• Latest
  • Trending
  • All
  • News
  • Business
  • Lifestyle
‘Stagflation’ Alarm Bells Sound as US Economy Unexpectedly Shrinks in First Quarter

‘Stagflation’ Alarm Bells Sound as US Economy Unexpectedly Shrinks in First Quarter

April 28, 2022
ICE Arrests Illegal Alien Working As Maine Cop For Trying To Buy Gun

ICE Arrests Illegal Alien Working As Maine Cop For Trying To Buy Gun

July 29, 2025
US Customs and Border Protection Seize $1M in Cocaine

US Customs and Border Protection Seize $1M in Cocaine

July 29, 2025
Dems All But Coronate Star Recruit In Key Midterm Race As Ex-Rep Drops Bid

Dems All But Coronate Star Recruit In Key Midterm Race As Ex-Rep Drops Bid

July 29, 2025
Harvard Reportedly Willing To Surrender In War With Trump Admin — Even If It Costs $500,000,000

Harvard Reportedly Willing To Surrender In War With Trump Admin — Even If It Costs $500,000,000

July 29, 2025
Angry Female Police Chief Claims Video Of Violent Cincinnati Mob Was Missing ‘Context’

Angry Female Police Chief Claims Video Of Violent Cincinnati Mob Was Missing ‘Context’

July 29, 2025
Trump Admin Reportedly Denies Taiwanese President US Visit

Trump Admin Reportedly Denies Taiwanese President US Visit

July 29, 2025
Lawmakers Weigh in on ICE’s Haul of Illegal Alien Child Sex Offenders

Lawmakers Weigh in on ICE’s Haul of Illegal Alien Child Sex Offenders

July 29, 2025
Blue States Try To Stop Trump Admin From Investigating Food Stamp Fraud

Blue States Try To Stop Trump Admin From Investigating Food Stamp Fraud

July 29, 2025
EPA Officially Moving To Blow Up Foundation Of Left’s ‘Climate Change Religion,’ Zeldin Says

EPA Officially Moving To Blow Up Foundation Of Left’s ‘Climate Change Religion,’ Zeldin Says

July 29, 2025
‘We Need More Idiot Control’: John Kennedy Knocks Down Calls For Gun Bans

‘We Need More Idiot Control’: John Kennedy Knocks Down Calls For Gun Bans

July 29, 2025
Former NYPD Officer Blames ‘Bystander Empathy’ in Deadly Manhattan Shooting

Former NYPD Officer Blames ‘Bystander Empathy’ in Deadly Manhattan Shooting

July 29, 2025

Cincinnati Police Chief Sparks Backlash After Giving Update Following Violent Viral Incident Downtown

July 29, 2025
  • Donald Trump
  • State of the Union
  • Elon Musk
  • Tariffs
  • Congress
  • Faith
  • Immigration
Tuesday, July 29, 2025
  • Login
IJR
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls
No Result
View All Result
IJR
No Result
View All Result
Home News

‘Stagflation’ Alarm Bells Sound as US Economy Unexpectedly Shrinks in First Quarter

by Western Journal
April 28, 2022 at 1:05 pm
in News
242 10
0
‘Stagflation’ Alarm Bells Sound as US Economy Unexpectedly Shrinks in First Quarter

WASHINGTON, DC - APRIL 28: U.S. President Joe Biden gestures as he gives remarks on providing additional support to Ukraine’s war efforts against Russia from the Roosevelt Room of the White House on April 28, 2022 in Washington, DC. Alongside a new supplemental aid request to the U.S. Congress, President Biden proposed turning assets from Russian oligarchs seized through sanctions into funding to rebuild Ukraine. (Photo by Anna Moneymaker/Getty Images)

491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

Last month, a former Obama administration economist predicted that without a sudden change in course from the Biden-era Federal Reserve, an economic monster known as stagflation last seen in the 1970s was about to rise from the depths.

On Thursday, a new report triggered alarm bells that this was already coming to pass.

Stagflation is defined as a period in which there is high inflation and high unemployment because the economy is shrinking. America in March had 8.5 percent inflation, the highest rate since 1981.

BREAKING: US GDP dropped 1.4% in Q1 2022.

This negative economic growth was FAR worse than expected.

Negative economic growth for 2 quarters = a recession.

Inflation at 40 year high + recession = stagflation.

Joe Biden = Jimmy Carter

There is no other way to spin this.

— Benny Johnson (@bennyjohnson) April 28, 2022

On Thursday, Commerce Department data said the shrinkage could have already begun, reporting that America’s gross domestic product declined at an annualized pace of 1.4 percent in the first quarter, according to CNBC.

The decline was a stark swing from the 1 percent gain that had been forecast.

BREAKING: GDP plummeted to -1.4% in the first quarter. NEGATIVE 1.4%!

Hello, stagflation.

Biden and the Dems are driving the economy off a cliff.

— Monica Crowley (@MonicaCrowley) April 28, 2022

As noted by Axios, which said the data gave off a “distinct whiff of stagflation,” this was the first shrinkage since the arrival of the pandemic triggered massive lockdowns.

Do we need a new president to get us out of this economic slump?

Completing this poll entitles you to our news updates free of charge. You may opt out at anytime. You also agree to our Privacy Policy and Terms of Use.
Yes: 97% (30 Votes)
No: 3% (1 Votes)

In March, Lawrence Summers, an economist who advised former President Barack Obama, issued a warning in an Op-Ed published in The Washington Post.

At the time, he said mocked Federal Reserve efforts to curb inflation by writing, “Anything is possible, and wishful thinking can sometimes prove self-fulfilling.”

Then he took a serious tone.

“The Fed’s current policy trajectory is likely to lead to stagflation, with average unemployment and inflation both averaging over 5 percent over the next few years — and ultimately to a major recession,” he said.

Economists and other commentators shared their alarm over the new data.

Jimmy Carter’s long-delayed second term: Stagflation is back. https://t.co/hEXpcmV2vl

— Kyle Smith (@rkylesmith) April 28, 2022

WHOA—GDP turns negative to start 2022. This is what they call stagflation. Inflation and supply chain biting big time.

— Brian Brenberg (@BrianBrenberg) April 28, 2022

Along with the new data came a World Bank report saying that high inflation is expected to keep food and energy costs elevated until 2024, according to Fox Business.

The World Bank predicts energy prices will rise by 50 percent this year.

“This amounts to the largest commodity shock we’ve experienced since the 1970s. As was the case then, the shock is being aggravated by a surge in restrictions in trade of food, fuel and fertilizers,” said Indermit Gill, a World Bank vice president. “These developments have started to raise the specter of stagflation.”

This article appeared originally on The Western Journal.

Tags: Biden administrationeconomicsInflationJoe Bidenthe economyU.S. News
Share196Tweet123
Western Journal

Western Journal

Advertisements

Top Stories June 10th
Top Stories June 7th
Top Stories June 6th
Top Stories June 3rd
Top Stories May 30th
Top Stories May 29th
Top Stories May 24th
Top Stories May 23rd
Top Stories May 21st
Top Stories May 17th

Join Over 6M Subscribers

We’re organizing an online community to elevate trusted voices on all sides so that you can be fully informed.





IJR

    Copyright © 2024 IJR

Trusted Voices On All Sides

  • About Us
  • GDPR Privacy Policy
  • Terms of Service
  • Editorial Standards & Corrections Policy
  • Subscribe to IJR

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls

    Copyright © 2024 IJR

Top Stories June 10th Top Stories June 7th Top Stories June 6th Top Stories June 3rd Top Stories May 30th Top Stories May 29th Top Stories May 24th Top Stories May 23rd Top Stories May 21st Top Stories May 17th