Nothing like the cheery decade of the 1970s - disco dancing, "Animal House," Farrah Fawcett and the buzz word reincarnated by the media - stagflation.
After a disappointing spike in inflation, the producer price index (PPI), by 1.0 percent in January, and a rise in core inflation (with food and energy costs excluded), rising 0.4 percent on Tuesday, the media have deemed it necessary to sound the stagflation siren.
"Now, to the economy," ABC "World News" anchor Charles Gibson said. "And a word not heard since the 1970s - stagflation. That occurs when prices go up just as the economy slows down - stagnation plus inflation. And the government that wholesale prices shot up 1 percent in January and are now up almost 7.5 percent in the past 12 months."












As if “CBS Evening News” anchor Katie Couric needed any more bad news to accompany her dismal performance in the ratings.


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