70’s Era Stagflation Is Ready To Bite US Consumers

In today’s episode of the 24/7 Wall St. podcast Lee Jackson reflects on the economic challenges of the 1970s, drawing parallels to the present economic climate. The conversation touches on stagnant economic growth and persistent inflation during that era, suggesting similarities with current economic indicators and concerns.

TRANSCRIPT: So, Lee, do you remember something called that 70s show?
I sure do. I lived it and watched it.
Tell me what that was like.
I mean, what was it like economically to be part of that 70s show?
Well, I was a lot younger, obviously, but it was just this constant onslaught, part of which was driven by the intense spending.
Same problem we have now on the Vietnam War.
And then the economy hit a wall.
So what you had was you had a stagnant economy.
There’s the stag.
And then we had inflation all through the 70s that…
Gerald Ford said if we could win or whip inflation now, we’d be in great shape.
Problem is, we might be having a 70s show once again now.
Well, if you look at the GDP number, the stag part of this may actually happen in the next couple of quarters, and I can see how that would happen.
I do not see inflation coming down.
I don’t see any reason to think with crude where it is, a lot of foods where they are, insurance.
If you look at the consumer price index, one of the things that’s hammering it up is insurance.
I don’t see those things changing.
Do you?
I don’t.