One Term

WHOLESALE PRICES: HIGHEST ANNUAL RATE IN 27 YEARS

NEW YORK (CNNMoney.com) -- In another indication of growing inflation, wholesale prices increased in July to the highest annual rate in 27 years, according to a government report released Tuesday.

The annual Producer Price Index for finished goods rose 9.8% in the 12 months that ended in July.

The jump in wholesale prices is the fastest rate of increase since a 10.4% bump-up in June 1981, according to Joseph Kowal, economist at the Bureau of Labor Statistics.

The bleak economic news continues to roll in as the politicos debate whether the 'cone of silence' or 'coin flip' happened exactly as the preacher said. Today's news of continued inflation bring me to a previously made point on RTR08. The next president is a one term president. Whoever it is will preside over an economy in such shambles - the worst since Jimmy Carter - that there will be no way to turn it around in four years. It will be especially impossible with a trillion dollar 'war on terror' effort on foreign soil, increasing debt financed by China, a dollar-printing Fed and a Fannie Mae which now has been given unrestricted funds with no congressional approval required. So, McCain might as well make his one term commitment. And Republicans, if they expect to ever see an occupant of the White House in the next three generations, had better hope that Obama wins.