A combination of stagnant economic growth and high inflation.
Last Thursday, the Bureau of Economic Analysis reported that GDP growth in the first three months of the year was an anemic 1.6%, well below the consensus forecast.
While President Biden keeps patting himself on the back for "Historic" job growth, the latest Bureau of Labor Statistics report shows that all the gains last month were part-time jobs.
"In the past three months, the economy has hemorrhaged 1.9 million full-time jobs," notes economist EJ Antoni.
Now, suddenly, all those reassurances from the press that the economy is doing fabulously well - Paul Krugman on April 9 wrote that "The truth is that the U.S. economy is a remarkable success story. Don't let anyone tell you that it isn't." - have turned into ... "Fears of stagflation are mounting in the U.S.," says CNN. "U.S. growth slowdown, with inflation spike, raises early stagflation risks," says TheStreet.
"With inflation still high and economic growth slowing sharply, we could be heading toward stagflation," says Fortune.
JPMorgan Chase CEO Jamie Dimon told the Economic Club of New York last week that "I worry it looks more like the '70s than we've seen before." As we've pointed out in this space repeatedly, the Biden economy is far worse than the Biden administration and the corrupt media have been claiming.
https://issuesinsights.com/2024/05/02/stagflation-makes-its-appearance-on-bidens-70s-show/
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