(AP's) Crutsinger also hilariously raised the specter of long-ago ogre:
The inflation pressures are occurring at a time when the overall economy is slowing and many analysts believe may have toppled into a recession. That raises concerns that the country could be facing another bout of stagflation, the malady that last occurred in the 1970s when economic growth stagnated but inflation kept rising.
Stagflation? Based on the latest data, the sum of inflation (about 4.0%, with food and energy, as of February) and unemployment (5.1% as of March) is currently 9.1%.
In December 1980, thanks to our worst president ever, who now dabbles in terrorist coddling, it was over double that, at 19.7% (12.5% inflation and 7.2% unemployment).
Heck, the current “stagflation” number is barely higher than April 1995’s 8.8% (3.0% inflation and 5.8% unemployment), during a period the AP seems to regard as the Golden Age of Pericles because a Democrat was in charge at the White House. I don’t recall the business press worrying about stagflation then.
Well, yes, but the perception is that things are bad, and if the Repubs want to lose come November all they need is more of the same from Bush.
On a day when he should have been demanding that Congress implement McCain's call to eliminate the 18 cents per gallon gasoline, the 24 cents per gallon deisel tax for three months and stop purchasing oil for the strategic reserve, he is having a "historic" meeting with the Pope.
That's called "doing nothing," Mr. President. And btw - why don't we take some oil out of the reserve?? Looks like we could use a bit of strategic thinking righht now.
Good points.
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