Americans are fearing the worst when it comes to the economy.
Rapid inflation and skyrocketing home prices have led consumer confidence dropping to their lowest levels since the height of the pandemic. Americans of all income groups are concerned about their personal finances, inflation, and unemployment. Economist E.J. Antoni, at the Texas Public Policy Foundation, says our GDP growth is slowing. Why? He says the federal reserve is recklessly printing money, and the Biden administration is directly interfering in the marketplace.
“The student loan moratorium is a good example of that,” Antoni said. “Every time it’s about to end, the government says: ‘Oh wait, we’re going to do it one more time.’ The eviction moratorium is yet another example.”
He says one of the indicators of potential economic problems down the line is a lack of Americans investing in their futures.
“People are not investing as much as they were a quarter or even half a year ago. So, what that does is it decreases long term growth, you see declines in the growth of wages, and it points to economic malaise in the future," Antoni explained.
He says President Biden’s policies have to change, if our economy is going to recover.