President has pushed government spending into the stratosphere
By Bob Unruh
Joe Biden has been touting his economy, which has seen inflation explode to more than 9%, mortgage rates balloon to the 7% plus range and millions of American families lose thousands of dollars in buying power, as Bidenomics.
That might not help him, heading into the 2024 presidential race, as a new report confirms that there’s a new – attention-getting – economic indicator flashing that “hasn’t appeared since the 1930s, during the height of the Great Depression.”
The warning comes from Fox Business, which explained, “if the White House and Congress do not cut inflation-causing government spending soon, the results could be catastrophic.”
The report noted that spending surged at the end of President Donald Trump’s term, because of COVID.
The Democrat Congress then handed out “vast amounts of money” to subsidize the economy, the financial system and more.
The report explained, “The never-before-seen levels of money creation were fueled by policies set by the Federal Reserve, which encouraged Congress to spend more money and kept interest rates extremely low, despite warnings from economists about the threat of future inflation.”
Then when Joe Biden took office, while the indicators suggested the “economic crisis” would soon come to an end, Biden failed to respond, and he and congressional Democrats chose to keep spending at levels that were artificially inflated.