With so much negative sentiment and uncertainty weighing down the economy, more taxes and spending would do major damage. Raising taxes now would be a tragic mistake, writes Bruce Thompson.
Despite his wishful thinking, the latest numbers show inflation is still rising sharply and increasing at the fastest rate in 40 years.
Financial markets have plunged this year, posting heavy losses due to fears of higher interest rates, inflation, and global instability. In April, markets had their worst month since the pandemic began, and the S&P 500 has had its worst start to a year since World War II. Former] Secretary of the Treasury Larry Summers believes that the Federal Reserve's delay in reversing its easy money policies has charted a course to stagflation and"ultimately a major recession."
Main Street businesses are also concerned about the economic outlook, with 8 in 10 small businesses convinced that a recession is coming.
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