Since Joe Biden took office last year, the world has seen inflation, high gas prices, a top-down push to force the nation to adopt renewable energy, and a geostrategic crisis in Europe. The only thing Biden needs to fully reinvent the 1970s are bell-bottoms, disco, and a recession. Unfortunately, the latter appears to be on the way.
A recession takes place when the economy shrinks for two quarters (or six months) in a row. Despite numerous economic woes, the U.S. economy continued growing in the third and fourth quarters of 2021. But trillions of dollars of U.S. government spending in the name of COVID-19 relief (millions of which were squandered on fraudulent purchases of sports cars, luxury homes, and even allegedly used to finance a contract killing) drove up inflation to its highest rate in 40 years. To fight inflation, the Federal Reserve has indicated it will raise interest rates, which it has pegged at near-zero levels since March 2020.
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