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 ...
of course it is!
Anyone with a brain knew if we elected a liberal like Biden this would happen!
At least Carter deregulated transportation and enacted some tax cuts. I don’t see Biden doing that.
I would also add uncontrolled government spending as THE major factor in causing inflation.
*** Build Back Better***
Nothing was built.
Nothing is back.
Nothing is better.
We need to keep hammering this home.
(Anyone with a brain knew)
And therein lies the problem...
😜
“Pudding brain cannot comprehend
His HANDLERS such as Obama & Jarrett are getting the results they have striven for since 2007”.
You are correct.
Locking the country down over a virus with a 99% survival rate. An economic and social earthquake of massive proportions, with disastrous results. Biden is now threatening to lock us down again, extending the “national emergency”.
All of this misery can be laid solely at his feet. I pray the voters will awaken from their slumber and reject the Soros/Schwab/Obama transformation of our great nation into a garbage heap.
These Obamanauts coming out with dire warnings would have created the same mess, given just a little more time.
The massive earnings miss by Target should be a warning that very little is well in the American consumer economy. The company’s earnings got decimated by the “supply chain costs” as fuel prices rose 100% under Biden, and the stock is down 25% today. Other retailers are suffering accordingly. Costco down 10%?!
Even Dollar Tree is getting destroyed. You would think that would be a safe haven if a recession is coming.
Wait until the bloated housing market collapses. It’s coming, folks. Party like it’s 2008.
...said every media(narrative)outlet everywhere.
Bernanke is understating the problem.
Current inflation is easily 2% per week in fuel prices alone.
2% per week. Think about that.
We are Venezuela now.
Heading for????
...and set in place the apparatus to control the process, perhaps from here-on-out(destruction of "a Republic", 101).
The most important question is when is it going to become too much for the smart people to bear? I believe at some point, there is going to be a substantial number of people who finally declare that they are not going to be part of the collapse. We're watching it in slow motion, and have for a few years. Our institutions are being attacked at all sides, and it seemed to be tolerable as long as many people felt financially immune from it. The dam is beginning to break.
Lmao. We should be so lucky. Gonna be way worse.
It is because this government is doing NOTHING to stem the actions that cause inflation, period. They cannot address critical shortages of things like baby formula, nor can they stop obsessing about war and the BILLIONS of dollars they want to tell us they have to spend for, you know, freeeeedom..... somewhere else.... Gas is high? Okay....we’ll just blame it on Putin and sell of some of our Strategic Oil Reserve which does absolutely nothing.... it’s all about optics and BS.
The truth is they can’t find they ass with both hands and a flashlight, let alone fix anything. But! Supposedly, 81 million voters, you know....
Right now, America needs its butt wire-brushed for allowing this travesty of incompetency to fraud its way into office.
Even Stevie Wonder could see this coming.
5.56mm
Yep.
All going according to plan.
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