US economist Michael R. Englund warns that stock markets crashed last June 13, and an economic recession is starting to be felt.
The Federal Reserve will raise interest rates to 0.75% after the report last Friday that said inflation had reached a 40-year high brought about by the Biden administration's policies.
US Economy Tanks
Axios mentions that US traders and investors are betting on the Federal Reserve to raise hard and fast record inflation getting out of control.
Last Monday, the news is the S&P 500 sank to 3.9%, the Nasdaq composite index dipped to 4.7%, and the Dow Jones industrial average lowered to 2.8%, noted the Washington Post.
These benchmarks were in the bear territory as expectations show the Fed's adjustment will usher in a recession, per Sputnik News.
Michael R. Englund, principal director and chief economist for Action Economics, stated that Central Bank and Biden administration would not be able to fix record inflation. Englund added that he considered that few policy actions exist that could significantly impact US inflation before November.
The midterms, a few months away, show that Biden and the Dems are affected by decisions made. Both sides of the political aisle see a democrat bloodbath brought on by the president and his onerous policies starting an economic recession.
Biden Blames US Oil Industry
President Joe Biden last week went on a tirade blaming oil companies were profiteering from the crisis he brought on but no dice. As gasoline prices went over $5 a gallon, which was blamed on the oil industry not drilling for oil, the president sidelined oil production for the democrat green energy thrust.
Biden allegedly said that there were 9,000 permits to drill, but the oil companies had no activity. He remarked that the companies preferred not to produce more oil to raise prices and made no new investments in drilling.
The economist criticized the president's rants about attacking oil firms and not admitting it was his order to limit oil production. Now, these firms will not invest in 2022.
Furthermore, the US wants to increase its capacity to export liquefied natural gas (LNG), saying it will impact the commodity in world trade in coming years. Englund said that the White House would pay a lot in oil exports because the Dems intentionally stunt the oil industry, especially Biden.
The Biden administration is blocking the oil industry, which will be disastrous due to the dependence of the US economy on oil resources. Those in this critical industry are aware of the president's apathy to energy security guaranteed on oil, he'd rather have electric cars powered by green energy, but where does the electricity needed come from?
Many critics blame the president for pushing to sideline oil and stunting the oil sector, but it gets worse with the runaway expenses of the government.
Inflation is worldwide, and 111 countries are hit by inflation, the Deutsche Bank says the US rate is at the median with 8.6%. An economic downturn is terrible and doubled with high energy and food prices, with the Netherland exceeding the US at 8.8%.
US economist cautions that rising US inflation will not stop and economic recession might be inevitable due to the White House that will cause a significant loss in the midterms.
