The Stagflation President
Another month, another bad report. On October 13 the Bureau of Labor Statistics announced that consumer price inflation, at an 8.2 percent annualized rate, was higher than expected through September. Americans continue to experience the worst inflation in four decades. They continue to experience a decline in real average hourly earnings. They continue to tell pollsters that the economic recession has arrived. Blerina Uruci, an economist at T. Rowe Price, does not like what she sees. This is very troubling, Uruci told the New York Times. The trend is very troubling.