Posted by: Bruce Allen | July 15, 2008

Stagflation: It’s Official!

The U.S. economy is circling the bowl.  Good luck, Barack!

The U.S. economy is circling the bowl. Good luck, Barack!

Compared to June 2007, producer prices at the wholesale level are up 9.2%.  The Fed Funds rate sits at 2.25%.  Retail sales in June were up a paltry .1%, most of which was accounted for by high gasoline prices and Federal tax rebate checks.  GM is on its way to become Lancia, and scores of banks are set up to fall like dominos.  Here in Indiana, it’s 110 in the shade, and my air conditioner is ready to throw a rod.

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