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!


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Category: Barack Obama, Economics, Polls

Comments

  • Joe

    Obamaflation! New and improved stagflation!

  • Anonymous

    Wow, almost enough to make one question the expertise of those experts.

  • http://twitter.com/xRedRoverx Kristi

    I feel that the first component of the word–”stag”–is too masculine to be applied to anything having to do with O. Otherwise hearing somebody talking about “stagflation” sure does bring back the memories… heh… yeah, memories……

  • http://twitter.com/sdo1 Steve in TN

    Indeed! #Obamaflation should be the newest trending hashtag on Twitter. @rsmccain

  • Joe

    New, improved, and castrated stagflation.

  • http://twitter.com/AmPowerBlog Donald Douglas

    I had a post on this earlier, but the birtherism is still going strong!

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  • jaed

    It is true. I’m old enough to remember the 70s, and I’m having bad flashbacks here.

  • Anonymous

    Welcome Back Carter. Welcome Barack Carter. Barack Carter.

  • http://profiles.yahoo.com/u/N6KW3FJR2ERX2QHDLTECY2MRE4 mark

    so…

    given the choice of inheriting the bush economy, and inheriting the obama economy, is there any doubt which is worse?

    i feel safer with the car back in the ditch.

  • http://pulse.yahoo.com/_SSMOTA3TEAV2AKTQZYE2CUYZHM A K

    Who are these 40% and what’s wrong with them?

    You can probably get to 40% with Blacks + dopey college-educated white women + leftist dead-enders of all races and sexes.

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  • http://pulse.yahoo.com/_SSMOTA3TEAV2AKTQZYE2CUYZHM A K

    Well, we drove into the ditch, but instead of putting the car in R to back out onto the road, Obama put it in D and got us even more stuck.

  • Oke E Doke

    keep in mind that 300,00 people voted for Alvin Greene in the senatorial race last year

  • http://profiles.yahoo.com/u/N6KW3FJR2ERX2QHDLTECY2MRE4 mark

    20 bucks, krugman invents a new word for stagflation, along with definition that makes it a desirable place to be.

    stagnant?
    i’m sure a good dose of tax increases will help.

    inflation?
    bernanke saying that we are going to stop QE2 in june. no word on QE3, 4, or 5…

    who is honestly going to buy 1.62 trillion of debt? note the word, ‘honestly’.
    the year after that? or the year after that?

    even with the ryan plan, we are destined to find that the only entity dumb enough to buy our debt is our own govt.

    we are a snake which is consuming it’s tail, marveling at how tasty it is…

  • azmountaintroll

    Carter? More like Louis XVI!

  • http://pulse.yahoo.com/_FJLTYFAOKQEIXQ6YOYCEUZVW4U Neil

    But this is different. This is “smart stagflation.”

  • http://2011.ak4mc.us/ McGehee

    The question is whether all those “get to 40%” segments will vote at a rate exceeding 40%.

  • http://2011.ak4mc.us/ McGehee

    What finally did Carter in — before he consulted his pre-teen daughter Amy on nuclear strategy — was going on TV to blame the American people for how badly the economy is doing.

    Obama certainly seems like the kind of guy who would do that (and then consult Biden on nuclear strategy, but I digress). Somebody should start a pool on when that happens.

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  • Joe

    The Biden comment was mean, spot on, and completely deserved. You rock.

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