Could America Face A Recession In 2022?

Since getting into the White House, Joe Biden has gotten beside himself with the levels of spending he’s doing. Biden has absolutely no concept of the economy or the dangers of measures like printing new money, paying folks not to work, and ramping up government spending.

Earlier this year, the 46th president furthermore provided his economic illiteracy when he stated during a town hall that passing new spending bills is the key to doing away with inflation. On the contrary, precisely the opposite is true.

However, despite Biden’s ignorance, his policies have nationwide impacts that will persist for quite some time to come. According to Newsmax, the president has put this country into a situation where we could be looking at a recession in 2022.

Earlier this week, Larry Summers, the former US Treasury Secretary, stated that a recession next year is very much possible. It comes amid a 5.7% annual rise in consumer prices. Let’s not also forget about the almost 40-year high in inflation.

According to Summers, the Federal Reserve is lagging in recognizing inflation’s genuine danger. The former Treasury Secretary made a note of the fact that inflation is rising so much and so quickly that bringing it down without triggering a recession in the process is getting increasingly more complex.

Summers stated that the historic backfiring of using measures like union empowerment and higher minimum wages to drive inflation also exists.

The former Treasury Secretary worked under two Democrat presidents, yet, throughout 2021, he’s been repeatedly sounding the alarm about the danger of mounting inflation under Biden.

Inflation is no joke, and if it keeps going as it has been, a recession could very well be on the horizon. For this reason, inflation will have such a monumental impact during the 2022 midterm elections.

Republicans have already been hitting Democrats on inflation. Biden may be the president. However, congressional Democrats are the ones who gave the necessary votes to pass Biden’s spending bills into law. Therefore, they are just as guilty as the 46th president is in the potential recession that may come.

Assuming that too much more damage isn’t done between now and November 2022, GOP victories in the midterms could be the very thing that saves America from undergoing a recession.

Time will be the ultimate determining factor. There’s no denying that we have our work cut out for us as a country.