Stagflation arrives a bit early

(My new American Thinker post)

Like the relatives on their way to visit you, stagflation surprised by showing up a bit early.   As you may remember, stagflation was due in the summer or later this year.   Well, here it is, according to the latest news reports:   

Real gross domestic product (GDP) decreased at an annual rate of 1.4 percent in the first quarter of 2022 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 6.9 percent.

The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency (refer to "Source Data for the Advance Estimate" on page 3). The "second" estimate for the first quarter, based on more complete data, will be released on May 26, 2022.

Okay, so the final report will be here in a month. Maybe they will "revise" the number and put us back in the black or go deeper in the red.  I guess that we will learn soon enough, but going from plus 6.9% to minus 1.4% is bad news for voters paying more for gasoline and lettuce than ever.

Politically speaking, this report is terrible news for a White House desperately trying to put a happy face on things, from the economic consequences of the war in Ukraine to  the Federal Reserve Bank raising rates.   

Some of us are old enough to remember the last time that stagflation was around and it was not pretty.  I guess that I'll get a chance to see the 2022 remake of the 1982 movie.   I don't think I'll like the new one more than the old one.

P.S.  You can listen to my show.  If you like our posts, please look for ”Donate” on the right column of the blog page.

Happy # 75 Tommy James

We say happy birthday to Tommy James who was born in Ohio on this day in 1947.

In the 1960's, Tommy James & The Shondells had a ton of hits, from "Hanky Panky" to "Crimson and clover", both reached # 1 in the US.    

P.S.  You can listen to my show.  If you like our posts, please look for ”Donate” on the right column of the blog page.

Happy # 88 Luis Aparicio

We say happy birthday to Luis Aparicio who was born in Maracaibo, Venezuela, on this day in 1934.

Luis broke with the Chicago White Sox in 1956 and was Rookie of the Year:  .266 and led the AL with 21 stolen bases.

He also played with the Orioles, back to Chicago and finished with Boston:   .262 batting average, 506 stolen bases, 2,677 hits in 2,599 games.

Aparicio was inducted to The Hall of Fame in 1984.

P.S.  You can listen to my show.  If you like our posts, please look for ”Donate” on the right column of the blog page.

A word about April 29

We remember Duke Ellington who was born in Washington DC on this day in 1899.    He died in 1974.   Duke was a jazz giant.   However, I first heard of him many years ago when my father used to listen to The Voice of America in Cuba.  Duke’s “Take the A train” was the intro-music for Willis Conover’s jazz show broadcast to the world on short wave.  

We say happy birthday to Luis Aparicio who was born in Maracaibo, Venezuela, on this day in 1934.  Aparicio was inducted to The Hall of Fame in 1984.

Aretha Franklin's "Respect" was released on this day in 1967 and hit # 1 by mid-June. The story of "Respect" is rather interesting.  It was ranked # 5 in Rolling Stone's Top 500 all time songs.

We remember "Hair", the musical that opened in Broadway on this day in 1968.     The music was good but everything else did not matter to me.

P.S.  You can listen to my show.  If you like our posts, please look for ”Donate” on the right column of the blog page.