Stagflation is here declares CNBC’s Larry Kudlow

Jeff Poor
The Daily Caller

The year was 1978. The Bee Gees were the nation’s top pop group. Bell bottoms were en vogue. And the country was mired in an economic malaise, with so-called stagflation as a symptom.

And although Justin Bieber and hoodies have replaced the trends of the 1970s, the American economy is recycling a fad from that era, stagflation, according to CNBC host Larry Kudlow. On his Thursday night program, Kudlow pointed out that was a term Federal Reserve Chairman Ben Bernanke failed to use in his Wednesday press conference.

“I’m going to tell you what word the great Bernanke did not use — in yesterday’s historic press conference, one that perhaps he should have – and that is ‘stagflation,’” Kudlow declared.

Kudlow explained how the phenomenon occurs – slow growth with rising prices. And this is what is defined by Thursday’s gross domestic product (GDP) report from the Commerce Department and inflation indicators that accompanied that report on the U.S. economy.

The article, with video of Mr. Kudlow’s report on CNBC, continues at The Daily Caller.

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Obama’s rapid shift on the issue raises some questions…

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