Proverbs 22:2 – “The rich and poor meet together: the LORD Yahweh is the maker of them all”
Public Opinion: Brokenomics Is On The Climb
Voters are still pessimistic about inflation and the economy. Thus, public opinion for brokenomics is on the climb!
The Fed’s policymakers are now predicting three rate cuts in 2024.
Biden, who’s running for reelection, has struggled to win over Americans with his economic agenda.
Despite positive job reports and discussions of a “soft landing” in the economy, people still focus on their personal experiences rather than broader economic data.
An overwhelming number of respondents say their incomes aren’t keeping up with the rising cost of living.
According to a recent poll by Bankrate, 59 percent of Americans believe the United States is in a recession, with many referring to it as a silent recession.
The main reason Americans are still struggling is due to the wealth effect being erased.
When consumers feel wealthy, they tend to spend more, which benefits the economy as a whole.
Economic factors such as the stock market, inflation, home values, and consumer confidence contribute to the wealth effect.
The Dow Jones index was slightly below 20,000 when Donald Trump took office in January 2017. It reached above 30,000 when he left office, a roughly 50 percent increase in four years.
During President Biden’s first year in office, the Dow rose to 36,000, a roughly 20 percent increase.
Conclusion
Over the past two years, the economy has been stagnant.
To combat excessive inflation, the Fed began hiking interest rates in March 2022.
This is one of the reasons investors have started to pull out of the stock market.
There is a high risk that we will experience an economic recession before the election.
Price increases reduce the purchasing power of consumers, devalue people’s wages and savings, and increase the cost of living.
As a result, people feel poorer and cut back on their consumption and spending.
Lower-income households with already tight budgets have felt the effects of inflation the most.
Overall, prices have surged by more than 17 percent since January 2021—nearly 20 percent for food, more than 43 percent for gasoline, and 18 percent for housing, according to data from the U.S. Bureau of Labor Statistics.
Notice how Biden has failed to take ownership of anything that’s happened on his watch?
Bidenomics = print as much money as fast as possible. Worst economy I’ve ever been a part of.
Stock your pantry, learn to grow your own food and get your hands on tangible assets!
As always, keep Yahweh first, stay free, pay down your debt and prepare. Shalom.
DISCLAIMER: I am not a financial adviser. This site is for educational purposes only. It is imperative that you do your own research. I am sharing my opinion from personal research and experience with no guarantee of gains or losses on investments, finance etc.
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