Despite what is being peddled to the public, we are in a recession. But, more importantly, optimism in the economy is sinking extremely low.
A study conducted by CNBC before the numbers indicating a recession were reported claimed that 66% of Americans were worried that a recession would likely happen soon. On top of this, Americans continue to worry about inflation, especially since the inflation rate reached 9.1%. The highest point of inflation in the United States has been since the 1980s.
So, why is inflation so high? The simple answer is Joe Biden, along with his extreme policies. It seemed like just a few years ago, we had a robust economy, with a much lower inflation rate, with both rising wages and lower taxes. These benefits came with the Trump administration.
Now that Biden has come into office and reversed many of the effective policies put in place by Trump, it is no wonder the economy is beginning to get out of control. One of the most significant issues caused by the Biden administration is that they have singlehandedly taken our country — which was self-reliant on energy — added unnecessary regulations and forced us to depend on energy from other nations.
So, due to all of these ridiculous changes with trillions in spending from the Biden administration, it is no wonder why two-thirds of the population saw this recession coming, despite the Biden administration’s protesting of the fact that we are currently in one.
This sentiment was put into words perfectly by John Kemp: “The market is already exceptionally tight with shortages becoming critical and difficult to relieve without a massive increase in output, a recession-driven fall in consumption, or both….”
With the highest inflation rate in over 40 years, shortages becoming normal and the cost of living not seeming to stop going up, it is hard to feel good about the current state of the economy.
President Biden has taken a thriving economy and crushed it, leaving a sputtering shadow of what it was just a few years ago. November is coming, and voters need to make a decision on which direction they want the country to go.