Posted on 11/01/2021 11:53:04 AM PDT by SJackson
Joe Biden has pulled off the incredible: inherit a booming economy and bring it to a near-standstill in just nine months.
When the president took office, the country was enjoying a robust V-shaped recovery, growing at better than 6%. The Federal Reserve was puffing up the money supply by $120 billion per month, consumers were sitting atop $2.5 trillion in excess savings, prices were stable and unemployment was falling fast. On Inauguration Day 1.6 million Americans received the COVID vaccine, optimism was rising and people were flush with trillions in relief funds.
To say that Biden entered the Oval Office with gale-force tailwinds at his back is "not hyperbole," as he might say.
Unhappily, even as many of those tailwinds persist, our momentum has collapsed.
In the last quarter, notwithstanding continued monetary largesse (some would say recklessness) from the Fed and an ongoing gusher of aid money flowing from the government, growth slowed to an anemic 2%, while the "price deflator," a.k.a. inflation, rose to 5.7%
More worrisome, Americans are discouraged. According to a new survey from Morning Consult, consumer sentiment slid in the 30 days ending Oct. 21, even as COVID cases plunged 37%, the S&P 500 rose 4.5% and more people entered the workforce.
Why are folks so gloomy? The main contributor to the decline in optimism comes from a large slide in the "current buying conditions" survey, reflecting goods shortages and rising prices.
When consumers turn pessimistic, they tend to hold back on spending. That means the slowdown that we saw in the third quarter could persist.
The Morning Consult poll is not an outlier. The latest University of Michigan survey shows consumer sentiment at a shocking 71.70, down from 79 at the end of January and 81.80 a year ago.
(Excerpt) Read more at foxnews.com ...
This is not a recession. Repeat: This is not a recession.
This is a full-on depression in the making, just waiting for all the inertia in the economy to grind to a full halt.
America’s Weimar Republic is failing, and the wheels are soon to come off altogether.
Not to worry; as the money WILL get spent - sooner or later.
Did WHAT?
Crap your pants??
The big problem with our Sleepy Joe,
Is that his brainwaves travel too slow.
Now his poor sycophants,
Have to clean up his pants:
Because he’s forgotten to go!
OOPS! Two lumps this time.
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