Joe Biden has been touting his economy, which has seen inflation explode to more than 9%, mortgage rates balloon to the 7% plus range and millions of American families lose thousands of dollars in buying power, as Bidenomics.
That might not help him, heading into the 2024 presidential race, as a new report confirms that there’s a new – attention-getting – economic indicator flashing that “hasn’t appeared since the 1930s, during the height of the Great Depression.”
The warning comes from Fox Business, which explained, “if the White House and Congress do not cut inflation-causing government spending soon, the results could be catastrophic.”
The report noted that spending surged at the end of President Donald Trump’s term, because of COVID.
The Democrat Congress then handed out “vast amounts of money” to subsidize the economy, the financial system and more.
The report explained, “The never-before-seen levels of money creation were fueled by policies set by the Federal Reserve, which encouraged Congress to spend more money and kept interest rates extremely low, despite warnings from economists about the threat of future inflation.”
Then when Joe Biden took office, while the indicators suggested the “economic crisis” would soon come to an end, Biden failed to respond, and he and congressional Democrats chose to keep spending at levels that were artificially inflated.
And that, coupled with the decision by the Federal Reserve to keep interest rates low and Biden’s decision to send billions of dollars to Ukraine, triggered inflation.
Energy costs exploded, as did food costs and transportation costs. Homes became unaffordable. And the economy pushed families to exclude everything but the very basics from their purchasing plans.
Multiple moves by the Fed to raise interest rates slowed inflation somewhat, but because government spending remained at untenable levels, the problem remained.
The result was, the report said, that “most consumer goods and services, as well as rent and housing prices, remain much higher than they were before the pandemic started.”
Further, the cash in bank deposits plunged.
So prices are up, available cash is down, and there’s “unprecedented strain on American families,” the report said.
The report noted over the last century, “the only other time Americans have seen the money supply drop this sharply was in the early 1930s, during the height of the Great Depression.”
Worse for Biden as his economy hits the headlines just as the 2024 presidential campaign is getting a footing, the difference this time is that prices still are going up now.
That’s caused a “dire situation” for families, the report said, as people are using savings, and even borrowing, to cover living expenses like food.
The data reveals that four in five Americans now have less in savings than before the pandemic. And the total credit card debt now has topped $1 trillion.
It was Rasmussen Reports that found 52% of American adults believe it is likely that, over the next few years, the United States will enter a 1930s-like depression, including 21% who say a major depression is Very Likely.
The survey of 1,086 American Adults was conducted on September 14 and 17-18, 2023 by Rasmussen Reports. The margin of sampling error is +/- 3 percentage points with a 95% level of confidence.
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