70’S-STYLE STAGFLATION IS BACK AND RAGING
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70’S-STYLE STAGFLATION IS BACK AND RAGING
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A feckless Team Biden has set America up for a new round of 1970s-style stagflation. The similarities between then and now are eerie.
Seventies stagflation resulted from profligate fiscal policy, politicized monetary policy and food and energy shocks…
After President Richard Nixon appointed Arthur Burns as Federal Reserve chair, Burns cranked up the Fed printing press…The resulting currency debasement forced Nixon to abandon the US dollar standard…further stoking inflation…
Food prices soared as a result of bad weather, Soviet grain purchases and cropland mismanagement. Energy prices skyrocketed, thanks to the Arab oil embargo…
Today, fiscal policy is more profligate. In 1979, federal outlays were a bit over 19 percent of gross domestic product…[M]eanwhile, federal outlays will be 30.6 percent in 2021. And the proposed expenditures now on the table…threaten to sustain that profligacy…
At the Federal Reserve, Chairman Jerome Powell has been committed to accommodating just about any level of fiscal madness progressive Democrats can jam through…
…[T]he pandemic has struck at…high-rise office buildings, mass transit and entertainment districts. Before the pandemic hit, office occupancy rates in…US metropolitan areas…were well above 90 percent. Today, those figures range as low as 30 percent…
This structural shock has kicked all manner of low-income service workers to the urban curb, from the janitors and food-service workers to barbers and beauticians and shoe-shiners…In many cases, it has been more lucrative for workers to stay on the COVID “stimulus” dole than to go to work.
Adding to these blue-collar woes, the Biden administration catastrophically ended the Trump “safe third nation” agreements…a policy that was keeping immigrants on the other side of our southern border….and they will put significant downward pressure on real wages for lower-income workers.
…Whether you support a policy of universal vaccination, the Biden “no jab, no job” policy will further distort labor markets, as significant fractions of workers are likely to refuse to abide by this mandate when the feds finalize it…
Are you experiencing the shocks of stagflation? Share in the comments. And please share a prayer for God to intervene in our economy!
(Excerpt from The New York Post. Article by Peter Navarro. Photo Credit: Getty Images).
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Loving Father, I pray for the US economy. A strong economy keeps our Nation strong, powerful, and stable. I pray you will raise up people with wisdom that can stimulate the economy. I pray industrious people work hard to make our economy grow. Give people new ideas of invention to stimulate the economy. Help America be wise investors. I plead the blood of Jesus over those who seek to destroy our nation and our economy. May a strong spirit of enterprise grow stronger. Keep people in faith over fear regarding our economy, give my brothers & sisters favor. You are a wonder working God, nothing is impossible with you. Forgive my country of its many evil and wrongs raise up Christians who bring about good social change. Let the money of evil doers dry up. I plead the blood of Jesus over all the many isms in the US like socialism, humanism etc. Give people back pride to want to earn, not have their hand out. You are the Creator bring creative thinking into the workplace. In Jesus name. Amen
what I don’t understand is, why are all the reports from conservative and Christian sources still done from the perspective of surprise-, at the evil being done by the tyrants?..I don’t get that
LORD we look to you. Help us spiral upward keeping our eyes fixed on You. We bind up the Antichrist spirit in America and we cast him down to the pit. HOLY SPIRIT ignite this nation with truth and hope for today and the tomorrow’s. Remove the wicked and ruthless man from power and position who shake their fist at you Lord. We stand firm in Your love and faith knowing if it seems like your not working, WE KNOW YOU ARE ALWAYS WORKING for the good of your children and your kingdom purposes. America shall be saved!
Today’s Give Him 15 with Dutch Sheets is called “Spiraling Upward with Hope” written by his daughter, Rachel, confirming what you are saying about keeping our eyes on Jesus! Check it out!
Hey Hey!!!.. I saw that too..wasn’t it awesome…praise the Lord..and Rolanda re-told it just about the same way they did..The Lord has a sense of humor. Dutch has really given me something to look forward to each morning,in that,- inevitably,my flesh grows weary,even waiting on my Lord.,and I need some human Godly interaction….Hallelujah,and Amen