The stock market took another wallop on Friday.
But the bad news came in the jobs report. "Jobs Data Suggest Already in Recession," says a headline in the Wall Street Journal.
Another headline from Bloomberg rounds out the picture: "Gasoline at record $3.20 a gallon."
We will put 2 and 2 together. Falling employment means families have less to spend. Rising prices mean they will need to spend more to stay in the same place. And here, Dear Reader, do you see what has happened? The immoveable force of deflation has run smack into the irresistible force of inflation right in Americans' own backyards. And we will tell you how the smash up will resolve itself: standards of living will fall.
And here comes the New York Times with even more bad news. "Seeing an end to the good times," ...
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