As if it wasn’t painfully clear already, experts have just made a startling prediction for the year 2024. Thanks to Bidenomics, we can expect to see another Great Depression coming in the very near future.
Joe Biden’s economy has been touted as “Bidenomics,” but it hasn’t been all positive. Inflation rates have skyrocketed to more than 9%, mortgage rates are in the 7% plus range, and American families have lost thousands of dollars in buying power.
But now, there’s a new economic indicator appearing that hasn’t been seen since the Great Depression of the 1930s – and it isn’t looking good for Biden or his supporters.
— The Gateway Pundit (@gatewaypundit) October 10, 2023
At the end of President Donald Trump’s term, Congress passed multiple bills meant to subsidize parts of the economy. This was coupled with low interest rates from The Federal Reserve, leading to “never before seen levels” of money creation.
Joe Biden took office right after this period, but he failed to respond with any meaningful policy changes and instead allowed inflationary spending to continue at high levels. This decision had disastrous consequences as energy costs exploded, food prices rose significantly, and millions found themselves unable to afford homes or other basic necessities.
Despite attempts by The Federal Reserve to raise interest rates slightly in an effort to slow down inflation, government spending remain untenable – leaving some Americans without enough savings or cash on hand for even basic needs like food.
According to Rasmussen Reports’ survey of 1,086 American adults conducted in September 2023, 52% believe a depression similar to that experienced during the height of The Great Depression is likely within the next few years – 21% say it’s very likely.
Additionally, four out five people reported having less savings than they did before COVID-19 started wreaking havoc on our economy – while total credit card debt has topped $1 trillion dollars. All this paints a worrying picture for American families who are struggling desperately just trying to make ends meet these days.