I was reading some old bookmarks today, and I stumbled on this.
Stagflation is generally attributed to British Conservative MP and later Chancellor of the Exchequer Iain Macleod, who coined the term in a speech to Parliament in 1965. Stagflation is a blend of the words stagnation and inflation. It is used to describe an economy which is stagnating (or not growing) while also facing high inflation.
It’s the worst of both worlds, saturated fat in a terrible tasting dish, a petrol guzzler engine that takes 10 minutes to get to 100 km/h.
And guess what folks? We’ve got it!
So much for “good economic management”.
Thanks Mr Cullen.