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The Fed is insolvent, and that means that it will bail itself out by printing money. For ordinary people, that means inflation and a rising cost of living.
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So, recession it is, right? Not so fast.
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Prices tell us important things about how our economy is doing.
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Federal tax revenues are approaching the highest levels in U.S. history, which were reached during World War II and again during the dot-com boom of 2000. In FY 2022, federal spending hit 25% of GDP, a level only surpassed during the height of the pandemic in 2020 and 2021 and World War II.
The Fed is insolvent, and that means that it will bail itself out by printing money. For ordinary people, that means inflation and a rising cost of living.
