“An economist is an expert who will know tomorrow why the thing he predicted yesterday did not happen today.”-Lawrence Peter
Under the Biden administration, the role of government in the economy has undergone its biggest shift since Franklin Roosevelts “New Deal” in the 1930’s. Rather than fear of debt and inflation, the policy makers are flooding the economy with dollars and spending programs.
Welcome to the Recession
When an economy experiences two consecutive quarters of slowing Gross Domestic Product (GDP), the economy is officially in a recession.
In the first quarter of 2022 the GDP fell at an annual rate of 1.6 percent. In the second quarter of 2022 the GDP decreased at an annual rate of .9 percent.
Inflation Crushing Americans
Inflation is the top issue for Americans. Most damaging for Biden and the democrats is that wages are not keeping pace with rising prices.
In July 2022 the price of food was up 13.1 percent compared to a year ago, the largest price increase for groceries in 43 years.
Even with one-party Democratic control of Congress, Biden has found a way to secretly spend hundreds of billions of dollars without Congressional approval.
Billionaire entrpeneur Elon Musk said, “The obvious reason for inflation is the government printed a zillion dollars.”
Photo by Veleno Veleno