Opinion: In 2022, stagflation could make a comeback

Joel Griffith
The Heritage Foundation

During the late 1970s, American families experienced stagflation — a combination of economic stagnation and significantly higher inflation. By the summer of 1980, unemployment hit 7.8% and the economy was actually shrinking. On the year, inflation spiked 12.3%.

Some fear that today’s slowing economic growth (2.3% annualized last quarter) and the steepest price hikes in 40 years portend a return to stagflation.

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