Do you believe things are improving and that we are indeed “building back a better” economy?
Today, America is being haunted by the ghost of the 1970s-style stagflation and its looming over economists’ minds today.
Many believe that our economy is headed towards deeper times of turmoil, specifically a time that resembles the economic nightmare of the 1970s, a period of stagnant economic growth and high inflation experienced at the conclusion of World War II.
Oil prices surged by record levels while Richard Nixon changed the rules to the international financial system, one that would have a long-lasting effect, removing the backing of gold from the US dollar.
Growth slowed, inflation spiraled out of control, hitting double-digit levels, combined with the unions driving up wages, the oil-price shock, and high levels of government spending– a recession was all but inevitable.
Households and businesses across the nation were blindsided. There was no room for the old way of thinking. And this ultimately led to changes in our process and certain ideas gaining influence with central banks and governments.
This gave birth to a new system of control by financial and government institutions, which seemed beneficial at the time, but would ultimately prove to be worse for us in the future.
And it seems as if the American people know this as our trust in our political leaders, and the overall shape of the economy has been slipping for some time now.
If Congress adds fuel to the fire with trillions in more spending, like Biden’s $3.5 trillion Build Back Better agenda, we may just be referencing our current time rather than comparing it to the 70s.
According to a recent survey published on CNBC and conducted by Global Atlantic Financial Group, 71% of retirement-aged investors believe that inflation will negatively impact their savings.
46% of those investors feel that low-interest rates and rising inflation will make it more difficult for them to have a steady income in retirement.
“Those on the cusp of retirement are paying close attention to economic issues such as inflation and low-interest rates, and they recognize that it might be a good time to revisit their retirement strategies,” stated Paula Nelson, co-head of individual markets at Global Atlantic.
Our nation is arguably facing what may be one of its most controversial times in the last decade.
Is there any wonder why the Fed is in such big financial trouble? Call American Hartford Gold today at 800-462-0071 and let us know your thoughts.