A Recession is Looking Like a Stronger Possibility for America’s Economy

Over the course of Joe Biden’s time in office, the economy has undergone a series of changes that seem bound to trigger a recession. In an unfortunate sign of the time, multiple leading economists are informing the public that a recession is coming soon.

When Biden first came into office, the average cost of gas was merely $2.41 per gallon. About a year and a half later, gas is projected to get to $10.00 per gallon. The solution repeatedly put forward by the Biden administration has been for people to go out and purchase electric cars.

Inflation has made the costs of living increasingly unaffordable. Yet, this isn’t stopping Biden from trying to pass more spending bills. Lawmakers, meanwhile, came under fire after giving out fitness memberships to their staffers on the US taxpayers’ dime.

Because of all this and more, the economy is now on a downward spiral that’s led to a bear market.

A Devastating Low for the US Economy
This past Friday, the S&P 500 began rising for a little under an hour during the morning time, only to eventually drop to a 3.811.28 low before 2:00 PM arrived.

Once the S&P 500 reached this low, it officially hit a 20.9% decline pertaining to its index value. Now, once a market undergoes a fall of 20%+ within at least two months, that’s when it officially becomes a bear market.

There’s more bad news associated with Friday’s decline, though. This fall in the S&P 500’s index value marked the greatest value decline from an annual high since coronavirus first emerged over two years ago.

More Bad Economic Signs
Multiple times this year, the Federal Reserve has boosted the rates of interest that Americans have to pay. Now, the central bank argues this is going to reduce inflation over the long term.

Economists don’t agree, though. A fair amount of economists warn that increasing interest rates in this manner is going to trigger a recession.

When interest rates go up, so do the expenses faced by the everyday American. Mortgages, credit card bills, and other loan costs increase. Yet, Americans today are in some of the worst positions to take on higher expenses.

Another troublesome economic sign comes in the form of the US stock market. The stock market is doing terribly, as many Americans watch their 401Ks gradually dwindle down to nothing.

When recently asked about this, the Biden administration claimed it’s not in the business of closely watching the stock market.