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The choice comes down to what kind of future we want. Kamala Harris represents a path forward with thoughtful, fact-based solutions to the challenges we’re facing—whether it’s keeping inflation in check, creating future-ready jobs, or maintaining America’s leadership on the global stage.
In times of economic downturn, such as the 2008 financial crisis or the pandemic lockdown, the government enacts expansionary fiscal and monetary policy to “stimulate” the economy and create jobs. These policies also create inflation and many economists argue that the growth is illusory. The pandemic-related spending and stimulus caused inflation to reach 9.1% in June 2022.
On September 26th, the British pound lost nearly 5% of its value overnight, hitting a 37-year low. After months of continual devaluation, the pound is now worth 21% less than it was at the beginning of the year. The pound’s sharp decline has been blamed on the release of Britain’s new mini-budget, which included major tax cuts, energy price caps, and direct payments to citizens to help them cope with record levels of inflation.
Over the past decades, the Chinese economy has been growing, at breakneck speed, largely fueled by tremendous export volumes, massive debt, and over-reliance on the real-estate sector. Now, manufacturing is suffering under ongoing coronavirus lockdowns, energy shortages, and supply-chain disruptions. The debt bubble seems about to burst, and the real-estate industry will be the first casualty, with ripples eventually being felt throughout China and the rest of the world.