While President Joe Biden is doing his best to spin the American economy as solid, the next year under his leadership may see a massive decline if these financial factors are any indication.
Economic growth is slowing down. Quarter 4 2022 gross domestic product (GDP) figures had the country growing at a 2.9% annualized rate, down from 3.2% from the previous three months.
Even worse, inflation remains over 6% annually. The high price of essentials for Americans is eating into their pocketbooks.
All of these economic factors are a sign that there may be bad times ahead.
BIDEN: "Where in the hell is it written that says America can't lead the world in manufacturing again? Where is that written? I don't know where it's written. It's not gonna be on my watch!" pic.twitter.com/s4MdlYJtR4
— Townhall.com (@townhallcom) January 26, 2023
The poor economic policies of the White House has an effect on kitchen table issues for most Americans. The cost of vehicles, houses, and food are all dramatically higher than before the president took office in 2021.
The economic indicators are flashing red. The increase in interest rates will likely slow spending and borrowing and lead to a drop in GDP.
Keep in mind that the Biden Administration has already overseen a technical recession in 2022. Another period of negative economic growth is likely as long as the Democrats control the White House.
The coming data is difficult, as well. For many Americans who were saddled by a higher cost of living or more debt, the damage is already done. Further interest rate hikes will only make their situations worse.
These circumstances leave the White House and the Federal Reserve between a rock and a hard place. It might also mean the worst is yet to come.
The coming decline may be worse than anyone feared. Consider the bubble that led to the 2008 Great Recession. Americans now have more debt than before that major economic downturn.
The combination of higher prices, serious household debt, and poor government policies may put our nation in a perfect storm for economic calamity.
The result may not be as bad as 1929’s Great Depression, but we can’t be sure of anything with Joe Biden in the White House.