'Biden risks a national bank run which would cause a 1930s-type Great Depression. Biden pushed inflationary policies, and inflation followed. His policies are driving the economy into recession.' -James Rogan
, too high to be consistent with 2% inflation which remains the Federal Reserve’s inflation target. Indeed, wage inflation is running at over 5%. Productivity growth over the pandemic period is expanding at just over 1%. To achieve the Federal Reserve’s 2% target, wage inflation must fall toward 3%. Wages and prices will converge.. Wages are unlikely to fall when the labor market is operating at capacity. Unemployment must increase. That will affect consumer confidence, which is already fragile.
Biden could stem the run on confidence for the U.S. banking system by stating the obvious: all bank deposits are guaranteed by the federal government. But Biden will not do that because such action would be characterized as bailing out the banks and their fat cat owners. Biden risks a national bank run which would cause a 1930s-type Great Depression. Biden pushed inflationary policies, and inflation followed. His policies are driving the economy into recession.
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