Check out these top comments over on r/politics! The article title is — "Joe Biden's economy is, honestly, pretty amazing: how come he doesn't get credit?" — Well, they are certainly starting to give him credit over on Reddit! BAD CREDIT! The awakening is accelerating at WARP SPEED!
(media.greatawakening.win)
📈 BIDENOMICS 🏦
I live in Florida and the only thing sustaining us through "economic activity" is the buying/selling of homes as there is still momentum despite a slow down in the housing market.
People are still spending money like mad but they are not doing so from a position of strength rather they are borrowing more and more money.
Which is fueling inflation even further. I suspect that rates will have to go up at some point because hyper inflation is around the corner.
For those of us that started preparing two years ago we are prepared though and we hope for the best as we navigate the upcoming 2024.
I've felt for quite a while that people are spending more now, out of fear that money will be worthless in the future, which results in an artificial appearance that "the economy isn't that bad", and as you say, ultimately results in even higher inflation.
Jerome Powell has said that inflation is partly psychological. The fear of losing out on today's pricing because of higher prices tomorrow or the destruction of the US dollar.
So because of that rates have to go up. People assume that rates will stay as they are now or maybe one hike and then done. But I think we might see a lot more rate hikes until Jerome Powell feels that people have a greater fear of higher interest rates than higher inflation.