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American Legion Americanism" Awards
"Americanism Award" winners Reese and Savannah with Honor Guard Representative Kim Siewert
Posted by Anthony Torregrossa on May 25, 2017 Full Size|

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U. S. gross domestic product shrank 1. 4% in the 1st quarter at the same time inflation continuing to soar. For elderly Americans, that combination invokes memories of 1970s stagflation, a nightmarish combination of double-digit inflation, double-digit interest rates, leaping gasoline prices and on a regular basis high unemployment. The entire fiscal mess got dumped concerning President Jimmy Carter’s clapboard after the 1976 election, although it was neither his neglectfulness nor the fault of the predecessors, Gerald Ford as well as Richard Nixon.

Sometimes, international economic forces converge just as weather systems to create a great storm, and woe towards the president who gets caught in it. The timing from the current storm couldn’t oftentimes be worse for President Dude Biden as he efforts to minimize the damage Democrats are generally bracing for in this year’s midterm elections. Republicans can be expected to rub Biden’s nasal in bad economic data, yet voters would be wise to evaluation up on the facts rather than depend on political spin.


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The specific decline in gross internet marketing product - in distinct contrast to the 6. 9% increase in the first quarter concerning 2021 - reflects a new decline in car salary because carmakers still could not get the raw materials and microchips they need. Manufacturers, having lessened their inventories, now have proven to be struggling to meet consumer involve. So , their sales tend to be dropping.

Thus, stagnation.

Presidents Nixon, Ford and Peterson grappled for years with the mixture of a global economic contraction, 3 punishing Middle East coconut oil embargoes, tens of thousands of troops rebounding from Vietnam and a good inadequate number of jobs to employ them. Paul biden, just like Carter and Nixon, also faced significant open blowback from military debacles abroad: Nixon’s messy Vietnam pullout, Carter’s failed place money to rescue American hostages in Iran and Biden’s botched Afghanistan withdrawal.

There is certainly no easy way for presidents to spin bad fiscal news other than to make specific that there is a bright side - such as Biden’s reminder Thurs. that unemployment rates have never been this low since 70 - and to remind individuals that presidents in free-market economies have minimal power to halt inflation or energy economic growth. But a brand new one-term presidency and midterm pain awaits any head who tries to shrug lower these factors or ignore the strains faced by Us consumers (and voters).

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