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

Posted on Wednesday, June 15, 2022
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by AMAC, John Grimaldi
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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
Bill on the Hill
2 years 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… :~)

Chris
Chris
2 years ago

TRUMP 2024
TO
SAVE AMERICA

Judy lanphear
Judy lanphear
2 years 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.

Emily Roberts
Emily Roberts
1 year ago

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

Max
Max
2 years ago

Look back on history of the Great Depression. It was not too long ago that some of the ELITIST of the world took RESPONSIBILITY for the Great Depression that occurred. LOOK at ALL the MONEY that the KENNEDY dynasty made because of it. Most of the ELITIST of that day did not suffer and made money hand over foot while the rest of society suffered. Right now, there is NO ROARNG 20’s going on as before but the SUFFERING is going on and it will get worse while the ELITE rest comfortably. Bottom line: The ELITE continue to take control, eliminate the middle class and for the rest to scrape by.

JEFFREY JONES
JEFFREY JONES
2 years ago

SAVE THE U.S.A…..Exterminate all demonrats, commies, and nazis….It’s time for a new civil war against the leftie loonies!!!…

porterv
porterv
2 years ago

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

CoNMTX
CoNMTX
2 years 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?

Rodewaryer
Rodewaryer
2 years 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.

Stephen Russell
Stephen Russell
2 years ago

YES unless changes come soon & hard

James Thompson
James Thompson
2 years ago

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

Marc Ziegler
Marc Ziegler
2 years 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!!!

Boz
Boz
2 years ago

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

MariaRose
MariaRose
2 years 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.

Jeb
Jeb
2 years 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.

Philip Hammersley
Philip Hammersley
2 years 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!

Elena Tellez
Elena Tellez
2 years 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.

Granny26
Granny26
2 years ago

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

Art
Art
2 years 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.

Bill T
Bill T
2 years 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

Myrna Wade
Myrna Wade
2 years 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?

Tony Lorenzano
Tony Lorenzano
1 year ago

Oh-yes, blame who ever has been in office for a couple of yeas for this depression. That’s so smart! Idiots!

That will magically fix ev

Dumb Billionaire.
erything!

Donna Pitcock
Donna Pitcock
1 year ago

I’m worried about a bad recession or depression. Hopefully it’s not to late to turn it around

DownWithOilElites
DownWithOilElites
2 years 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.

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