I am curious what makes you think the economy should be "getting back on track" in the next 2 years?
Also, what did Biden do that forced the record high interest rate increases?
BTW: We are not even close to the record high of 20% interest rate of 1980. Although you might have meant fastest interest rates ever went up from 0-5%
Thank you in advance.
Well worldly - I don't usually respond to you since you welshed on our bet a few years back but I am feeling generous.
The economy will be getting back on track because the record Fed Interest rates are starting to do their job and slow down inflation. Once this stabilizes things should start going good again.
Biden aggravated the inflation situation (NOTE: No one ever blamed Biden for CAUSING world wide inflation but the Biden apologists continue to pretend that people did even accusing the great @PNWest
of making the claim). He aggravated it my pouring money into the economy with his nearly $2Trillion stimulus package that was not needed at a time when the world was coming to terms with COVID. He did far too little to help ease the supply chain issues thinking that they would work themselves out. His team of economic advisors claimed that inflation would be transitory and waited far too long to realize the threat. All of this poured gasoline on the inflationary fire. This in turn caused the Fed to react with the largest percentage rate in a damn long time if not ever.
Since that was a reasonable question perhaps I will bury the hatchet and forgive the bet thing from a couple of years ago. Ancient history - you get a fresh start.
As an added bonus since you are aware of those old record high interest rates from 1980 - @PNWest
is a student of economics and remembers those days. The 30 year T-Bill rate hit 13% (the 20% you mention was always for short term money). It would have taken balls of steel to put money into a long term invest paying 7% below what inflation was paying but those few people who did got 13% risk free returns on their money for THIRTY FRIGGEN YEARS!!! Inflation had calmed down tremendously and the bulk of those 30 years inflation was running well under 4%. Therefore - I've been waiting for a repeat. If the 30 year T-Bll rate goes over 10% I'm getting out of the market and we will just live out our golden years earning that sweet, sweet 10% risk free money.