Most disturbingly, one important economic indicator that’s currently flashing hasn’t appeared since the 1930s, during the height of the Great Depression.
As the White House continues to tout the alleged achievements of the president’s "Bidenomics" agenda, a growing amount of data indicates that a gigantic economic crisis could be right around the corner. If the White House and Congress do not cut inflation-causing government spending soon, the results could be catastrophic.
The latest economic data shows the annual M2 money supply growth rate has been negative for the past three quarters, meaning the amount of money available is shrinking rapidly. In the past 110 years, the only other time Americans have seen the money supply drop this sharply was in the early 1930s, during the height of the Great Depression. There is a significant difference this time around, however. In the 1930s, when the money supply annual rate turned negative, prices dropped as well.
The combination of higher prices and reduced availability of money has caused people to depend on credit cards and other forms of consumer debt at higher numbers than we’ve ever seen. In the spring, Americans’ collective credit card debt topped $1 trillion for the first time in history. Higher prices, more government spending and debt, and lower levels of household savings – that’s what Bidenomics actually looks like.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The Most Wearable Fall 2023 / Winter 2024 Fashion Trends 2023 / 2024 » Fashion AllureCompilation of the hottest trends in clothing based on fall 2011 winter 2012 runways. What’s en vogue this season? Find out here!
Read more »
Central Park’s Great Lawn to close till April 2024 after damage from Global Citizen FestivalThe Great Lawn at Central Park will be closed until at least April 2024, following heavy damage to the greenspace caused by last month's Global Citizen
Read more »
Sleater-Kinney announce new album ‘Little Rope’ — shaped by loss and grief — will arrive in 2024There was some doubt whether the indie rock band would release another album.
Read more »
Sleater-Kinney announce new album ‘Little Rope’ — shaped by loss and grief — will arrive in 2024There was some doubt whether the indie rock band would release another album. The duo of duo of Carrie Brownstein and Corin Tucker tell The Associated Press their 10th studio album, “Little Rope,' will release January 19.
Read more »
Sleater-Kinney announce new album ‘Little Rope’ — shaped by loss and grief — will arrive in 2024There was some doubt whether the indie rock band would release another album.
Read more »
New York Comic Con: NYCC 2024 Dates Officially ConfirmedWith ReedPOP's New York Comic Con 2023 kicking off next week, it's never too early to plan ahead. Here are the official dates for NYCC 2024.
Read more »