Money
Is Joe Biden hiding the recession?
The US President and his administration are being accused of hiding what many are calling a recession
According to government reports Inflation in the US is at a 40 year high standing at an incredible 9.1%
And on top of that, the US economy shrank at 0.9% in April.
For some, the government doesn’t want to admit a recession- coming up to the midterm elections.
According to recent polls, Inflation is one of the major concerns for many American voters.
And most economists argue that the high inflation is being driven by Covid 19.
In early 2020, nationwide lockdowns meant millions lost their jobs.
The former US President Donald Trump inserted 2 trillion dollars into the economy to keep businesses afloat.
It was the first of three stimulus packages, which have now totalled five trillion dollars being pumped directly into the economy.
The main sectors driving up high prices are Gas, Food and Housing.
And grocery prices have risen more than 12% over the last year.
That’s the highest its ever been since 1979.
It’s anyones guess when inflation will go down.
But the Federal Reserve, led by Jerome Powell has responded to the high inflation by raising interest rates twice this year.
The Fed’s control of interest rates is perhaps the best tool to help curb inflation.
As for whether we can call it a recession.
I’ll leave that call to you.
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