To most on this site, this isn't exactly news, as many have been claiming that the price of goods and such have been rising. But now the dead tree press is, in a sense, making it official.

US consumer prices rose by 0.8 per cent in July, twice as fast as expected, damping hopes that falling crude oil prices and the slowing consumer demand would rapidly ease inflationary pressures.

The surprise jump in the consumer price index on a monthly basis was accompanied by an annual increase of 5.6 per cent, which was more than forecast and the largest jump since 1991.

Meanwhile, core prices – excluding food and energy costs – rose by 0.3 per cent, which was also higher than expected, amid sharp increases in the prices of apparel, tobacco and public transportation.

- excerpt from "US inflation at highest since 1991", Financial Times, 2008

It seems Congress is looking into getting the tax code to work in bringing jobs here. Also, on the inflation front, Dow Chemical is reporting that material costs have become a financial tumor. Folks, welcome to another edition of Manufacturing Monday!

You bring the jobs, and we'll lower your taxes!

Back in 2004, then-presidential candidate, John Kerry, proposed a tax plan to promote manufacturing jobs. Essentially if you hired a certain number of American workers, that you as an employer, would receive a tax credit. There was a graduated system, depending on how many you employed.

Failure in war can be a bad thing. Failure in business can be a personal loss, and in some instances a detriment to the economy. With the recent calamity hitting the two largest mortgage lenders, not to mention other large American business concerns, it seems to a select few that failure is indeed a viable and good option.

A gamble with very high stakes is being openly promoted by adherents to a free-market orthodoxy. These individuals, gaming on anger and the perceived loss of utility of these given enterprises, are pushing the public onto this wager.

You've probably never heard of the United States-China Economic and Security Review Commission, or USCC. Created in 2000, they research and review economic and security ties with China. Yes, someone, somewhere is trying to monitor the situation.

Today this commission held a hearing, " Research and Development, Technological Advances in Key Industries, and Changing Trade Flows with China".

Guess what folks! China doesn't want those low end jobs or even manufacturing as a long term economic strategy. Nope, they are going for high end research and development in key technical areas!

Walsh open statement: