(BrightPress.org) – Conservative icon and former Congressman Ron Paul is expecting the American economy to get worse before we see any improvements. While chatting on the Steak for Breakfast podcast, he told hosts Rone and Noah that he anticipated political and economic chaos before we see things bounce back in any meaningful way.
The libertarian legend suggested his son, Senator Rand Paul, is one of the few folks in Congress who actually grok the seriousness of the situation the country is in.
The feeling is common, as recently as this past April a top economic was expressing the very same sentiments. Gregory Daco is the chief economist at EY-Parthenon, and he believes the banking crisis is poorly understood and far from over.
A Fox News poll from late April saw 78% of respondents rate the economy as fair/poor which was a worse rating than similar polls from the end of Trump’s presidency, and a dramatic drop from pre-pandemic polling where as many as 55% had a positive outlook, with 20% rating it as “excellent.”
Despite the facts and expert opinions, the Biden administration is pretending everything is fine. He kept iterating how strong the economy was back during his February State of the Union address weeks before the banking crisis kicked off.
They’re very excited about this debt compromise being touted in Congress, despite several Republicans loudly proclaiming they were against the deal. The House passed the deal on Wednesday, May 31st. It was approved by the Senate on Thursday evening, and it will require Biden’s signature before June 5th to avoid a default.
Sen. Lindsey Graham (R-SC) opposed the deal as well because he wants to be able to spend more money than it allows. In a short thread on Twitter, Graham laid out how China and Russia are serious threats that require more military spending. In FY2022 the US spent over $750 billion on the military with a similar amount approved for FY2023. For comparison, China spent about a third of that, ~$225 billion in 2022, and Russia spent less than $100 billion in the same time period.
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