Guest Post by David Stockman
There can be no doubt that the US economy is struggling with a serious bout of stagflation (a period of high inflation rate and slow economic growth), and that’s notwithstanding the foul-ball GDP print for Q3 2023. Fully half of the reported 4.9% annualized real GDP gain was due to a huge inventory buildup (+1.32%), health care (+0.33%) and government spending (+0.79%). We’d suggest these items are neither stable from quarter to quarter nor the ingredients of what actually fuels rising living standards and societal wealth.
Continue reading “David Stockman on America’s Stagflationary Mess”
