Rate is very low. But we are facing a Tsunami of Economic Challenges. America seems trapped in a vortex of bad economic news. Sky high food prices, pump prices at record levels. Soaring rents up 16% in a year. COVID lockdowns in China. The world’s manufacturing center. Choking the global supply chain. U.S. corporate profits sinking. Russian oil under partial embargo. Ukrainian wheat at a standstill. And all feeding Inflation Americans are paying for every day.
Shippers and truck drivers with diesel duel up 75% ina year. In Indiana Shilly Conway is a full time truck and also runs a charuty to rush supplies to those in need. Truck driver and also runs a charity to rush supplies to those in need.
“We were looking at buying another truck but we won’t be able to afford rhe tires on it.”, says Truck Drivers.
All of it sending the stock market lower. The S&P down 18% far this year. The NASDAQ down a stunning 27%. Are we closer to a bottom in your mind?
Wore seeing sings we might be near a bottom for some stocks. The last time the country faced so many economic challenges?
1980, when inflation hit 13.5%. Now the Federal Reserve is raising interest rates fast to get inflation under control. We need to see inflation coming down in a clear and convincing way. But analysts warn the economy could fall into recession.
In Texas, paramedic Ted Rickard was hoping to take his twins on a camping trip back to Colorado this summer. But prices have forced himto cancel the trip. Instead he is planning to stay close to home.
The big eight dats, you know, talking like five, six, tanks a gas at like 80 bucks a piece. It is just economically a non starter.