President Biden is now in his second year and now we have the statistical verdict of his economic stewardship rendered by the first-quarter drop in GDP. Stagflation, anyone?
On top of the spending spree Biden and his allies in Congress went on last year, Biden's budget calls for $72.7 trillion in spending over the next decade - averaging more than $1.4 trillion in higher annual spending than even this year's extravagant budget.
Annual budget deficits would start at $1.2 trillion in fiscal year 2023 and rise to $1.8 trillion by 2032.
Consumer prices surged 8.5% in March from a year earlier, the biggest jump in over 40 years, while wages have grown just 5.6% during that time.
It's true last year's GDP growth of 5.7% was solid, the fastest since 1984.
The insane splurge in money printing over the last two years, pushed by Democrats and carried out by the Fed, will affect the U.S. for years to come.
How did inflation happen so fast? As we and others have noted before, literally 80% of all the money that exists in America today was created over the last year or so.
https://issuesinsights.com/2022/04/29/welcome-to-stagflation/
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