The Hill recalling the record inflation, the decline in the rating of the US leader, the country’s GDP and stock indices.
As the publication specifies, the problems began not because consumers stopped spending, but mainly because of a serious increase in the trade imbalance: “Ironically, an abundance of money is part of the problem.”
The $1.9 trillion bailout plan that was passed, only “fueled the fire” by increasing consumer income and spending, allowing Americans to sit on government checks and unemployment benefits.
All this has led to higher prices, higher key interest rates and, most importantly, a precipitous drop in stock prices, on which the wealth of many Americans is tied.
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