Welcome to the Eric Erickson Show podcast, Hour One.

Hello, America, welcome.

It is Eric Erickson here across the nation.

The full number is 877-973-745, should you wish to be on part of the program.

We got to get out of the gate to the big news of the day.

It wasn't going to be this, but suddenly it is this.

Here is Jason Furman, Harvard Economist, on CNBC a short time ago.

I think the markets are just ridiculously complacent about the inflation situation right now.

I look at tips, I look at swaps, they have break-evens of inflation of around 2%.

I just don't see that.

I don't see how we have inflation much below 3% this year. I don't see it coming down

below that without a decent sized recession and nothing in this numbers gives me comfort.

If you haven't heard, inflation was higher than expected, up two-tenths of a percent.

It's still above six percent annualized.

The Dow is now down 317 points. The NASDAQ is down just about 70 points.

S&P 500 down 29, New York Composite, down 117. All major stocks out there, tech and otherwise are down.

The stock market was expecting good news. They were expecting to decline in inflation.

And that decline has not happened. Not only has it not happened, but we got an increase that was not

expected. Now, for perspective, year-over-year increase,

groceries are up 11.3%. Eating out is up 8.2%. Natural gas costs up 26.7%. Electricity costs up 11.9%.

Rent is up 8.6%. Airfare is up 25.6%. Vehicle insurance up 14.7%. Pet services up 8.4%.

Not only that, if you want an overall perspective, ag prices. The incredible edible egg cost is up 70% from this time last year. Now, Joe Biden is out

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