The Biden Stagflation Arrives – WSJ

Call it a recession or stagflation or a slowdown or a temporary rebound or even Ethel or Fred — whatever you call it, the US economy detailed in Thursday’s second-quarter GDP report is struggling. That’s troubling for the American families and businesses that live with it, and a political responsibility for Democratic leaders. No wonder they want to pretend nothing happened.

The economy contracted 0.9% in the April-June quarter after contracting 1.6% in the first three months of the year. The retreat is broad. Consumer spending is now at its lowest level since the pandemic, up 1% from 1.8% in the previous quarter. The Biden Stagflation Arrives – WSJ

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