The Stag Party
Jerry Bowyer
Author, Entrepreneur, Financial Writer, Talk Show Host, Speaker
It's beyond me how anybody could look at this economy and think of stagflation. After all, President Bush mostly takes his cues from Ronald Reagan (who ended that problem), not from Jimmy Carter (who presided over it). Nevertheless, New York Times columnist Paul Krugman
manages to free associate himself and his readers right into just such a comparison. That the Times columnist sounds the inflation alarm so shortly after having warned his readers of the opposite danger, deflation, reinforces an impression that he and like-minded colleagues spend their evenings skimming through the glossaries of economics textbooks putting checkmarks next to each and every economic malady, even the ones that contradict one another. Deflation, check; Inflation, check. Stagnation, check; overheating, check. Strong dollar, check; weak dollar, check.
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