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Friday, March 29, 2024

Economic “Hurricane” on the Horizon

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The Depression Destination freight train is dangerously careening down the rails with its chief engineer, President Joe Biden, holding down the throttle, to all intents and purposes deliberately ignoring the red lights that warn of impending doom. We are severely concerned that If he does not relinquish the controls to others with more financial, fiscal and business savvy, this nation will slam into a depression that will make 1929’s look like a bump in the road. We are barely climbing out of two+ years of his unnecessary Covid lockdowns that traumatized the nation. We saw the repercussions of school and business closings, loss of jobs, government giveaways of trillions of dollars to encourage people to stay home, unemployed and seemingly, with the help of the government, expecting to continue receiving checks in the mail for doing….nothing. And similar funds were distributed to families whose members were actually gainfully employed during this period. Once anyone gets something for nothing, it’s hard to not keep expecting it. Throw in for good measure, paying off trillions in student loans. So, the government keeps printing more money to keep voters happy and that leads to inflation, big time.

Right now, inflation is climbing in the U.S. and Republicans are now even being joined by election conscious Democrats to point directly at President Biden and his supportive, if not string pulling administration, as the propelling force for this dangerous sign. Rising costs, up and down the line, for market goods, are out of control. “Joe Biden is the president of high prices and one of the defining failures of (his) presidency is going to be inflation,” said Wyoming Senator, John Barrasso. His comment came as the consumer price index for April rose 7.5 percent compared to a year ago.and for the last 12 months a staggering 8.3%, the highest rate in over 40 years.

In fact, 42 years ago, the inflation rate was 11%, mortgage interest rates were over 19% and money market rates were 21%. But back then we did not have the accumulated problems we have now, nationally and world-wide. We were still a superpower with no China overwhelming us with their current productive and military superiority. We were not funding a far-away war as we’re now doing, nor facing the threat of one with Russia. And consider that back in January of 1981, Ronald Reagan took office as our leader and with his wisdom, patriotism and wise collection of advisors, we pulled out of that threat of recession, until now.

And to any unbiased, clear-thinking observer, it looked from the beginning that Biden had his eye on the destruction of this nation by killing our economy. The disastrous decisions that he has made in less than one and one half years could not be coincidental. The shutting down of our energy supplies under the lunacy of going “Green,” making us beg our enemies, Iran and Venezuela, to share their petroleum with us, opening our borders to millions of totally dependent illegals, the raising of taxes on corporations, paying off student loans to the tune of billions, appointing an idiot like Janet Yellin as our Treasury Secretary, who states that abortions are good for the economy. And she runs our financial system? She also recently admitted that she made a small boo-boo last year when she predicted that inflation would be minimal or manageable. And the nation is to have confidence that she can make decisions that financially affect every citizen? Negativism and fear among our citizenry is building. Bad news.

When every  American now pays at least $5 a gallon for gas, with the expectation that it will hit $8 by September, and you have housewives seeing the prices of food rise 12%, when potential home buyers can no longer afford to buy and renters see rents skyrocket, when businesses go under because they cannot stock  shelves and when a nation has to import baby formula from foreign sources, you know this nation is in for  disasters; fiscal, physical and mental . And how will we get through another 2 1/2 years? You answer that!

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