The Other McCain

"One should either write ruthlessly what one believes to be the truth, or else shut up." — Arthur Koestler

None Dare Call It ‘Stagflation’

Posted on | April 28, 2011 | 23 Comments

Economic growth in the first quarter slowed to an anemic 1.8% annual rate, which isn’t the only bad news, as Larry Kudlow explained on Twitter:

1.8% growth, 8.8% unemployment,3.8% inflation spells stagflation.

It’s as if we have taken a long round-trip back to 1979. We are not surprised that a Marist poll shows approval for Obama’s handling of the economy at an all-time low. Rather, we are surprised that 40% still credit the president for doing a good job on economic policy. (Who are these 40% and what’s wrong with them?) “Unexpectedly” is the new “Heh”:

U.S. economic growth slowed more than expected in the first quarter as higher food and gasoline prices dampened consumer spending, and sent a broad measure of inflation rising at its fastest pace in 2-1/2 years.

Why is it that these “experts” never see this stuff coming? I suspect the people griping about grocery prices are far better informed than the “experts.”

Oh, yeah: Gold prices hit a new high today. You should have listened to Glenn Beck.

UPDATE: Little Miss Attila explains why inflation is killing the Obama presidency, and welcome, Instapundit readers!


Category: Barack Obama, Economics, Polls

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