In the Carter era, this was called "stagflation" economic stagnation combined with rampant inflation.

It was accompanied by fuel rationing and 20 percent interest rates.

With Biden's economic, foreign, and energy policies, this is the perfect storm to make this happen again.

JOEBAMANOMICS: “The policies that intentionally held down the U.S. economy during the Obama administration are once again being duplicated...

JoeBama’s energy policy is crushing jobs in key regions where energy jobs are being lost in dramatic fashion. Simultaneously the costs of energy, including gas, are skyrocketing.

The longer-term costs have not yet hit the consumer, but they will soon as inflation will jump dramatically while employment will continue to struggle because consumer demand will drop… The issues create a cascading cycle.

The Biden administration is hiding their actual policy impact by blaming COVID, but that’s not the issue that will hurt blue-collar workers in the longest term...

the stock market (multinationals) will gain, but the U.S. worker economy will suffer lost jobs and lower wages. This dichotomy is by design and the corporate media economists never discuss it.

This reality is a big part of the reason why Pelosi and JoeBama needed to quickly pump money into the working class in order to avoid the pitchforks. However, that $2,000 injection will not last and will be eaten up quickly by the larger and longer term Biden economic policy.

The U.S. economy, which is 70% dependent on consumer spending, is going to contract. This contraction will be “unexpected” by the professional pundit class...

If you are a blue-collar or white-collar worker in a BLUE region or state, you will feel the impact first. It is going to get very ugly, as noted by the disparity in the unemployment claims this week.”

https://theconservativetreehouse.com/2021/04/08/bidenomics-weekly-jobless-claims-unexpectedly-higher-with-744000-new-claims/#more-210788