Welp...
Just in case you thought things were as bad as they could get, there's this news from former Fed Chair Ben Bernake who is basically saying "you ain't seen nothing yet."
Ben Bernake, who led the Fed through the 2008 financial crisis, says 'stagflation' may be on the horizon.
The term, coined in the 1960s, refers to low economic growth combined with high unemployment and high prices.
The phenomenon was a notable feature of Jimmy Carter's presidency in the 1970s, when the US experienced a 'supply shock' after oil-producing nations raised their prices.
Economists use three variables to measure it: gross domestic product (the market value of all goods and services made in a country) unemployment and inflation (a decrease in the buying power of money.)
Stagflation happens when the first is down and the last two are up.
So we'll be making less money, the money we do make will be worth less, and more people will be unemployed.
This is not good at all.
Meanwhile, the chairman of Goldman Sachs says the risk of the US falling into a recession is 'very, very high.'
Oh, so it's even worse than that.
Bernake, 68, was nominated to head up the Federal Reserve by President George W. Bush. The economist and MIT graduate served as chair of the central bank from 2006 to 2014.
He warns that a period of 'stagflation' is coming as high prices continues to hurt Americans' pockets.
'Even under the benign scenario, we should have a slowing economy,' he told the New York Times as average prices are up by 8.3 percent from last year.
'And inflation's still too high but coming down. So there should be a period in the next year or two where growth is low, unemployment is at least up a little bit and inflation is still high. So you could call that stagflation,' Bernake added.
This is a truly incredible development. The Trump economy was booming until the lockdowns, and then Biden had the opportunity to ride the wave of recovery if he would simply end lockdowns and do nothing.
Instead, this administration has done nothing except make economic woes WORSE than they were at the height of the pandemic or the beginning of the lockdowns.
According to those watching the trends, as bad as things are now they are almost certain to get worse.
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