New Economic Catastrophe Looms Over Biden
This could get ugly.
It now appears that Federal Reserve Chairman Jerome Powell is expected to warn Congress about the economic risk the new omicron variant will have on the U.S. labor market and how it will disrupt the inflation forecast moving forward.
According to Fox Business, Powell wrote, “The recent rise in COVID-19 cases and the emergence of the [omicron] variant pose downside risks to employment and economic activity and increased uncertainty for inflation.”
He then explained, “Greater concerns about the virus could reduce people’s willingness to work in person, which would slow progress in the labor market and intensify supply-chain disruptions.”
After the news of the omicron virus hit the media, the stock market took a massive tumble making it one of the worst drops of the year so far.
President Biden’s economy was barely staying afloat even before the news of the omicron variant emerged and if this variant ravages America, like medical experts predict, it will surely tank the economy even worse than what it already is.
“It is difficult to predict the persistence and effects of supply constraints, but it now appears that factors pushing inflation upward will linger well into next year,” Powell added.
The economy already didn’t have very many things to look forward to under President Biden’s leadership and now thanks to the variant things could be getting much worse. Strap in America.
