Economic Developments / Government Watch / Instagram / Politics

Are We on the Road to America’s Second Great Depression?

Great Depression

WASHINGTON, DC, June 15 — Here’s some distressing news “America’s 12-year Great Depression began with a crash. The bottom fell out of the stock market on October 24, 1929, signaling the start of the longest and deepest economic decline in the nation’s history. Now that we are in an economic downturn, everyone wants to know if a crash could ever happen again…In 1930, Congress took a recession and turned it into a Great Depression.” So says the Washington Policy Center (WPC), an independent, non-profit think tank.

A recent Rasmussen poll shows that most of us think that Joe Biden’s recession is bound to result in a catastrophic Depression, with a capital D. The survey shows that 52% of respondents fear that a second Great Depression is “likely” and another 10% cautiously said the “are not sure.”

But the business management consulting firm, ITR Economics, says it sees a second Great Depression coming just in time for the 100th anniversary of the first Great Depression. “A high probability exists that the decade spanning 2030–2040 will be one of lost opportunities, great economic distress, lost fortunes, deep regrets, and despair over what might have been…The trends we see are massive and have so much momentum that they will be difficult to change. Action is imperative. We need to implement economic moves that will protect us, to fight the good fight in an attempt to preclude the next Great Depression from hitting with unprecedented force.”

Is it fair to put the blame for the economic disaster that looms over our heads on the president?  Billionaire and oil refiner John Catsimatidis told Fox News last week that he thinks so. This, despite the fact that Mr. Biden’s Commerce Secretary Gina Raimondo insists on putting the blame on the Russians.  She says that the spiking gas prices were triggered by Putin’s invasion of Ukraine in February. Raimondo points out that President Biden is asking Congress and anyone who has a suggestion on how to fix the problem. The answer is, bring down the price of gasoline, Catsimatidis suggests: the cost of fuel is a critical component of the inflationary spiral because of its impact on the cost of just about everything people need in their day-to-day lives. 

He says that the Biden administration ignores the fact that America’s increasing gas prices have a simple solution. In interviews with The Epoch Times and Fox News he said, “We have 100 years’ worth of oil [in the U.S.]. Let [the government] open up the spigots and the price of crude oil will come back down to $55, $60, maybe $65…[Meanwhile, the president] wants to fly to Saudi Arabia and beg the Saudi Arabians to give us another half a million barrels at $120 a barrel…It makes no sense…You know what the cost has been to the American people because of the rising gas prices—the cost of the rising food prices—it’s going to go even higher with $120 oil.”

Our nation is just getting started on the road to a Great Depression, according to the experts. The rate of inflation was at about 1.4% when President Biden took office in January 2021. “The Labor Department on Friday said that the consumer-price index increased 8.6% in May from the same month a year ago, marking the highest reading since December 1981,” according to the Wall Street Journal

And, according to the Federal Reserve, we seem to be headed for a second quarter of negative growth.  These are the indications of a recession. We’re on our way and are starting to talk about stagflation. The Associated Press says “Stagflation is the bitterest of economic pills: High inflation mixes with a weak job market to cause a toxic brew that punishes consumers and befuddles economists.” 

Is the president deliberately letting gas prices surge in order to make it easier for the progressive Left to wean us of fossil fuels? Newsmax reports that 53% of Americans polled by the by Convention of States Action and The Trafalgar Group think so versus less than 40% who say it is not deliberate. In its report on the survey, Newsmax cited Mark Meckler, president of Convention of States Action who says, “The hard-to-fathom, surreal idea that Washington, DC, is working against the American people explains why [President Joe] Biden’s poll numbers are in the tank.”

No question about it. We find ourselves depressed by inflation, stagflation and recession, as we head for the road to America’s second Great Depression. Is it inevitable? No! All President Biden needs to do is reverse course on his energy policies now, not tomorrow, and tap into our nation’s vast petroleum resources.

The result would be to not only help to control inflation here at home but worldwide especially where extreme poverty is the norm.


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Bill on the Hill
1 month ago

The end game is obvious to real in Biden’s ” intentional inflation ” against all of us…Open up Keystone & the oil spigots out west again & we will have gas & oil again, become the net energy exporter America was 18 months ago & America will prosper again… How can this almost half past dead potus blame this on Russia? Mr. Biden, look yourself in the mirror, there you will find the answers to all of America’s ills… It started with shutting down Keystone & America’s loss of credibility on the world stage began with the cowardly withdrawal from Afghanistan, leaving innocent Americans behind…From that point on, this administration has been running on fumes, the tank is empty…
Never in my ( 69 ) years on this green earth have I seen such deliberate idiocy coming out of Washington, DC & soon to be renamed Washington, District of Communism…
I picked up that quip from MTG the other day, a remarkable woman & a true patriot imho…
Bill… :~)

DownWithOilElites
1 month ago

Blame ONLY the oil companies!! They have openly admitted that they were going to use the Ukrainian war as their excuse to skyrocket their prices for the sole purpose of recouping their losses for the pandemic. So all you people that were invested in oil and continue to invest in oil actually continue to destroy America never-mind the entire planet.

HocasPocas
1 month ago

You realize that this is AMAC, not AARP don’t you?

Bill on the Hill
1 month ago
Reply to  HocasPocas

Thank you HocasPocus, great comment… I dropped AARP about 15 years ago now & have been a member of AMAC for just over a year now…
Bill… :~)

Dave
1 month ago

Not only are we ‘on the road’ to another ‘Great Depression’ (funny…of all the people who actually lived through it, I don’t ever recall any of them saying it was ‘great’…), but I want all of the ‘young and dumbs’ to experience it full force!

It’ll be glorious to see these little snots have to say ‘goodbye’ to their smartphones, mindless relationships, food and toilet paper…and say ‘helllllllllll-llllllllloooooooooo!’ to being grateful for some rotten carrot thrown their way…

I can’t wait…!!!!!!!!!!

Emily Roberts
1 month ago
Reply to  Dave

You sound like the typical midlife, maybe 60+ Year old, white man, probably still goes to church or went at some point. (Sorry if I’m wrong) Still doesn’t understand to move with the times. Your generation got us here

Dave
1 month ago
Reply to  Emily Roberts

I sincerely hope that you get what you coming to you…in spades…

Myrna Wade
1 month ago

The covid shut down caused so many other dominoes to fall. We wouldn’t have the current politicians otherwise. But now that we are where we are, we need to protect against further damage.
The blame game will not accomplish much.
This current push to save endangered species and reduce the population should be called out.
Climatism is a luxury religion. As most of the population sees their fortunes go down, it will be more and more obvious that we cannot afford any luxury. There will be some elites left, but how can they have enough votes to push their change America agenda through?

HocasPocas
1 month ago
Reply to  Myrna Wade

Same way that they accomplished it in 2020.

Mike L
1 month ago
Reply to  Myrna Wade

With control of voting machines and ballot box stuffing, democrats will be braying like donkeys (or jack asses).

Judy lanphear
1 month ago

When Biden said Build Back Better we should have known. When you want to remodel you have to Tear Down before you Rebuild. Biden and his administration has been tearing down American since his first day in office. You can always tear down quickly but building back always takes more time. They want to change us into a socialist/Marxist country we are the slaves and they are the rulers. WAKE AMERICA be very careful who you vote for. This is the only way we can stop this madness! We are running out of time.

Bill T
1 month ago

Wake up American citizens, Our current administration is purposely and quickly devastating our country and our entire economic machine. And we’re sitting here watching the destruction of our country unfold right in front of our eyes? It’s only going to get far worse and catastrophic if these Marxist communist traders aren’t turned away right now, and that includes all the RHINOS

Ed
1 month ago
Reply to  Bill T

????????

Liz
1 month ago
Reply to  Bill T

Bill…YOU are correct!! This past week Monica Crowley said that same thing. WE are watching the INTENTIONAL,, CONTROLLED Demolition of the American economy and country .If anyone believes differently…..THEY are NOT paying ATTENTION!!

Art
1 month ago

I don’t think that most of the predictions about recession and depression are unfounded. This criminally inept administration of leftist progressive KAMIKAZES are on a one way mission to destroy this country. Biden is only the front man and an empty suit at that. It will take at least 2 years to even get things on some kind of right track because of the damage that has already been inflicted.

Ed
1 month ago
Reply to  Art

I wish they were kamikazes. Instead we cannot get them out of office so their destruction of USA gas occurred since the 1960’s .a slow erosion that is gaining momentum very quickly .very sad state of affairs

Granny26
1 month ago

Of course it’s not Beijing Bidens fault…it’s Putins fault. He is such a lying POS….

Liz
1 month ago
Reply to  Granny26

They are running out of LIES…soon they will blame it on GRANDMA!!

Elena Tellez
1 month ago

Bastard JOE will NOT reverse any of his failing policies. His puppet masters wouldn’t let him. Their intent is to ‘fundamentally change America’ … and bring it to its knees. The people need to organize and do something decisive… hopefully without bloodshed.

Philip Hammersley
1 month ago

Joe starting throwing the economy in the crapper on day one when he shut down the US oil industry. Putin doesn’t have to “help” Biden screw things up, he is doing a “good” job all by himself!

Bill on the Hill
1 month ago

A 100% factual statement Philip…
Thank you,
Bill… :~)

Jeb
1 month ago

It is beyond obvious where this debacle is going. I honestly believe that the present administration does not have the skill set in the tool box to begin to understand what is happening economically. I believe them to be intellectually incapable of understanding how their actions have anything to do with inflation, recession, the whole mess. At this point in time the best we can do is persevere. Also very very important is to make sure the history books explain and discuss the ineptitude of this presidency.

PaulE
1 month ago
Reply to  Jeb

They are not as dumb as you would like to believe they are. Outside of Biden, who is completely out of it as this point, everyone else in the Biden administration fully understands the impact that these policies would have on this nation. Which is why they are so adament in maintaining the current course.

As for the history books, in the modern era, that is usually written by the victors or those that control who writes the books. Look at what is written in modern high school and college history texts and tell me they accurately reflect the actual events that transpired.

Bill on the Hill
1 month ago
Reply to  PaulE

Hi Paul… Spot on the money on both points…To the victor goes the spoils & yes American history has already been rewritten in today’s public schools whilst they now teach gender studies when a boy wants to become a girl & vise versa…For all intense & purposes pornography is being taught starting at the kindergarten level in our public schools with some exceptions…One exception I will mention is the state of NH, despite the fact she has a RINO governor, NH does not allow the NTSB in state nor do they allow any form of CRT in the states K-12 public schools…
If I’m not mistaken, ( 38 ) states have similar policies in place…
I realize this story is about the coming recession that we are already in, end of June marks the 2nd qtr. of negative GDP, i.e. an official recession. Believe me it’s here now & stagflation by definition has been with us for quite some time now. That 16 oz. box of crackers that costs $2.99, is now 14 ounces & is now 12 ounces & they only cost $2.99 still… That is stagflation…
Bill… :~)

Liz
1 month ago
Reply to  Jeb

JEB…They are ONLY interested in the OUTCOME. THE END JUSTIFIES THE MEANS.There are enough people that believe the LIES that they spew..long enough to SHOVE their plan through!!
If America does NOT wake up —this country will GO DOWN–due to our own STUPIDITY and lack of ATTENTION!!

MariaRose
1 month ago

That’s been the intent for quite a while now. I can only hope that I remember enough of the knowledge about how my parents (who actually lived through the depression era of the 1930s as children through their teenage years) learned to budget with meager resources and still survive without debt. Ignoring impulsive buying and only buying what is necessary will be the key to survival.

Bill on the Hill
1 month ago
Reply to  MariaRose

MarieRose… It will indeed be a tough pill for so many people to swallow today because in today’s times we live a pampered lifestyle in comparison to our parents/grandparents that lived thorough the Great Depression… My grandparents lost their farm in Woodbridge, CT back in the 30’s & this is after they moved there from Vermont in search of a better life. This is back before any Interstates were built. Grandpa loaded up Nana, my grandmother in the Harley Davidson with a sidecar & they headed south on their new adventure!
I still have memories from stories Nana told me on what it was like living in those difficult times…
Both of my parents were teenagers at the time…
I am a frugal Vermonter myself & I have been known how to stretch a nickel for a mile, LOL!
Bill… :~)

Boz
1 month ago

On the road? The train is only a short way from pulling in to the station.

Marc Ziegler
1 month ago

If the Dem’s don’t lose power in 2022 and 2024 a Depression is a good possibility. They are on the wrong side of every issue. Republicans will have to step up to the plate and reverse all the insane liberal socialist policies put in place by the incompetent Democrats. God help us if they don’t!!!

Ed
1 month ago
Reply to  Marc Ziegler

McConnell and RINO’s need to go also . Otherwise any gains achieved in November and 2024 will be squandered

HocasPocas
1 month ago
Reply to  Ed

Also need to round up all illegals and send them back to their own country and round up all prisoners who should not have been let out and put a warning out there for Antifa, BLM and any other people who want to act like vicious animals that they will be punished to the fullest extent of the law and follow through. Also round up all the people who have been trying to ruin this country by turning it into a communist country and give them a choice of giving up US citizenship and being deported, never being allowed to return to this free nation or being forced in front of a firing squad for their crimes against our freedom

Bill on the Hill
1 month ago
Reply to  Ed

Yes Ed, both McConnell & McCarthy need to go & at this stage of the game it is highly unlikely they are going anywhere anytime soon. This means nothing gets through these ( 2 ) RINO’s in Congress unless they approve it…
I believe both houses will be back in Republican control come Nov., not forgetting the two mentioned above & I believe we will have a Republican POTUS starting in Jan. of 2025…
Where we go from the Nov. midterms is anyone’s guess at this point…
Bill… :~)

Liz
1 month ago
Reply to  Marc Ziegler

WE are going into a DEPRESSION NOW…….

James Thompson
1 month ago

Biden will reverse nothing. The only thing the current administration will do is sell their stocks. It’s coming!

Granny26
1 month ago
Reply to  James Thompson

He doesn’t even know where he is most the time, let alone what’s going on. He is a disgrace to this country……and so is camelhair.

Stephen Russell
1 month ago

YES unless changes come soon & hard

Rodewaryer
1 month ago

I have heard it from several sources and even in similar detail. The collapse of the dollar is expected (but no one can be precise) this year with a minimum two year period of recovery.

CoNMTX
1 month ago

Biden doesn’t know what road he’s on, what city he’s in, or who he is talking to. He just does what he is told by his Globalist handlers and reads the teleprompter in front of him. A lifetime of being a moron. Senility? Alzheimers Disease? Brain freeze from eating too much ice cream?

Liz
1 month ago
Reply to  CoNMTX

AND 80 MILLION Americans VOTED for this brain impaired person???The American VOTER is the FOOL!!!!!Even with all the FRAUD at least 40 MILLION registered Democrat voters supported this boob, What does this say about our SOCIETY…. knowing the agenda he was pursuing with the “GREEN DEAL” and other policy changes!! A large segment of OUR society STINKS OF IDIOT!!!

Bill on the Hill
1 month ago
Reply to  Liz

Pure ignorance Liz…Those that voted for the basement dweller, NEVER looked at his deplorable record as a Senator or as VP under his former master of disaster, Barack Hussein Obama, aka the the Kenyon with a photoshopped birth certificate to boot…
All they did is vote for the man because he had “D” in front of his name…Anything else was irrelevant, which brings me back to my opening statement, ” pure ignorance…”
Bill… :~)

porterv
1 month ago

If anyone can create a second great depression, it’s Joe Biden and his Democrat Freak show,

Liz
1 month ago
Reply to  porterv

FREAK is right and ADD pervert to that!

Chris
1 month ago

TRUMP 2024
TO
SAVE AMERICA

Liz
1 month ago
Reply to  Chris

TRUMP alone can’t save us…IT IS UP TO US as AMERICAN VOTERS to turn out in FORCE.WE are responsible for the persons WE ELECT…… be it LOCAL,,STATE or NATIONAL!!!WE MUST pay ATTENTION!!

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