The US spent $60 billion rebuilding Iraq after the 2003 war. There is virtually nothing to show for the money. Most of the money seems to have been stolen by US defense contractors.

via publicintegrity.org: After U.S. and allied warplanes destroyed a key bridge carrying 15 oil and gas pipelines in northern Iraq during the 2003 conflict there, officials in Washington and Baghdad made its postwar reconstruction a top priority. But instead of …

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In June, folks earned a bit more in, spent more, causing PCE, excluding food and energy (the Fed’s barometer for if inflation is still growing) to jump up .2% for the month and 4.1% year-over-year. Still more than DOUBLE the Fed’s target of 2%!

by Dismal-Jellyfish https://www.bea.gov/news/2023/personal-income-and-outlays-june-2023 Wut mean?: In June, people earned $69.5 billion more, which is a 0.3% monthly rise–more money earned more money to spend, adding to inflation… Prices of things people bought (PCE price index) went up slightly by 0.2%. Even …

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