Joe Biden has had a rough few months. Polling has his approval falling below 40 percent and Friday's jobs report won't do anything to prop it up. The Afghanistan catastrophe, COVID-19 deaths surpassing those during Donald Trump's tenure, and the increasing crisis at the southern border all will be secondary compared to the coming recession. Unlike many other economic events, this one will be the direct cause of policies promulgated by the White House.
Americans have noticed increasing prices everywhere from the gas pump to grocery store aisles. Inflation has hit a 30-year high. Economists and political pundits are shifting their tone, away from denying its existence to preparing the public for the current and coming pain. Media narratives now reflect that price hikes aren't "going away very soon" to full risk of "runaway" inflation. Inflated prices already have hit double digits overseas and cost the average household more than $2,000 annually.
Reckless federal spending and money printing are only accelerating inflation. The last year and a half's policies are effectively "baked in" to what is coming next. However, passing Biden's $3.5 trillion infrastructure package would have a sapping effect on the economy.
The massive spending binge will face a reckoning in December's fight over raising the debt limit. Senate Minority Leader Mitch McConnell (R-Ky.) already has signaled that he won't pull the Democrats' chestnuts out of the fire in two months.
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