Inflation and Unemployment Rising: Stagflation Likely
President Joe Biden signs H.R. 5376, the “Inflation Reduction Act of 2022”, Tuesday, August 16, 2022, in the State Dining Room of the White House. (Official White House Photo by Cameron Smith)
High unemployment plus high inflation equals stagflation. This is Bidenomics in action.
The White House and mainstream media can spin the unemployment numbers any way they want, but spin doesn’t change the reality; things are bad. The official unemployment rate is 3.8%, up from 3.5% last year. Meanwhile, under Biden, as much as 25% of the jobs created are government jobs. That is at least double what it should be for a free-market, capitalist country. Despite this boom in taxpayer-funded government job creation,
