The inflation we see now may just be the tip of the iceberg…….
Economist Stephen Moore warns us all of the looming financial crisis, a crisis he believes will be here sometime within the next 18 months.
Moore tells sources, excessive government spending is one of the main culprits behind this inbound crisis, and that debt has reached critical levels.
The Biden Administration has gone on a spending spree since January, and many wonder if the bulk of government spending in the form of Covid-19 relief was effective at all.
Stephen Moore isn’t the only one with these concerns, as we see growing calls from the financial media warning Americans of the incoming correction.
Here are some of the warnings, and warning signs:
Biden’s economic crisis hurts hard-working Kansans and Americans everywhere:
⛽️ 45% more expensive
🥛 5.6% more expensive
🥓 8.4% more expensive
Stop the spending spree! https://t.co/2pTUNlLe4r
— Dr. Jeff Colyer (@DrJeffColyer) July 21, 2021
Yesterday, I spoke on the House floor to address the ongoing economic crisis our nation is facing. The Biden Admin's reckless spending policies are making it harder for Oklahomans to provide for their families. As long as trillion dollar spending continues, Americans will suffer. pic.twitter.com/rQRKpmFGo8
— Rep. Stephanie Bice (@RepBice) July 20, 2021
As we are continuing to recover from the #COVID19 pandemic, the last thing we need is a continuing economic crisis. The policies of the Biden Administration have resulted in higher costs for hard working Americans. We need to stop the spending spree and balance the budget. https://t.co/mt5hacddxJ
— Avery Pereira (@AveryPereira) July 14, 2021
Moore shares his warnings with The Epoch Times:
Many conservatives including Moore believe that vote for the bipartisan infrastructure bill is a de facto vote for President Joe Biden’s larger $3.5 trillion social package that calls for tax increases and higher spending on education, child care, climate change, and Medicare expansion.
“I think sometime in the next 18 months, there will be a big correction,” Moore said.
Besides growing debt, “massive misallocation of resources” is causing trouble, he says, citing generous federal benefits that disincentivize work as an example.
Many business owners across the country have been complaining that they can’t compete with the benefits offered by the federal government. The supplemental unemployment benefit introduced during the pandemic is seen as one of the factors that have contributed to the severe labor shortage in the country.
The Biden Administration’s spending sprees and failed policies will cause an economic crisis. That stimulus check doesn’t even cover the cost of inflation! pic.twitter.com/6DDXCYtCA1
— Rick W. Allen (@RepRickAllen) July 7, 2021
— CNBC (@CNBC) June 10, 2021
Moore appeared on Fox News to share his thoughts on Biden’s spending:
Well, look, you don`t have to have a Ph.D. in economics to understand if you print more money — and that`s $4 trillion worth that President Obama wants — I mean, President Biden wants, on top of the $2 trillion already this year, and on top of the $4 trillion budget that we have, that this is going to cause much higher prices.
In fact, I got to tell you, Sandra, when I watched Joe Biden in that town hall meeting, when he said this is going to lower inflation, I almost dropped off my chair. And, look, Americans know this is not complicated.
You have put more money out there — and, by the way, none of these programs have any kind of work requirement — you`re going to have higher inflation, not lower inflation.