Why We Are on the Front End of a Recession

Whenever inflation is significantly above GDP growth, that’s one definition of stagflation.

President Biden at the White House complex April 28, 2022. AP/Susan Walsh

Inflation up and GDP down: This is not a good combination. No, it’s not yet a recession, but the soaring inflation — 8 percent in the first quarter, from a broad-based measure of prices — does raise the question of whether we are on the front end of a recession.

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