Economy Flashes Warning Signs

#GoRightNews Shared by Peter Boykin

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Economy Flashes Warning Signs

“Bidenomics is working!” – Kamala Harris in 2023

#GoRightNews Shared by Peter Boykin

American Political Commentator / Citizen Journalist / Activist / Constitutionalist for Liberty

The recent jobs report has triggered the most significant market selloff since the COVID-19 pandemic, raising concerns about a potential recession.

The Bureau of Labor Statistics reported that the U.S. added only 114,000 jobs, falling short of the expected 175,000. The unemployment rate also climbed to 4.3%, the highest since October 2021.

As a result, the stock market saw substantial losses. When markets closed, the Nasdaq was down 2.4%, the S&P 500 dropped 1.8%, and the Dow Jones Industrial Average fell 1.5%. Pre-market trading indicates continued declines.

The ‘Magnificent 7′ tech stocks are projected to lose $1.5 trillion in value. Bitcoin’s price plummeted from $65,000 to $51,000. Overseas, Japan’s stock market experienced a 12.4% drop, the worst since 1987.

Business Leaders’ Concerns: Elon Musk and Bill Ackman, among others, are urging the Federal Reserve to lower interest rates. Historically, the Federal Reserve reduces rates to stimulate the economy during a recession. However, inflation, which has been exacerbated by the current administration’s policies, complicates this approach. Lowering rates could worsen inflation.

Political Implications: A recession coupled with inflation would negatively impact the Biden-Harris administration’s reputation. Donald Trump responded to the economic data, stating on Truth Social: “STOCK MARKETS CRASHING. I TOLD YOU SO!!! KAMALA DOESN’T HAVE A CLUE. BIDEN IS SOUND ASLEEP. ALL CAUSED BY INEPT U.S. LEADERSHIP!” Trump had previously predicted that a Biden presidency would lead to a market crash.

Alternate View: Goldman Sachs offers a different perspective, suggesting this is a “healthy correction,” not a crash.

The current administration’s economic strategy has been criticized for its delayed response to inflation. Initially described as “transitory” by the Biden-Harris administration, inflation now poses a significant threat. An emergency rate cut seems imminent, likely leading to further inflation. Ultimately, it’s the American people who bear the consequences.

This Article is Brought to you by Go Right News and Edited by Peter Boykin

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