Sen. Elizabeth Warren was not happy when the Senate Banking Committee voted to advance Kevin Warsh’s nomination to lead the Federal Reserve, saying it would amount to a takeover of the Fed by President Donald Trump.
No surprise there. For today’s Democrats, everything Trump does is either illegal, a threat to Democracy, or fascistic.
But then Warren said that “The Trump economy is in real trouble. Inflation is up, job creation is down. The stink of stagflation is in the air, and President Trump is getting desperate.”
Is any of that true? After all, Warren is hardly a reliable source for economic information. (During the inflationary Biden years, she was busy blaming greedy corporations and “shrinkflation.”)
So, let’s consider the “stink of stagflation.”
The last bout of stagflation – defined as a slow-growing economy and high inflation – under Jimmy Carter popularized the “Misery Index,” which simply adds together the unemployment and inflation rates for each month as a proxy for the misery that everyday Americans are suffering.
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