Editorial: Like pet rocks and bell bottoms,1970s bad economic news is back to haunt Biden

U.S. gross domestic product shrank 1.4% in the first quarter at the same time inflation continued to soar. For older Americans, that combination conjures memories of 1970s stagflation, a nightmarish combination of double-digit inflation, double-digit interest rates, soaring gasoline prices and persistently high unemployment. The entire economic mess got dumped on President Jimmy Carter’s lap after the 1976 election, even though it was neither his fault nor the fault of his predecessors, Gerald Ford and Richard Nixon.