{"id":67712,"date":"2024-04-28T15:15:24","date_gmt":"2024-04-28T20:15:24","guid":{"rendered":"https:\/\/olduvai.ca\/?p=67712"},"modified":"2024-04-28T15:15:24","modified_gmt":"2024-04-28T20:15:24","slug":"economy-plunges-into-stagflation-with-both-feet","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=67712","title":{"rendered":"Economy Plunges into Stagflation with Both Feet"},"content":{"rendered":"
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Economy Plunges into Stagflation with Both Feet<\/a><\/h3>\n

Talk about a one-two-three punch to the ground!<\/strong><\/p>\n<\/div>\n

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Stagflation came in perfectly on target for\u00a0The Daily Doom\u2019s<\/em>\u00a0predictions today. Real GDP is now falling much harder than was\u00a0expected\u00a0<\/a>yesterday<\/a><\/em>\u00a0by two-faced Jamie Dimon<\/a>\u00a0when he spoke out of his second face, saying the economy is \u201cbooming,\u201d backed by \u201chealthy consumer finances.\u201d He called it an \u201cunbelievable\u201d economy. I\u2019ll agree with that part. I certainly didn\u2019t believe it when he said it yesterday.<\/p>\n

You see,\u00a0only the day before, his first face said<\/a>\u00a0the economy looked like we could be heading into the\u00a0stagflation<\/strong><\/em>\u00a0of the 70s, which means a stagnant economy with high inflation<\/strong>. Those are diametrically opposite claims to my way of thinking. After he appeared to walk stagflation back yesterday when he said the economy was booming, today\u00a0we all learned we are\u00a0<\/strong>already in<\/strong><\/em>\u00a0the stagflation of the 70s<\/strong>. (We\u2019ve actually been in it all year, but it finally got\u00a0reported<\/em>.)<\/p>\n

The official report on\u00a0Q1 real GDP for 2024<\/strong>\u00a0showed the economy is stagnant, while the Personal Consumption Expenditures\u00a0(PCE) price index scored its largest inflation gain all year (at 3.4% annualized).<\/strong>\u00a0To be specific,\u00a0GDP fell off to a 1.6% annualized pace<\/strong>\u00a0(adjusted for seasonality and inflation), according to the Bureau of Economic Analysis. That is a plunge to less than half of the 3.4% growth the BEA claimed for the final quarter of 2023 and the 4.9% in the quarter before that, and it even came in well below the 2.4% that was forecast recently by economists in a Dow Jones survey.<\/p>\n

So, the two-faced Dimon should have stayed with what his first face said two days ago because GDP readings under 2% are usually considered\u00a0borderline recession<\/em>\u2014far from \u201cBOOMING,\u201d which means the US economy is, in fact, stagnant\u00a0with rising inflation<\/em>, which means the 1970s are back \u2026 because \u2026<\/p>\n

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…click on the above link to read the rest of the article…<\/p>\n

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Economy Plunges into Stagflation with Both Feet Talk about a one-two-three punch to the ground! Stagflation came in perfectly on target for\u00a0The Daily Doom\u2019s\u00a0predictions today. Real GDP is now falling much harder than was\u00a0expected\u00a0yesterday\u00a0by two-faced Jamie Dimon\u00a0when he spoke out of his second face, saying the economy is \u201cbooming,\u201d backed by \u201chealthy consumer finances.\u201d He […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[11574,353,4549,13351,3303,30990],"class_list":["post-67712","post","type-post","status-publish","format-standard","hentry","category-economics","tag-david-haggith","tag-gdp","tag-gross-domestic-product","tag-price-inflation","tag-stagflation","tag-substack"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/67712","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=67712"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/67712\/revisions"}],"predecessor-version":[{"id":67713,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/67712\/revisions\/67713"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=67712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=67712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=67712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}