Posted BY: John Kudla
I believe most people hope 2023 is a better year than 2022. But I am not counting on it.
In just the past two years, our national government has spent roughly $13 trillion and authorized spending trillions more. Politicians use words and phrases like “investments,” “long-term savings,” “reducing inflation,” “protecting Ukraine’s sovereignty,” etc. to justify this. Clearly, they are either lying or living in a fantasy world. Most of the money is being used to pay off campaign contributors and special interest groups, such as the climate change lobby, or to make politicians look good.
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Inflation spiked to nine percent in June 2022, so the Federal Open Market Committee began raising interest rates to fight it. As interest rates rose, the stock market tanked. In 2023, interest rates will likely increase further, possibly sparking a worldwide recession. Neither is good news for investors.
