Commentary
It’s codified now: Europe and the UK are in recession. The United States is too, at least technically, and we are only awaiting an admission. The Federal Reserve has reduced its economic growth expectations to near zero but the emerging housing meltdown will likely seal the deal: it’s an inflationary recession also called stagflation.
The Fed has underscored its intent to keep raising rates until inflation gets under control but there is no doubt that this path is also recession-inducing.
Savings are falling, debt is increasing, high-end job holders in the corporate world are feeling ever less secure, and the migratory inflationary virus keeps biting in unexpected ways. You know about this if you had bought butter and eggs recently, or received your monthly utility bill. In real time, electricity—that thing that was supposed to save us from the high cost of gasoline—is increasing 14.5 percent year over year. And they keep trying to force electric cars on us….