Despite the spin from the White House that inflation is under control due to 'Bidenomics', some economists are warning that 'stagflation' could hit the U.S. economy by late summer.
"Although the popular belief is that inflation is on it's way down, I think there's plenty of reason to suspect that that's not going to happen and that inflation will go up" said professor Michael Busler, who wrote about the 'stagflation' concerns for Newsmax.
Stagflation is when economic growth stalls, but prices continue to rise. Many experts fear that with credit cards tapped out, spending will stop and wages won't be able to keep up.
"We are starting to see a lot of layoffs, and it's starting to spread" Busler told KTRH, "The economy is starting to slow down, and if it continues to slow down you could see stagflation by the end of the summer."
He adds that food prices remain high, and rising energy prices could be a factor this year as well.
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