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Stagflation, which reigned during the presidency of Jimmy Carter, occurs during an unusual confluence of events: high inflation, low economic growth and high unemployment. Normally, high inflation happens during periods of rapid economic expansion and low unemployment. On the opposite side, low economic growth and high unemployment normally occur during periods of low inflation. Stagflation, which combines the worst of everything, is particularly hard on the middle and lower classes, whose members face both high unemployment and rapidly rising prices for goods and services. In addition, the lack of jobs often leads to despondency among those unable to find work.
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At 1 a.m., the first alarm goes off. Blanca Lopez shakes off the sleep. For the last eight months, she’s been telling herself the same thing.
“I need to hustle. I’m so young, I need to make this money.”
For the record:
9:35 AM, Mar. 17, 2021An earlier version of this story said confetti appears on the Robinhood app whenever a user makes a transaction. It appears only on the first trade.
The 23-year-old South L.A. native, a case manager for a senior home, reaches for her iPhone and opens up Webull, an investing app that has surged in popularity since January. The app enables her to buy and sell stocks 5½ hours before the market opens for regular trading.