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 ...
I wonder why. Is it Putin? Ultra-MAGA? January 6? Racism? The reversal of Roe?
That’s not a warning, that’s cheering him on.
RE: I wonder why. Is it Putin? Ultra-MAGA? January 6? Racism? The reversal of Roe?
Only Putin has an effect on our economy.
Unfettered illegal immigration, overregulation and restrictions on drilling for oil/gas are the other major factors.
I’ve been saying this ever since Biden got in office. His policies are screwing everything up. Staglfation should be impossible in a free market, but gov’t comes in and creates it.
Paying people not to work is a primary reason for it this time.
> I wonder why. Is it Putin? Ultra-MAGA? January 6? Racism? The reversal of Roe? <
I think our current economic mass is caused by Global Warming. Oops! I meant to say Climate Change! Anyway, there are many good suspects on your list as well.
When you are getting advice from an Obama economic advisor, you are exposed as being the most incompetent of the incompetents.
May as well try to teach a chipmunk how to ride a Harley Davidson.....
Pudding brain cannot comprehend
His HANDLERS such as Obama & Jarrett are getting the results they have striven for since 2007.
No. Not stagflation. The government assault on the fossil fuel and nuclear industry is causing very real economic contraction in all sectors of the economy. People will suffer badly.
Printing boatloads of money to Pay people not to work is a primary reason for it this time. Along with government imposed restrictions on economic output (closing the economy) and restricting energy production.
Biden is grumpy cat “GOOD”
Biden: Great, Ben thanks for the update. Build Back Better :) :) :)
It is a feature not a bug. This destruction is done with malice afore thought.
I’m in the “toldja so” choir.
we are headed for depression, as is the wrest of the world.
Soon we will be longing for the good ol 70s
"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.
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."
All according to plan. The more people hurt the more that continue to vote for democrat marxist policies. Normally, smart people would vote against these destructive marxists. But they don’t.
The government assault on the fossil fuel and nuclear industry is causing very real economic contraction in all sectors of the economy. People will suffer badly.Not all people. Bezos, Gates, everyone in government, the Murdoch's, Fox News Corp. (the ones that helped give us Biden/Harris etc), don't feel a thing and couldn't care less.
More like hyper-stagflation.
The international supply chain is broken, then
the outrageous price for gasoline and diesel will assure further supply breakdowns,
and prevent distribution from area warehouses.
This is a manufactured and planned calamity, with criminal and malicious intent !
Bidet did that !
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