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'We're Fast Stumbling Into Stagflation,' Expert Warns as Unemployment Rolls Hit 4-Year High Under Trump (www.commondreams.org)

submitted 6 days ago by griff to c/usnews@beehaw.org

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The flow of abysmal U.S. economic data continued Thursday with the release of figures showing that the number of Americans collecting unemployment benefits has reached its highest level in nearly four years, heightening concerns that the Trump administration is pushing the country toward a period of "stagflation."

”Today's unemployment report, coupled with last week's jobs data, suggests that we're fast stumbling into stagflation, with fledgling jobs growth and rising prices," Andrew Stettner, unemployment insurance expert at The Century Foundation, said in a statement following the new Labor Department numbers.

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[–] Segab@beehaw.org 4 points 5 days ago* (last edited 5 days ago)

"Stagflation" is such a dumb portmanteau, when something is neither in inflation or deflation it's in stagnation. How can something be both stagnant and inflating? I looked it up and it was made up by a conservative to try to explain increase in prices while economic growth is stagnant. But that's just capitalism working as intended, corporations trying to maximize profit by raising prices and firing workers. That money is not circulating or improving the economy.

[–] Powderhorn@beehaw.org 5 points 6 days ago

"In contrast with the president's assertion of bustling job creation," said Stettner, "Americans can't get off of unemployment benefits in an economy that has stopped adding jobs outside of healthcare."

The sharpest sign yet I've seen that the hiring process is complete and utter bullshit.