At this juncture, no one can argue that the American economy is operating under normal conditions.
Years of unceasing government growth and expansionary monetary policies have put the United States over the edge.
Currently, the US is faced with an inflationary crisis (product of its loose monetary policies) and a stagnant economy (product of its massive regulations). This has all the makings of a stagflationary environment.
Even worse, there’s no serious bloc within Congress that’s willing to stand for reasonable reductions in the size of the state. Thanks to that, we’re left with a big government uniparty in DC that has no desire to make the necessary reforms to make a desperately needed course correction.
One should not be surprised at why the US finds itself in such dire economic straits. It’s the public policy, stupid!
The corporate press will try to explain our current calamity away by using excuses that it’s a failure of capitalism or blame some group — speculators, investors, greedy businessmen, etc. — for a disaster that the government policy has created.
Misdiagnosing our current economic problems is a recipe for disaster. However, analyzing things in a rational manner has never been a strong suit for the ruling class. For that reason, one can only expect for an economic disaster to be around the corner.