GlobeSt.com has reported multiple warnings about the possibility of stagflation, the specter of economic nightmare from the 1970s.
However, the term is being used differently today than 50 years ago. Technically, stagflation is, or was, a combination of rising inflation, high unemployment, and slow economic growth. These days, the concern has shifted away from high unemployment, leaving only stubborn inflation and slowing economic growth, what RSM chief economist Joe Brusuelas coined as “stagflation-light” — according to a report from Reuters.
The 1970s “may have featured the worst U.S. economic leadership since the Great Depression,” as Howard Schneider wrote for Reuters. The Federal Reserve was making mistakes in data and frameworks. The Ford administration became comical with its “Whip Inflation Now,” or WIP, buttons.
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