Gas prices went down from a historic high, but it’s not stopping the impact on American budgets, especially as food prices sharply have risen sharply within the last calendar year.
That’s what happened during Jimmy Carter‘s presidency and led to Ronald Regan‘s 1980 victory.
A common solution to stagflation is to lower interest rates, but they’ve been at nearly zero since the start of the pandemic. Raising these rates could help improve inflation, but could simultaneously slow down the economy –– a major concern in the UK right now after its central bank raised rates last month.
The good news is that the economy seems to be improving from the pandemic recession overall, but relies on consumers to keep spending, CNN Business reported.
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