A recent Gallup poll found that Americans trust the GOP more than the Democrats on the economy by the largest margin in more than three decades. More than half of Americans, 53%, trust the GOP, compared to 39% who say they trust the Democrats. It wasn’t the only issue Republicans had a significant advantage on, either, but the economy tends to be one of the most, if not the most important issue that tips an election one way or another.
And as bad as things look for Joe Biden and the Democrats now, next year could be even worse. According to a Fox Business report, “a growing amount of data indicates that a gigantic economic crisis could be right around the corner,” and one such indicator suggests a crash comparable to the Great Depression.
“When President Biden entered the White House in January 2021, it appeared that the economic crisis caused by the pandemic lockdowns would end soon. A COVID-19 vaccine had been developed, and many states had already started re-opening or preparing to re-open their economies,” writes Justin Haskins at Fox Business. “But rather than return spending to normal levels, Biden and congressional Democrats – with the blessing of the Federal Reserve – opted to keep government expenditures significantly higher than they had been prior to the pandemic.”
Because of that, inflation reached historically high levels, causing the prices of almost everything to skyrocket. In an effort to “fix” the problem, the Fed started increasing interest rates last year, but the Biden administration hasn’t reduced spending. “As a result of these policies, the inflation rate has dropped, but not enough to deflate prices. Most consumer goods and services, as well as rent and housing prices, remain much higher than they were before the pandemic started,” Haskins explains. “Incredibly, however, the money supply – the amount of cash, checkable deposits and bank savings accounts – has substantially decreased. That means even though prices are still going up, the amount of money available is continuing to drop, putting an unprecedented strain on American families.”
The last time that the money supply dropped this sharply was in the early 1930s, during the Great Depression. However, there’s a key difference this time.
Economists have been predicting a recession is coming either later this year or in 2024 for some time now, but these indicators suggest things could be even worse than previously predicted. Economic downturns are typically blamed on the party that has the White House, and considering Biden has been taking ownership of the economy with his whole “Bidenomics” push, it’s hard to see how Biden and the Democratic Party won’t be creamed in the 2024 elections if there’s an economic downturn in 2024.
And make no mistake about it, in the event of a recession in 2024, Joe Biden will attempt to blame Republicans.
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