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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 you're a republican running for office in four weeks. the year-over-year inflation rate barely slowed last month from 8.3% in august to 8.2% in september, the last report befo...

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Means they're 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, there's no easy way to sugar coat this. it basically says inflation is still a big, bad problem. it's 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 today's read still shows what we saw as a possible cooling off in consumer prices late in the summer back in august is not exactly playing out as a trend lower in inflation just yet. so the annualized rate of intlags, 8.2...

Of often their company but what's 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 we're seeing. workers in america have a 60-year low in terms of earnings and that's a trend lower that's bad. >> part one is fac...