Posted on 05/18/2022 7:32:50 AM PDT by SeekAndFind
Ben Bernanke, who served as Federal Reserve Chairman under Presidents Bush and Obama, warns that the U.S. economy is headed for a repeat of 1970s “stagflation.” Economists refer to a period of low economic growth, high inflation, and rising unemployment as “stagflation.”
“Even under the benign scenario,” the U.S. is likely to go through “a period in the next year or two where growth is low, unemployment is at least up a little bit, and inflation is still high,” Bernanke told the New York Times. “So you could call that stagflation.”
That “benign scenario” is if current Fed chair Jerome Powell is able to cool inflation by raising interest rates without tipping the country into a recession.
Good luck with that, Jerry.
Bernanke is not the only Obama administration official to predict worsening inflation under Biden. Former Obama economic adviser Steven Rattner in March called rising costs “Biden’s inflation.” Former Treasury secretary Lawrence Summers, who served as Obama’s director of the National Economic Council, has warned for at least a year about Biden’s economic policies, blaming the president’s American Rescue Plan for skyrocketing inflation and blasting Biden’s plan to cancel student loans.
Bernanke also criticized Biden’s plan to cancel hundreds of billions of dollars in loans, calling the idea “very unfair.”
“Many of the people who have large amounts of student debt are professionals who are going to go on and make lots of money in their lifetime,” Bernanke said. “So why would we be favoring them over somebody who didn’t go to college, for example?”
Bernanke also expressed concern about the rapid rise in housing costs, fearing a 2008-style bubble. He told the Times that it was something that the Fed needs to keep an eye on.
(Excerpt) Read more at pjmedia.com ...
BIDEN GREAT DEPRESSION 2, not Stagflation or recession. There is no money left to feed the poor, of the world. https://th.bing.com/th/id/R.18bb7b29798080644602d9441792de69?rik=%2flmbgvlmXfGmFw&riu=http%3a%2f%2fthepeoplescube.com%2fimages%2fBiden_Make_Depression_Great_Again.jpg&ehk=VFVWiDXq6xSzhhzO8Bhz3stNRZBc6NutU6EVSOVD6QU%3d&risl=&pid=ImgRaw&r=0
I just thought it was because low class bums are running the country.
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