KTRH Local Houston and Texas News

KTRH Local Houston and Texas News

KTRH-AM covering local news from Houston and across Texas.

 

Consumer Spending Power Is Shrinking – And So Are The Products We Buy


As the historic Biden-flation continues to rise, our American dollar, along with our spending power, continues to shrink.

"The dollar itself is shrinking" said economist EJ Antoni with the Heritage Foundation, "It would be like if the yardstick you were using to measure something got smaller and smaller. The object didn't bigger, but your measuring tool got smaller. Unfortunately, the dollar is not just a measuring tool, it's a store of value as well, which is why people are losing value, losing purchasing power."

What a difference a year and a half makes, with the value of the dollar where it is now under Joe Biden, compared with how solid it was under Donald Trump.

"It is absolutely mind boggling listening to the talking points from both this administration, and the Federal Reserve" Antoni told KTRH, "I have literally no idea what data they are looking at, because everything I see is not pointing to a soft landing, but a crash and a recession."

So what about Biden's boasting that a recession is "not inevitable"?

"We're possibly in a recession already, because we've already had one quarter of negative growth" noted Antoni, "But if we're not in a recession already, we'll certainly be in one within a year. There is no way out of this without going through a considerable amount of economic pain."

We will find out in 10 days whether or not we are officially in a recession. In the meantime, the economic pain, and the pain at the pump, will continue.

US-ECONOMY-INFLATION-CONSUMERS

Photo: Getty Images


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