The Federal Reserve and the administration are pushing the economy to the brink of collapse. No surprise the political scene is ugly, writes Mark Penn.
About the author: Mark Penn is chairman and CEO of Stagwell, a technology-based global marketing services firm.
At the same time, the federal government poured trillions of dollars into government support and climate change initiatives through two mega-bills landing just as the pandemic was ending. So the administration adopted an expansionary, anti-fossil fuel policy at the same time office buildings were being left empty as people adopted work from home, tanking the real estate industry and center city businesses.
The result is an economic slowdown meant to reduce the rate of inflation, but with no turning back the clock on the new higher costs of middle-class life. Groceries and gas prices are up 20% in two years while mortgages are hitting a two-decade high.
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