The Biden administration appears “clueless” when it addresses the ongoing stagnant economic growth and persistent inflation, which could lead to a rerun of the 1970s, said economist and former Reagan advisor Stephen Moore.
In an interview with EpochTV’s “Crossroads” program, Moore said the United States is seeing “some signs” of stagflation, which is the combination of high inflation and an economy that is slowing down or retreating. The last time the country experienced stagflation was in the 1970s, which is followed by a severe economic recession in the early 1980s.
“We’re not in a recession right now as we speak,” Moore told host Joshua Philipp. “We did get one negative quarter of growth—it would take two quarters to officially be in a recession—but we’re skating near a recession right now. And this is a frightening and precarious time for the U.S. economy and for American families.”
…