Economy Freaking Americans Out
Americans are panicking.
One of the biggest drivers of the United States economy: consumer spending is starting to slow down and that is not a good sign whatsoever.
According to Fox, retail spending has taken a noticeable drop for three out of the last four months. Furthermore, thanks to President Biden and his ineffective leadership, American spending on important services such as rent, haircuts, bills and more fell flat in December.
The sale of existing homes in the U.S also dropped last year to the lowest level since 2014 since mortgage rates rose to new highs in hopes of taming Biden’s inflation levels.
And last but certainly not least, the U.S. auto industry had it’s worst year in over a decade.
As of right now, American spending is lower than ever in recent years and inflation remains frighteningly high. President Biden and the Democrats are working to negotiate with Republican to readjust the debt ceiling and so far all negotiations are failing.
Consumer spending makes up for somewhere around 70% of the U.S. economy and Americans have saving every cent they can at the moment. The probability of America officially going into a recession currently sits at 61% for the next 12 months.
Economists have predicted that the only way to prevent a recession is if American spending patterns stabilize.
