Excessive Government Spending is Dragging Down the American Economy, Analysts Say

[claireokc]

A year ago, President Joe Biden was riding the polls with a 59 percent approval rating having just signed what he called the “American Rescue Plan” (ARP), a stimulus package that the administration promised would “provide direct relief to the Americans, contain COVID-19 and, rescue the economy.” A year later, having approved the $1.9 trillion ARP spending plan and another $1 trillion of spending on infrastructure, the American economy has contracted, raising the specter of high inflation and low growth known as “stagflation,” as Biden struggles with popularity. In the first quarter, the economy shrank 1.4 percent, said the Commerce Department on April 28. Previously, economists expected growth of 1.8 percent for the quarter, according to figures at the Philadelphia Federal Reserve. ...

Source: https://www.theepochtimes.com/excessive ... 36230.html