It’s increasingly difficult to remain optimistic in Biden’s America.
Average American citizens are facing unprecedented attacks from the Biden administration in the form of economic warfare, proxy military battles, open borders, and insidious social justice messaging.
Quality of life across the board has palpably decreased and more people every day are struggling to fill their tanks and/or feed their children — all while the Biden administration continues to claim their economic plan is working.
However, economists everywhere are predicting serious economic recession stemming from historic Bidenflation and lack of consumer confidence. Even Obama’s very own Treasury official is warning of a likely recession while the likes of Janet Yellen, an admitted failure, preach the contrary.
Larry Summers, Bill Clinton’s former Treasury Secretary, predicted on Friday that America was headed toward total economic inflation “within the next two years.”
“I think there’s certainly a risk of recession in the next year,” Summers said on CNN’s State of the Union on Sunday. “I think given where we’ve gotten to, it’s more likely than not that we’ll have a recession within the next two years.”
"Secretary Yellen…said this week that 'there is nothing to suggest a recession is in the works.' Do you agree?"
Obama Treasury Sec. Larry Summers: "No … The optimists were wrong a year ago in saying we'd have no inflation, and I think they're wrong now." pic.twitter.com/hzIKvUhe35
— RNC Research (@RNCResearch) June 12, 2022
Summers, who served as treasury secretary under former President Bill Clinton and as director of the National Economic Council under former President Barack Obama, has been outspoken in warning that President Joe Biden’s economic policies are damaging the country.
In March 2021, Summers blasted Biden’s $1.9 trillion American Rescue Plan as “the least responsible macroeconomic policy we’ve had in the last 40 years” and warned that it would “set off inflationary pressures of a kind we have not seen in a generation.”
Inflation soared to 8.6% for the 12 months ending in May, the Bureau of Labor Statistics revealed on Friday, despite the Federal Reserve’s interest rate hikes.
There are concerns that the Fed’s aggressive interest rate hikes, in an effort to stave off inflation, could plunge the economy into a recession.
Sen. Rand Paul (R-KY) predicted last week that the Fed would continue to raise interest rates until they reach the level of inflation.
“I think the Federal Reserve is going to keep putting [interest rates] up a half a point every time they meet. I think that happens probably every four to six weeks until they reach the inflation rate,” Paul said last week. “And inflation rate is 8.5%, and we’re closer to the Fed funds rate being around 3% or so.”
Yellen, however, dismissed talk of a recession last week, saying, “Don’t look to me to announce it,” while insisting that the fundamentals of the economy are strong as inflation rages.
She along with other Biden administration officials continue to parrot DNC talking points about a supposedly strong economy under Biden’s leadership. The American people, however, don’t agree.
Author: Sebastian Hayworth
