Glen Reynolds has a had a lot of fun pointing out how the word "unexpected" keeps showing up in headlines about bad economic news during the Obama administration. Today's example comes from the London Telegraph:
Anyone old enough to remember the last time we had such pervasive nannyism in government, however, will get a sinking feeling in their stomach when they see those numbers. In the late 1970s, we had an extended period of slow growth and high unemployment just like we have now and then we got inflation too. That happened after the Americans elected Jimmy Carter President and he pushed policies that look a lot like what Obama has done. It wouldn't be entirely unexpected if the same kinds of policies produced the same bad results would it?
Blow for commuters as UK sees unexpected rise in inflationThe article also hastens top tell us that economists are certain the inflation in question is just a blip. Well, let's hope so.
Anyone old enough to remember the last time we had such pervasive nannyism in government, however, will get a sinking feeling in their stomach when they see those numbers. In the late 1970s, we had an extended period of slow growth and high unemployment just like we have now and then we got inflation too. That happened after the Americans elected Jimmy Carter President and he pushed policies that look a lot like what Obama has done. It wouldn't be entirely unexpected if the same kinds of policies produced the same bad results would it?
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