The Biden-McCarthy Memorial Weekend Surrender Institutionalizes Stagflation
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Some politicians make history. By caving so quickly to Joe Biden, Republican House Speaker Kevin McCarthy has chosen to be a footnote.
Historians will mark McCarthy’s Memorial Weekend surrender not as an important, courageous, and prescient turning point but as just one more political misstep towards a prolonged war with stagflation – simultaneous slow growth or recession plus inflation.
McCarthy had a golden historical opportunity to both turn the stagflation ship around and make all Americans better off under Republican leadership. Footnotes are as footnotes do.
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