There’s only one thing that can bring the U.S. back from a recession, which we’re actually suffering from now.
It’s not the federal reserve hiking rates up by .75, which they did in order to reduce public and business spending.. That won’t help at all. In fact, they could bring up the rates by 5 full points, and it won’t help.
What needs to occur, which the Biden administration won’t do, is to open up the spigots and start producing more oil to get the American economy rolling again.
It’s the oil, stupid!
Hear, hear.
This will not prevent a recession because the printing of money and the spending by the government will not be abated. Oil price is just one part of price spikes (not inflation).
"Inflation is always and everywhere a monetary phenomenon, in the sense that it is and can be produced ONLY by a more rapid increase in the quantity of money than in output. "(Dr. Friedman).