Conservatives and Republicans have observed – sometimes jokingly, often not – that Barack Obama shows every sign of becoming the next Jimmy Carter.
What would it take to complete the impression?
Why, stagflation, of course; the unholy union of price inflation (due to rampant spending and the crushing constriction of credit due to out-of-control federal deficits) and high unempoyment.
Is it baaaaack?:
The number of U.S. workers filing new applications for unemployment insurance unexpectedly surged last week, while producer prices increased sharply in January, raising potential hurdles for the economic recovery.
Unemployment up. Economy stagnant. Inflation ratcheting up. Iran throwing its weight around.
I feel like I’m 16 again.