The Washington Examiner: Biden's Policies Risk Repeating 1970s Stagflation and Recession

Article by Bruce Thompson in The Washington Examiner

President Joe Biden keeps trying to deflect blame for runaway inflation, continuing to insist that his policies of tax increases and more spending would help reduce it.

Despite his wishful thinking, the latest numbers show inflation is still rising sharply and increasing at the fastest rate in 40 years.

Biden blames everyone else for the soaring inflation, and his call to raise taxes is the last thing we should do in this fragile economy. Yet the White House and congressional Democrats keep pushing to increase taxes.

Financial markets have plunged this year, posting heavy losses due to fears of higher interest rates, inflation, and global instability. In April, markets had their worst month since the pandemic began, and the S&P 500 has had its worst start to a year since World War II.

With interest rates set to rise even more, markets and economic experts are worried that we are heading for 1970s-style stagflation and recession.

Former] Secretary of the Treasury Larry Summers believes that the Federal Reserve's delay in reversing its easy money policies has charted a course to stagflation and "ultimately a major recession."

Wall Street banks are warning of an economic downturn, and Deutsche Bank is telling its clients that "a major .......

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