inflation

Tuesday November 1, 2022

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Tuesday November 1, 2022

U.S. Headlines Expressing Anger, Fear, Disgust, and Sadness Increased Hugely Since 2000

About 42 percent of Americans now actively avoid news coverage, according to the Reuters Institute’s 2022 Digital News Report. That’s up from 38 percent in 2017. Nearly half of Americans who’ve turned away from the news say that they are doing so because it has a negative effect on their mood. As it happens, a new study in the journal PLoS One tracking the headlines in 47 publications popular in the United States reports that they have trended decidedly negative over the past two decades. 

Coincidence?

June 12, 2019

In their study, the team of New Zealand-based media researchers used a language model trained to categorize as positive or negative the sentiments of 23 million headlines between 2000 and 2019. In addition, the model was finetuned to identify Ekman’s six basic emotions (anger, disgust, fear, joy, sadness, surprise), plus neutral, to label the headlines automatically. Using the 2019 Allsides Media Bias Chart, the publications were ideologically categorized as left, right, or center. For example, The New Yorker, the New York Times Opinion, and Mother Jones were identified as left; National Review, Fox News Opinion, and The New York Post as right; and A.P., Reuters, and The Wall Street Journal as center. (Reason was pegged as right-leaning.)

After turning their language model loose on the millions of headlines, the researchers found “an increase of sentiment negativity in headlines across written news media since the year 2000.”

June 5, 2012

Overall, the researchers find that the prevalence of headlines denoting anger since the year 2000 increased by 104 percent. The prevalence of headlines denoting fear rose 150 percent; disgust by 29 percent; and sadness by 54 percent. The joy emotional category had its up and downs, rising until 2010 and falling after that. Headlines denoting neutral emotion declined by 30 percent since the year 2000. Breaking these down by ideology, headlines from right-leaning news media have been, on average, consistently more negative than headlines from left-leaning outlets.

Why are negative headlines becoming more prevalent? “If it bleeds, it leads” is a hoary journalistic aphorism summarizing the well-known fact that dramatic, even gory, stories engage the attention of news consumers. In other words, journalists are supplying news consumers with what they want. Given the global reach of modern news media, there is always some attention-grabbing horror that occurred somewhere that can be highlighted between weather and sports on your local TV news.

November 4, 2020

Journalistic catering to people’s negativity bias ends up misleading a lot of their audiences into thinking that the state of the world is getting worse and worse. However, looking at long term trends, the opposite is the case. Yes, yes, there are wars in Ukraine, Ethiopia, and Yemen and, of course, a global pandemic during the past two years has killed around 6.5 million people so far. “For reasons I have never understood, people like to hear that the world is going to hell, and become huffy and scornful when some idiotic optimist intrudes on their pleasure,” wrote economist Deidre McCloskey. “Yet pessimism has consistently been a poor guide to the modern economic world.” (Continued: Reason) 

 

Saturday October 29, 2022

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Saturday October 29, 2022

It’s not a trick: Your Halloween treats are getting smaller

September 29, 2022

Standing in the centre aisle of the drugstore, with its seasonal display of spooky bat decorations, vampire teeth and fun-sized bags of chocolate, don’t be surprised if something seems off.

It isn’t a nightmare. Your Halloween candy just got smaller.

A bag of dark chocolate Hershey’s Kisses is now a couple of ounces smaller than before. A two-pack of Reese’s Peanut Butter Cups is a tenth of an ounce lighter. And Cadbury milk chocolate bars are about 10 percent skimpier.

Consumers can partly blame “shrinkflation” — the phenomenon of manufacturers reducing the size of their products rather than increasing the price. Over the past two years, companies have downsized paper products, salty snacks and many other consumer packaged goods as their ingredient, labor and transportation costs have skyrocketed.

December 10, 2021

But it’s also part of a years-long plan to make Americans’ treats less caloric. In 2017, Mars Wrigley, Ferrero (owner of Nestlé’s American candy business), Ferrara Candy and Lindt (which owns Ghirardelli Chocolate and Russell Stover Chocolates) joined forces to decrease calorie counts, offer a broader range of portion sizes and provide labeling that lists calories on the front of their packaging.

The National Confectioners Association last month announced that 85 percent of chocolate and candy sold today comes in packaging that contains 200 calories or fewer per pack. And nearly 100 percent of candies sold now have front-of-pack calorie labels, up from just over half in 2016.

“Five years ago, we were behind the ball on front-of-pack labeling,” said Christopher Gindlesperger, spokesman for the association. “Those four companies, that make up about half of the market, drove a remarkable change and rallied the rest of the industry.”

December 1, 2007

Other moves are intended to provide lighter options for candy consumers. Hershey, for instance, introduced “thins” versions of classic candies like Reese’s cups, York patties and Kit Kats. The company has launched an increasingly long list of zero-sugar options, from Jolly Ranchers to Twizzlers.

In short, many candy sizes and packages are shrinking but prices aren’t.

“All of these companies are having to make these decisions based on cost,” Wyatt said. “But I can say with certainty candy companies committed to these [calorie reductions and front-of-label calorie counts] before that inflation started. The products that have transparent labeling outperform others.”

Candy may in fact be the category that first experienced shrinkflation, Dworsky said. In the 1950s, he said, candy companies told vending machine operators they would have to raise prices, going from 5 cents per candy bar to 6 cents. The vending machine folks balked and asked the candy companies just to make the products smaller.

Dworsky’s message: The only way for consumers to protect themselves from shrinkflation is by memorizing product weights.

“It will go too far when you open that carton of eggs and there are only 11 inside,” he joked. (The Washington Post) 

From sketch to finish, see the current way Graeme completes an editorial cartoon using an iPencil, the Procreate app, and a couple of cheats on an iPad Pro …

Friday October 28, 2022

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Friday October 28, 2022

Freeland warns of ‘difficult days ahead’ as Canada’s economy shows sign of weakness

Finance Minister Chrystia Freeland issued a warning to Canadians Wednesday — the coming months won’t be pretty as rising interest rates slow a once red-hot economy and force some people out of their jobs.

June 17, 2022

The Bank of Canada’s recent rate hikes to tame sky-high inflation will increase borrowing costs for businesses and consumers alike, which will send shockwaves throughout the economy, Freeland said.

Speaking at an auto industry conference in Windsor, Ont., Freeland said she would be honest with Canadians about the roadblocks that lie ahead and the threat of higher unemployment and mortgage rates — developments that could hurt many households.

“Our economy will slow. There will be people whose mortgage rates will rise. Businesses will no longer be booming. Our unemployment rate will no longer be at its record low. That’s going to be the case in Canada. That will be the case in the U.S. and that will be the case in economies big and small around the world,” Freeland said.

“There are still some difficult days ahead for Canada’s economy. To say otherwise would be misleading.”

January 27, 2022

The Bank of Canada — like other central banks, including the U.S. Federal Reserve — has been aggressively raising rates this year to establish price stability and achieve its 2 per cent inflation target.

With inflation so sticky, economists are expecting more rate hikes to reduce demand and cool the economy. That could prompt a recession sometime in 2023.

While inflation has slowed somewhat in recent months as energy prices have stabilized, Freeland said the government will not be able to help everyone ride the inflationary wave.

“We cannot compensate every single Canadian for all of the costs of inflation driven by a global pandemic and Putin’s invasion of Ukraine,” Freeland said.

But she promised relief for the poorest Canadians who are most vulnerable to sudden spikes in the cost of food and rent.

June 22, 2021

During question period in the House of Commons on Wednesday, Conservative Party leader Pierre Poilievre said the federal Liberal government’s “half-trillion dollar inflationary deficits” over the past two fiscal years are responsible for the higher costs.

Pointing to the planned low-income supports, Poilievre said the prime minister has done “nothing for the vast majority of struggling families.”

“Even the small minority who do [receive the supports] will find it gobbled up by increased inflation,” he said, citing a recent RBC Royal Bank report that found the average family will lose $3,000 in purchasing power this year as a result of higher prices and interest rates.

He called on the government to scrap planned hikes to the federal carbon levy — something Poilievre has called a “triple, triple, triple tax” that will drive food prices higher because it will impose added costs on all parts of the supply chain.

August 12, 2022

In the face of Tory criticism, Freeland said the federal government will continue to tighten its belt in the coming months so that Ottawa doesn’t inadvertently drive inflation.

“Canadians are cutting back on costs and so too is our government. That’s our part … to not make inflation worse and more enduring,” she said.

Asked later by reporters if the government has more inflation relief planned, Freeland said now is a time for fiscal restraint. (CBC) 

 

Friday October 21, 2022

By Graeme MacKay – The Hamilton Spectator – Friday October 21, 2022

Hasta la Vista? This Time, Boris Johnson May Say, ‘I’m Back.’

It seemed at once incredible and inevitable.

September 7, 2022

No sooner had Prime Minister Liz Truss of Britain announced her sudden resignation on Thursday afternoon than a familiar name surfaced as a candidate to succeed her: Boris Johnson, the prime minister she replaced a mere 45 ‘ days ago.

Mr. Johnson, who is vacationing in the Caribbean, has said nothing publicly about a bid for his old job. But the prospect of Boris redux has riveted Conservative Party lawmakers and cabinet ministers — delighting some, repelling others, and dominating the conversation in a way that Mr. Johnson has for his entire political career.

Nor is the idea of his return merely notional: Among those who are keeping tallies of the voting intentions of lawmakers, including some London news organizations, Mr. Johnson is only slightly behind his chief rival, Rishi Sunak. On Friday morning, Jacob Rees-Mogg, who is currently the business secretary and served under Mr. Johnson, became the first cabinet minister to endorse his former boss.

September 6, 2019

Mr. Johnson received both endorsement and criticism as the contest to succeed Ms. Truss gathered pace on Friday. Penny Mordaunt, now a senior minister, became the first to publicly declare her candidacy. She is considered one of the leading contenders along with Mr. Johnson and Mr. Sunak.

The prospect of Mr. Johnson back in 10 Downing Street appalls many Conservatives, who argue that voters would never forgive the party for rehabilitating him after the scandals that brought him down in July, including illicit parties held during the pandemic and misconduct allegations against a lawmaker he promoted. Embracing such a polarizing figure, they say, would splinter the Tory ranks, perhaps irrevocably.

“Only a nation which was gripped by pessimistic despair and no longer believed that there could be a serious response to its unfolding tragedies would want to take refuge in the leadership of a clown,” Rory Stewart, who ran unsuccessfully against Mr. Johnson in 2019, wrote on Friday on Twitter. (NYT)

From sketch to finish, see the current way Graeme completes an editorial cartoon using an iPencil, the Procreate app, and a couple of cheats on an iPad Pro …

 

Thursday September 29, 2022

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Thursday September 29, 2022

Butter Prices Continue to Soar Due to Ongoing Supply Shortage

December 8, 2016

Butter is our lifeblood, our saving grace. When all else fails, butter is there for us to spread on toast, toss into mashed potatoes, shower on our movie popcorn, or use to whip up a cake. But this essential ingredient is starting to cost a pretty penny, and right before its biggest time to shine, the holiday baking season.

Butter is currently the most expensive it’s been since 2017, with the price of the savory spread up 24.6% over the 12 months ending in August, according to the Wall Street Journal. Furthermore, the US currently has the lowest amount of butter in storage facilities within that same five-year period, so there’s not a solid reserve to rely on.

February 2, 2018

There are several reasons for the price increase, including rising inflation costs. To make matters worse, due to the ongoing effects of the pandemic, labor shortages continue to slow things down at processing facilities across the country while the demand for butter continues to outpace supply in the Midwest, for example, according to the latest USDA dairy market report. 

The report also reveals that butter makers on the West Coast are running reduced production schedules. In the Northeast, retail butter demand is just picking up, yet tight inventories are causing some producers to regulate their supply across existing orders.

In short, you might want to reconsider before making that butter board.  (Thrillist)