All of the signs are indicating that the U.S. economy is entering into a long-term recession. Last Wednesday, the Federal Reserve raised the key interest rate by three-quarters of a point and raised the short-term interest rate from 3% to 3.25%, the highest level since 2008.
Add to this the Biden Administration’s plan for student loan forgiveness plus, $13.7 billion in assistance to Ukraine, $22.4 billion to fight COVID-19, $4.5 billion for a Monkeypox vaccine, and $6.5 billion for disaster relief, and you have a recipe for a long-term recession.
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