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welcome back to "morning joe." it is 6:00 a.m. on the west coast and 9 a.m. here in washington, d.c. we have breaking news on the economy. it is bad news for consumers, it is bad news for working-class americans. it is bad news for middle-class americans. it is bad news for people invested in the stock market. it is bad news if you have retirement accounts because they will be going down. but it is good news if youre a republican running for office in four weeks. the year-over-year inf...

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Means theyre not going to be partying. going to be ugly out there. take us through it all. >> all right. so, joe, mika, to your point here, theres no easy way to sugar coat this. it basically says inflation is still a big, bad problem. its not as bad as it was earlier this summer when the consumer price index showed inflation was up around 9% on a year-over-year basis, but todays read still shows what we saw as a possible cooling off in consumer prices late in the summer back in august is not ex...

Of often their company but whats in the best interests of the next quarterly cycle, you have a problem. of all the stock in our country, over 80% is owned by the top 10%. this is where that benefit went, as opposed to targeting things that will make a difference for wage earners in this country, working folks in this nation, like the targeted tax credits and the child care tax credit. this was a horrible tax bill that was just going to double down on the trends that were seeing. workers in ameri...

Trace, thank you very much for the update. >> reporter: okay. shannon: by the way jeff neely had a long career with the general services administration. he joined the agency that manages government buildings back in 1978. his final post for the gsa was public buildings commissioner for the pacific rim region. his final salary? $172,000 a year plus perks. just in time for the holiday weekend a break for you at the pump. national average for a gallon of regular gas falling about a nickel from la...

He is in trouble. but you have got to remember, presidential campaigns, incumbents dont run against polls and statistics. they run against candidates. they run against other candidates. just like in sports. politics is about matchups. the matchup with the republicans, there are a lot of negatives. their polling is worse than president obama. approval ratings republicans are trailing president obama by 8 points in terms of the general election. >> dan, you know enough about polls to know groups t...