The specter of stagflation has returned. The monthly jobs report released Friday showed only 175,000 jobs were created last month, well below the recent average and expectations.
More than half of new jobs were created in the unproductive government and quasi-government healthcare and social services sectors that don’t generate growth. Average wages grew at a slower rate than inflation, meaning Americans’ real wages and living standards are declining.
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U.S. annual economic growth measured just 1.6 percent in the first quarter of 2024, following a report of persistently high inflation in March of 3.5 percent year-over-year. The combination of both low growth and high inflation, in conjunction with continuously high amounts of government spending and debt, has led to signs of stagflation in the U.S. economy, which wreaked havoc on U.S. consumers throughout the 1970’s, according to experts who spoke to the DCNF.
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The folly of the Biden administration’s recently announced “Inflation Reduction Act” recalls Orwellian slogans such as “Slavery is Freedom.” The plan will throw fuel on the flames of stagflation while accelerating environmental deterioration. The act would raise an estimated $739 billion through tax increases and heightened IRS scrutiny to then invest $306 billion in “deficit reduction” and $369 billion in “energy security and climate change” to “reduce carbon emissions by roughly 40 percent by 2030.” If ever there were a proposal that failed out the gate, this is one.
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