Inflation has soared under Joe Biden’s watch.
Despite the recent dip in prices, many experts believe that the future remains uncertain.
But Joe Biden’s jaw dropped to the floor after getting this horrible economic news.
Joe Biden has caused serious, long-lasting damage to the economy
The United States economy has been in peril from the moment Joe Biden took office.
Joe Biden’s reckless spending has caused the national debt and inflation to skyrocket.
Many Americans are suffering financially.
But according to experts, this financial suffering is not going to end anytime soon and may even get worse.
One economist who is pessimistic about the future of the United States economy is Mohamed El-Erian.
El-Erian is respected around the world for his knowledge and insight.
In an op/ed for Project Syndicate, El-Erain claimed that inflation will not go away anytime soon in America.
Instead, there are equal chances that inflation will steadily drop or that consumer prices will reverse recent declines and sharply increase again.
“This would force the Fed to choose between crushing the economy to get inflation down to its 2% target, adjusting the target rate to make it more consistent with changing supply conditions, or waiting to see whether the U.S. can live with stable 3-4% inflation,” El-Erian wrote. “I do not know what the Fed would choose in such a case, but I would put the probability of such sticky inflation at 50%.”
This prediction from El-Erian sharply contradicts the White House’s optimism after inflation went down by a negligible .1% in December after rising 6.5% from year to date.
Most economists will agree that inflation is the most important number for any nation’s economy and can often have the most profound repercussions out of all of the economic measures.
As a direct result of Joe Biden’s reckless spending, the United States dollar is losing its value in the world.
What can be done now to stop the economic bleeding?
Although America’s economic outlook seems bleak, it is not too late to turn things around.
First and foremost, Congress must cut back on the massive amounts of spending, as the multi-trillion-dollar spending bills passed in recent years are directly responsible for high inflation.
Since Joe Biden will sign anything that Chuck Schumer tells him to, it is up to House Republicans to reject each and every spending proposal that is introduced by their Democrat colleagues.
If Congress approves any more multi-trillion-dollar spending bills, then America could be staring down the barrel of a catastrophic economic recession.
Inflation spikes do not have to be an inevitable part of life if Congress acts responsibly.
Patriot Political will keep you up-to-date on any developments to this ongoing story.