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Biden Says He’s Got Inflation Under Control but the Man on the Street Fears a Second Great Depression

Posted on Wednesday, October 5, 2022
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by AMAC, John Grimaldi
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WASHINGTON, DC, Oct 5 — Inflation is easy; recession is hard; and “stagflation” can be even harder for all of us. We’ve all felt the impact of the Biden inflationary cycle. It’s simple: the prices of everything you need — including the necessities of life — rise and rise again. Eventually, the nation falls into a recession.  In fact, some experts tell us we are already in a recession. But it’s not official until the National Bureau of Economic Research [NBER] says so.

USA Today explains “A recession isn’t determined by a negative quarter of Gross Domestic Product [GDP] or even two for that matter. Rather, it’s a significant decline in economic activity resulting from several factors, including high unemployment, a slowdown of goods produced and sold, and wages falling in addition to negative GDP readings.” 

However, Jim Reid, Managing Director and Head of Global Fundamental Credit Strategy at Deutsche Bank, says “We still think a recession is almost a slam dunk over the next 12 months but want to see more evidence of employment rolling over before we would call the current U.S. environment a recession.” Is that a bad thing? Not necessarily. Economists will tell you that we need a recession in order to see a decrease in consumer prices.

And then there is something called “stagflation.” The Harvard Business School refers to stagflation as “a nightmare scenario.” According to the Harvard Business Review, “What stands between a recession with above-target inflation and ‘stagflation’ is the Fed. If the central bank has the resolve to keep monetary policy tight despite recession, there is every chance that inflation can be wrought from the system. That requires significant strength and independence, as politicians, investors, and the public would push for rate cuts.” 

In fact, the Fed has already begun to “aggressively” raise interest rates in order to check inflation. It has raised the rate three times to three and three and a half percent, so far, and has indicated that it is likely the rate will go up to about 4.4 percent by year’s end and to 4.6 percent in 2023. 

These moves have increased the likelihood of a recession if we are not already in one, says the Economic Policy Institute. They tell us that a “common argument runs that inflation harms everybody in the economy, but only those who lose their job are harmed by recession. This is the opposite of truth. A recession directly reduces economy-wide incomes while inflation does not.”

Here’s some food for thought from Senator Mike Crapo [R-ID]: “In August, consumer prices rose 8.3 percent relative to a year earlier, rising higher and faster than economists predicted and more than double the historic long-run average of 3.3 percent. The Biden Administration’s inflationary policies have led to an average consumer price inflation rate of 6.1 percent during his term in office, more than triple the inflation average over the four years prior to Biden taking office, and far above the 1.4 percent he inherited in January 2021. Overall prices have risen 13.2 percent since the President took office. 

As bad as inflation, recession and stagflation might be, there is a fourth, unspeakable economic danger; it’s called a depression. It occurred only once in the history of the U.S., between the years of 1929 and 1941; it was called the Great Depression. No serious economist is likely to suggest we are headed for another Great Depression but recent polling shows that a majority of Americans are concerned about that possibility. A new survey by the pollsters at Rasmussen Reports found that “57% of American Adults believe it’s likely that, over the next few years, the United States will enter a 1930s-like Depression, including 21% who think a depression is very likely. Thirty-two percent (32%) don’t think a depression is likely, and another 12% are not sure. These findings haven’t changed much since May, when 55% said a depression was likely in the next few years.”

Bob Carlstrom, president of AMAC Action, the advocacy arm of the Association of Mature American Citizens, says “This November, Americans have an opportunity on election day to change the economic course that Biden and his congressional allies are taking our Nation. The negative outlook about the prospects of a deep recession or even a depression are clearly a reason for a change in the direction the current national political leadership is taking this country.”

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Michael J
Michael J
1 year ago

The damage continues, prices will continue to rise despite what that idiot says. My grocery store cost confirms that Inflation is now in excess of 40%.

James Thompson
James Thompson
1 year ago

Where ? China? Not in Washington State !!!!!! He really thinks we’re stupid !!!

Sam S.
Sam S.
1 year ago

Gasoline was a $1.77 a gallon when Trump was in office less than 2 years ago. Alot of Grocery items have doubled in price. PVC conduit has went up 800% and other building materials right behind it. And Biden says he has it under control? He doesn’t even know where he’s at half the time and he’s not running the show.

Kay
Kay
1 year ago

California gas is now almost $7.00 a gallon. This is noosom and his progressive tax

Rick
Rick
1 year ago

The moron in chief only reads what the kids in his administration write for him! He has no clue of what he’s reading, yet the media constantly covers for him!

Nick Murphy
Nick Murphy
1 year ago

Before you vote honestly answer the question am I better off now than I was 2 years ago. Vote according to your answer. It has to be an honest answer not a party line’s answer

Michael Lewis
Michael Lewis
1 year ago

bing.com/images/search?view=detailV2&ccid=KQpYhN5l&id=37A875FDA10ED1ED27B9D730DDDFD5C4DFE99EF5&thid=OIP.KQpYhN5ls4lJ1aCtHS2CrAHaET&mediaurl=https%3a%2f%2fs3.amazonaws.com%2fs3.timetoast.com%2fpublic%2fuploads%2fphotos%2f13272206%2f5E38983D-B50E-4C08-81E3-024B295C4BAA.jpeg&cdnurl=https%3a%2f%2fth.bing.com%2fth%2fid%2fR.290a5884de65b38949d5a0ad1d2d82ac%3frik%3d9Z7p38TV390w1w%26pid%3dImgRaw%26r%3d0&exph=372&expw=640&q=Stalin%27s+Five-Year+Plan&simid=608001231684269572&FORM=IRPRST&ck=69DE5CE41799846E83BCA64D0460667C&selectedIndex=14&ajaxhist=0&ajaxserp=0

Jeb
Jeb
1 year ago

My monthly energy bills, grocery store and gas station beg to differ about inflation being under control…

Sean Rickman
Sean Rickman
1 year ago

Biden nor obama never had anything under control during their presidency and probably before.They are both very good at dividing our country,but biden did a lot worse than divide.Everything that biden did,EVERYTHING,was a nail in AMERICA’S coffin.The democRATS take just as much blame as he gets for not stopping him.Then we have the RINOS,ah,the RINOS what can I say that people don’t already know.

Centurion
Centurion
1 year ago

The communists in congress hate the word depression. So they use recession. Over the past few decades we’ve had many “recessions.” Some of them really were DEPRESSIONS. But the communists refused to admit the truth. Maybe they weren’t ‘great’ depressions but depressions they were. We have been in another depression ever since Xao Bai-Din was appointed president. Another couple of years and it will be a great depression.

Morbious
Morbious
1 year ago

Remember that if the elections coming up go well and the so called red wave happens we must not go back to sleep. Many newly elected Rs will be rinos at heart. They will need to hear from us on a regular basis.

Patriot Will
Patriot Will
1 year ago

Sadly, I’ve resigned myself to worse times ahead. Biden and his administration are so clueless about the needs of the American people. They live in a very mentally diminished world, where as long as the Democrats stay in power, the “little people” should be thankful for whatever scraps get thrown their way. The elitist Marxists feel that their high-minded ideas are much more important than actually working for the US citizens.

Dr.Zorro
Dr.Zorro
1 year ago

Biden has no control of himself, more or less of anything else. The question is, who is in control of Biden?

Willie
Willie
1 year ago

The things are going up is our cost of living.The only one’s that will make it is the rich.Please Biden take your millions and get a boat and go sink.

phoenix
phoenix
1 year ago

There will never be an “official” recession or a depression again.

Its been redefined into something that will never occur. because of all the things there will always be ONE that does not fit.

“USA Today explains “A recession isn’t determined by a negative quarter of Gross Domestic Product [GDP] or even two (even though that the criteria is we’ve done it forever)

…Rather, it’s a significant decline (undefined) in economic activity resulting from several factors, including high unemployment, a slowdown of goods produced and sold, and wages falling in addition to negative GDP readings.”

Just like the no longer talk about the M2, or never make a budget. We will never have any bad news about the economy again. In fact it will be a crime to do so.

johnh
johnh
1 year ago

Biden must admit his War on Fossil fuels is a big mistake & is the most important driving force of USA inflation. This round of inflation is world wide, but inflation could be a lot less if Biden administration recognizes the importance of energy independence. And admit that POTUS is a problem that will not admit he has any blame for our inflation.

Joe from Las Vegas Nevada
Joe from Las Vegas Nevada
1 year ago

How can anybody believe a Democrat? “You Can Keep Your Doctor and Insurance” “Price will go down” “We (USA) are doing GREAT and Building Back Better” My 401K has lost 40% of its value. Gas prices keep rising. The supply chain is broken. We need to vote RED and then crush the Democrats, so that it will be years if not decades, until they are voted back into power.

Stephen Russell
Stephen Russell
1 year ago

NO, Biden does NOT control inflation day 1

mytake
mytake
1 year ago

Biden has no control of anything.

Elena Tellez
Elena Tellez
1 year ago

Even if B-b-b-biden got his head out of his posterior, he still wouldn’t know what day it is, or what’s going on. As an economist, I totally disagree with the Fed (Jerome Powell), and think the Fed could be abolished with no harm done. We only have recourse in November to change our Congress… and in 2024, to elect a conservative (non-socialist, non-traitor) AMERICAN to the White House. If not, something drastic has to happen… Coup d’etat anyone???

Rick
Rick
1 year ago

Sounds like the Man on the Street is way more intelligent than Joe. Of course, so is a rock!

teresa Ann d'alessandro
teresa Ann d'alessandro
1 year ago

lies, lies, and more lies! he wouldn’t have a box of fleas under control! a danger and drain on this country

JayA
JayA
1 year ago

Ask the average American that buys food, pays utility bills, buys vehicle fuel and pays health care if we’re in a recession. The answer will differ from the potato currently occupying the white house! (I refuse to call him President)….

Enuf Said
Enuf Said
1 year ago

Biden doesn’t even have his DEPENDS under control! Ask the clean-up guy on aisle 5!!

BAE
BAE
1 year ago

Since January 2020, Joe Corn Pop Biden has destroyed so much of America; if it keeps up we will not recognize our own country. Since he is Puerto Rican, do we now call him Jose? I have to laugh to keep from crying!

Myrna Wade
Myrna Wade
1 year ago

Biden has said his spending bills “will not cost a thing.” Liz Warren claims the environmental programs authorized to spend huge numbers of dollars will save “trillions.” Those of us who lead real lives know these statements are wishes, not facts.

TPS
TPS
1 year ago

Well, if inflation was his plan, I guess he has it under control along with illegals crossing the border by the thousands daily/weekly!

Hal
Hal
1 year ago

Biden is full of what come out of the South end of a North bound Bull. More succintly … he is a weir liar!!

Sherri A Lucio
Sherri A Lucio
1 year ago

And I wonder how we got here? If we don’t get that failure out of the White House, The puppet for the Deep State we are doomed, and if people don’t see that, I just don’t know what to say anymore.

Wolton
Wolton
1 year ago

Given that you made mistakes before, how do you think your wife would feel about you getting presents for a much younger female, married colleague? And texting with them, or them rating your looks and personality? I don’t think you are really clueless.

Hal
Hal
1 year ago

One thing seems consistent about Biden’s pronouncements …. THEY ARE VIRTUALLY ALWAYS LIES!!!!

tika
tika
1 year ago

you can’t possibly control ANYTHING you don’t understand.

tika
tika
1 year ago

biden doesn’t know the definition of inflation, recession, depression. they ARE precisely defined words used in the science of economics. to him and the uneducated elites, they are simply pejorative opinion.

James J
James J
1 year ago

jill and joe I Puke at just the thought of you two. Disgusting Pathetic Traitors .. faq u aholes

Doug CRAIG
Doug CRAIG
1 year ago

I think I have a clue to Biden control of inflation. If the supply is limited and you cant buy itThen you don’t pay a high price for it.

NinaRae
NinaRae
1 year ago

You cannot trust anything that the current administration says, because they change their minds in the proverbial ‘blink of an eye’. This farce that’s being perpetrated upon the American public is outrageous. It’s just sickening to have to try & live in this Economy. They are intentionally destroying this Nation…undermining the Middle Class businessman…bait & promise tactics with Senior Citizens… outright lies to youngsters in college & trying to subvert Parental authority and fill our children’s minds with filth. The list goes on & grows continuously more disgusting. I hope & pray that people will Vote wisely in this coming election. Be aware of the backgrounds of those you support. May God Bless America & help her Citizens to regain control of their government.

Thomas, Of Texas
Thomas, Of Texas
1 year ago

Biteme can barely control his bowels.

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