America’s Economy Is About To Get A Lot Worse

Of all the failings of the Biden administration, the economy certainly makes the top of the list. Despite repeated warnings, Joe Biden chose to spend heavily, print money, and ignore the inevitable consequences to come.

Now, inflation is through the rooftops. Many Americans are barely getting by and energy costs are many times more expensive than they need to be. The Biden administration refuses to take responsibility, blaming everyone from Russia to OPEC+ and even Republicans here at home.

Now, a leading economic adviser warns that what’s about to happen to the country’s economy very well could have been prevented.

Rough Times Coming
According to Mohamed El-Erian, one of the worst blows to the economy came when inflation was written off as transitory. The economist then stated even when the Biden administration and Federal Reserve realized inflation wasn’t, in fact, “transitory,” their lack of action worsened the situation.

This is only projected to keep on spiraling in the months ahead.

El-Erian told CBS News that the Federal Reserve’s decision to raise interest rates to reduce inflation isn’t good enough and happened too late. Consumer costs are still growing. Meanwhile, even the central bank is openly admitting to the “pain” that lies ahead for Americans.

Finally, El-Erian said the Federal Reserve is now in a position of having to not just beat back inflation, but also regain its credibility in the eyes of the American people.

Little Consolation for the American People
Months ago, the Inflation Reduction Act was passed into law. Meanwhile, economists across the board admit this law will not live up to its name.

If anything, the heavy spending this law entails will only further inflation and worsen the problems Americans are facing each day. Nevertheless, the Biden administration recently held a White House ceremonial event in honor of the Inflation Reduction Act.

The president and various congressional Democrats are likewise pushing for more spending measures that will run up the deficit and further reduce consumer confidence rates.

Thus far, Americans have a long way to go before the economy is back where it needs to be. However, to prevent further harm, people across the nation will be able to head to the polls next month and determine which party controls Congress going forward.

Judging from consistent polling, it looks like Republicans will walk away with the win.

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