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Economists are looking at all the signs of this economy and they do not like what they see.
The deficit is rising, Americans are in more credit card debt than ever, surpassing $1 trillion for the first time, and the worst is yet to come.
E.J. Antoni is a public finance economist at the Heritage Foundation, a senior fellow at the Committee to Unleash Prosperity, and an economist at Texas Public Policy Foundation is ringing the bell to put everyone on notice.
Get Ready for It
I cannot even begin to tell you how many of these reports I have read.
To say I am panicked about the economy over the next year would be a massive understatement.
I am nowhere near retirement, but I am already moving money around to try and protect it from the same damage that took place in 2008.
Antoni did nothing to quell my fears, stating, “Two-thirds of Americans disapprove of the economy today.
“Since Biden took office, the typical American family has effectively lost $7,300 in annual income.
“The monthly mortgage payment on a median price home has more than doubled.
“It will cost 25 percent more to heat your home this winter. Rents are at record highs.
“Americans are drowning in over $1 trillion of credit card debt.
“But while the family budget deteriorates to finance a burgeoning federal budget, the Treasury fiddles as the nation’s finances burn around it.
“We’re running out of time.”
This is a ticking bomb that is about to go off.
If I were you, I would be playing it safe rather than holding off and thinking that we may work our way out of this.
I would rather lose a few percentage points in earnings now than lose everything.
If these guys are right, 2008 could be a picnic compared to what is headed our way.
Source: Fox Business
