9.5 million who have lost their jobs in the last five years who have not re-entered the job force and the steady increase of inflation and the cost of living tell a quite different story than the rosy glow that Obama is hustling. We are steadily being told that everything is alright and everything is OK, meanwhile the cost of living has more than doubled during the last five years. Jobs and salaries have continued to decline and every day that passes the cost of food and the cost of energy are creeping up becoming more and more expensive. $9 a pound steaks, $4 a pound ground beef are already here and $4 a gallon gas will arrive for Memorial day like clock work. Meanwhile the media hyped meme remains everything is alright, don't worry, quantitative easing is keeping everything real.
Really? When the crash comes (and soon) it will make Black Tuesday of 1929 look like an upset stomach. The American economy is on the highway to hell on a greased rail and no one is paying attention.
The cold soggy start to spring put outdoor cookouts on hold throughout most of April, but temperatures are seen climbing in the coming weeks, prompting grocers to stock up for a seasonal bump in sales of steaks, burgers and other cookout favorites.
The U.S. Department of Agriculture on Friday reported the wholesale price for choice beef, commonly called the cutout, at $201.68 per 100 lbs (cwt), eclipsing the previous record of $201.18 set on Oct 16, 2003.
"You're now finally getting the seasonal rally occurring for beef that's about three-weeks late getting started," said Chicago-based Linn Group analyst John Ginzel.
"I suspect some retailers are booking product for Memorial Day features," he said.
National Cattlemen's Beef Association (NCBA) weekly retail scanner data shows Memorial Day ranks third in weekly holiday beef retail sales at about $370 million, behind U.S. Labor Day sales of $380 million. The U.S. July Fourth holiday is No. 1 at around $400 million.