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Thanks to Team Biden, America could soon be on the verge of economic disaster

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02.08.2021

MaxFunds.com Co-Founder Jonas Max Ferris joins 'Kennedy' to discuss the causes of inflation

No one knows for sure what the state of the American economy will be one year from now, but the existing evidence all points in one direction: disaster.

During the widespread rollout of the COVID-19 vaccines, countless economic analysts predicted the remainder of 2021 would be marked by rapid economic growth. The most popular theory was that as the economy reopened, pent-up economic demand would lead to a surge of activity, driving expansion at a record pace.

However, despite extremely low levels of deaths related to COVID-19, new data from the federal government suggests the economy grew at a much slower pace than expected in the second quarter of 2021.

Many analysts were predicting 8.5% growth, but a report from the Commerce Department estimated gross domestic product improved by just 6.5%, a 26% difference. The Commerce Department also slightly revised down its estimates for first-quarter GDP growth, from 6.4% to 6.3%.

INFLATION CHECK: THESE COMPANIES ARE RAISING THEIR PRICES

According to Paul Ashworth, the chief U.S. economist at Capital Economics, the economy’s disappointing performance is a strong sign that government "stimulus provided surprisingly little bang for its buck."

Moody's Analytics chief economist Mark Zandi argues the current inflationary pressure is due to economies reopening, which caused a 'surge in demand,' with 'the supply-side of the economy taking a bit longer' to 'kick into gear.'

The economy’s relatively slow growth is a clear indicator that the Biden administration’s economic strategy of increasing employment through government welfare and stimulus programs........

© Fox Business


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