High Interest Rates Finally Bite
The US Federal Reserve appears to have finally brought about the recession that it engineers whenever unemployment is low and the president is a Democrat. If it costs the party the White House in November, may its leaders use their time out of power to reflect on the unwisdom of their decades-old bargain with Wall Street.
AUSTIN – The stock market crash is – perhaps – the long-awaited signal of a US economic slump. For President Joe Biden’s administration and Kamala Harris’s presidential campaign, the timing could not be worse. For years, they have tried to sell their economic record as a success story. With markets in decline and unemployment rising, that sale just went from hard to impossible.