"I mean, look at the big board! Thirty-four planes, thirty recalls acknowledged, and four splashes, and one of them was targeted for Lapuda!"
Not all that long ago, in comments at YRHT, a winger smugly informed me that stagflation simply wasn't possible, and I guess he should know, having, um...um...well, he never actually explained why he felt so eminently qualified to lecture me on economic theory, beyond fealty to "conservative" principles.
And if I remember right, the same expert also made assurances that the Dow would reach 14,000 by New Years Day, but being a wingnut means never having to admit your errors, I guess:
It's a toxic economic mix the nation hasn't seen in three decades: Prices are speeding upward at the fastest pace in a quarter century, even as the economy loses steam.
Economists call the disease "stagflation," and they're worried it might be coming back.
Already, paychecks aren't stretching as far, and jobs are harder to find, threatening to set off a vicious cycle that could make things even worse.
The economy nearly stalled in the final three months of last year and probably is barely growing or even shrinking now. That's the "stagnation" part of the ailment. Typically, that slowdown should slow inflation as well--the second part of the diagnosis--but prices are still marching higher.
The latest worrisome news came Tuesday: a government report showing wholesale prices climbed 7.4 percent in the past year. That was the biggest annual leap since 1981.
But why should ANYONE be surprised? As the worst administration ever lurches towards the finish line, who would expect things to be different from any other "work" George W. Bush has ever done?
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