“Stagflation” May Be Around the Corner
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“Stagflation” May Be Around the Corner
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High inflation and low economic growth may be in store for this year.
From The Center Square. Gas prices and inflation hit yet another high this week, raising more concerns about the impact on regular Americans and the future of the U.S. economy.
The Bureau of Labor Statistics Thursday reported that the Consumer Price index, a major marker of inflation, rose 7.9% in the previous 12 months….
Rising food prices were a major source of the overall increase and a serious pain point for many Americans.
“The food at home index rose 8.6 percent over the last 12 months, the largest 12-month increase since the period ending April 1981,” BLS said. “The index for meats, poultry, fish, and eggs increased 13.0 percent over the last year as the index for beef rose 16.2 percent.”
According to AAA, gas prices have risen to a new high with a national average of $4.32 per gallon, up from $2.82 the same time last year.
Experts point out that those gas price increases have contributed to making all goods more expensive….
Biden has pointed to the Russian invasion of Ukraine as a key reason for the gas price increases. He banned the importation of Russian oil earlier this week as a measure to help “defund” the war against Ukraine….
Critics, though, point out that gas prices have steadily increased in the past year.
“For months before the Russian invasion of Ukraine the Biden Administration watched as their polices punished our domestic energy production drastically raising prices across the board,” said Daniel Turner, head of Power the Future, an energy workers advocacy group. “Today they are trying to pin all the blame on Putin, but the American people are not falling for it. Biden has made overtures to Iran, Venezuela, and Saudi Arabia to increase production.”
Critics are calling for an increase in domestic energy production, which was hindered by Biden’s early decisions on pipelines and drilling permits.
“The only one [Biden] hasn’t reached out to is the American energy industry,” Turner said. “If he would only take away the burdens he has placed on us we could see a huge reduction in costs and inflation as we ramp up production. But Biden would rather appease the radical green movement than admit the failure of his policies.
We need a president who doesn’t see American industry as the enemy,” he added.
Others added that stagflation, which occurs when inflation increases amid stagnant economic growth, could be “just around the corner….”
How are you praying for our economy?
(Excerpt from The Center Square. Photo Credit: olieman.eth on Unsplash
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A Prayer
Thank you Father for the heavenly viewpoint. I humble myself and repent for what America has done in making us subject to the evil plans of Satan. We have unrighteousness rulers and no peace in our lives. I ask for forgiveness having turned our backs on your ways.
Give our nation, all nations, a new heart to return to you and your paths. Let us realize we have gone astray and lead us back to the God who has made us in His image. Help us return to your stuates which if obeyed, bring peace and prosperity.
Save us from the tyranny of President Biden who has no godly desire for our national good and only desire for His own enrichment and those corrupt others He unifyies with. May he see the error of his ways, repent, and experience the transforming power of faith in the saving name of Jesus Christ.
As we seek your righteous rule over our nation, we ask that the evil plots of the enemy be spoiled and subverted to the glory Christ victorious.
Let righteousness rule our nation again. Heal our backslidding and embolden us to defend your truth and your name,
We return to you with all our hearts and our children who we no longer
sacrifice to unrighteousness mammon. We turn away from the ways of the would. We separate ourselves and children unto you. We bring you the fruits of our repentance and declare that we serve and worship you only.
Help us go forth afresh and anew in your vision for our children and our world. You are King of our hearts forever, in Jesus name. Thank you for forgiving sin and new beginnings!
Amen