BLEAK ECONOMY – AT 9:21 A.M. ET:  Not only are we facing an employment crisis, but those who are employed are finding it harder and harder to afford basic goods.  Prices are rising faster than forecast.  From Bloomberg:

The cost of living in the U.S. rose more than forecast in May reflecting higher prices for everything from autos to hotel rooms, signaling raw-material expenses are filtering through to other goods and services.

The consumer-price index increased 0.2 percent, compared with the 0.1 percent median forecast of economists surveyed by Bloomberg News, figures from the Labor Department showed today in Washington. The so-called core measure, which excludes more volatile food and energy costs, climbed 0.3 percent, the biggest increase since July 2008.

Higher input prices are leading companies like McDonald’s Corp. (MCD) and Abercrombie & Fitch Co. (ANF) to try to pass cost increases onto customers strained by more expensive gasoline and 9.1 percent unemployment. At the same time, Federal Reserve Chairman Ben S. Bernanke’s has repeated that the jump in commodity expenses will prove temporary.

“We’re seeing a broad-based bleed through of energy and commodity price pressures into components throughout the core,” said John Herrmann, a senior fixed-income strategist at State Street Global Markets in Boston who correctly forecast the gain in core inflation. “The Fed has to be more adamant about their credibility as an inflation fighter.”

Can America reelect a president who's presiding over all this damage?  Well, some card-carrying members of the pundit conspiracy say that Obama is a shoo-in.  They also say that broccoli-powered cars are ready to go, especially the convertibles. 

What an opportunity for Republicans.  Don't blow it, guys...and gals.

June 15, 2011