The Plutocrats Go Wild

Abstract

Next year’s economic difficulties are already on the horizon. Growth is slowing, as the housing market cools and consumers rein in their spending. Inflation is rising a bit, driven mainly by oil prices, health care costs, and corporate price increases fueling a spectacular recent profit surge. Job creation is weak and wages are flat. This is the New Stagflation — an unpleasant reminder of the economic cost of unilateral war.