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.”