$1.25 for can of green beans

and $5 each for a Marie Calendar dutch apple and pumpkin pies

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The only thing which can slow/stop inflation is the government not 1. hiring goldbricks in all areas of government 2. giving away money to welfare queens and assorted undeserving losers 3. giving COLA increases to people receiving social security 4. giving away money for absurd PPP and similar schemes.

A typical inflation cause would be TSA; the shitty experience you have in the airport today costs you $40 each time you pass through it.

Artificial intelligence could identify "potential problem passengers" and screen them out before we even get into the airport.
Google does a decent job of it with my email for example.

Every guy I know who worked for any type of government job has a millionaire pension; I know a retired fireman who gets $200K per year, a retired worker for San Diego gets a ton of cash, a retired guy who was in the DEA in Florida and then a cop in NY state gets a gigantic pension. My brother worked at a "NYC Health Hospital"=owned by the NYC, and he gets a giant pension.

clambo says

The only thing which can slow/stop inflation is the government not 1. hiring goldbricks in all areas of government 2. giving away money to welfare queens and assorted undeserving losers 3. giving COLA increases to people receiving social security 4. giving away money for absurd PPP and similar schemes.

Need more production and supply per person. Need more productivity gains.

I agree as all that money goes to unproductive causes like paying three guvmint workers to do the work of one guvmint worker, as well as rewarding lazy behavior with various welfare give-aways.

I think Trump's energy policy will help to at least reduce the inflation rate (i.e., disinflation).

As far as social security's COLA, it should be available as a lot of senior citizens barely get by and the only income they have is social security.

One idea is to have a slight means test for social security, as pay a reduced amount to top income households that earn social security.

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If a guy lives on social security alone, he deserves poverty; any guy can save $250/month during his working lifetime if he is at all responsible.

I don't know anyone who lives on social security alone, and I'm in that age group.

clambo says

If a guy lives on social security alone, he deserves poverty; any guy can save $250/month during his working lifetime if he is at all responsible.

I don't know anyone who lives on social security alone, and I'm in that age group.

There are life-long service workers in the tourism and hospitality industry who make $15 an hour and barely get by in the Florida panhandle.

But I agree as far as making that extra effort such as work Uber Driver, Uber Eats, Door Dash, Amazon MTurk, Rover, etc. as far as an extra 20 hours per month to save ~$250 a month in a Roth IRA or Traditional IRA.

Assuming a 6% real growth rate and saving for 30 years such as starting at age 35 and retiring at 65.

I figure from age 20 to 35 that they'll piss away or mismanage their money so by age 35 they are mature enough to save $250 per month at a real (or "inflation adjusted") growth rate of 6% in a Total Stock Market Index Fund within their IRA.



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