U.S. Economic Situation — January 2022
The shutdown recession from February to April 2020 was devastating. There must be a return to the dignity and permanent value of work instead of dependency on government from Washington’s big-government agenda and mandates related to COVID-19. The U.S. labor market has been improving more slowly than expected even though Washington has tried “stimulus” repeatedly. Congress has authorized spending $7.2 trillion above the normal fiscal year budget since the shutdown recession. The next bad policy from D.C. could be the $5 trillion Build Back Better Act that would add $3 trillion to the bloated $29 trillion national debt, ballooning the debt owed per taxpayer by $23,800 to $110,900. The increased debt from excessive spending has given the Federal Reserve a path to more than doubling its balance sheet by buying mostly Treasury securities, which has fueled the highest inflation rate in 39 years. High inflation and the lowest rate of productivity in 50 years indicate stagflation is here. Congress and the Fed should end bad policies that are crushing Americans’ livelihoods and promote proven pro growth ones instead.
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