Economy Nosedives: Can Americans Truly Give Thanks Under Biden?

American families find it hard to overlook the surging inflation rates, despite efforts by authorities. The University of Michigan's recent consumer sentiment survey reveals a concerning uptick in inflation expectations. In September, consumers anticipated a 3.2 percent increase in inflation over the next year, a slight dip from the 3.5 percent expected in August. While this sparked hope for a return to pre-pandemic lower ranges, October saw a sharp rise, with consumers now predicting a 3.8 percent inflation, and mid-November's preliminary reading reaching a staggering 4.4 percent. The final reading for November confirmed worries, placing year-ahead inflation at 4.5 percent, the highest since 2011.

Despite attempts by the mainstream media to downplay these rising inflation expectations, they appear rational given the recent relaxation of financial conditions. In the past month, the 10-year Treasury yield witnessed a significant drop from nearly five percent to 4.429 percent. Concurrently, mortgage rates declined, the dollar weakened, and the stock market continued its surge. These factors contribute to the public's belief that inflation will persist.

It's evident that the more relaxed financial conditions are undermining the Federal Reserve's attempts to control inflation. The recently released minutes from the Fed meeting confirmed participants' recognition of the restrictive stance of monetary policy and the tightening of financial conditions. However, the recent reversal of these conditions poses a challenge to the efforts to curb inflation.

Americans' concerns about rising inflation are not baseless. It's time for the federal government to take action, implementing policies to shield American families from the adverse effects of inflation. Addressing the root causes and ensuring economic stability is paramount, requiring a departure from misguided policies. Hopefully, those in power can prioritize the well-being of the American people over ideological agendas.

As we mark the sixtieth anniversary of President John F. Kennedy's assassination, reflecting on the nation's state is essential. The New York Times, in a post-assassination piece, attributed Kennedy's death to a violent streak he sought to curb in the nation. The article painted a bleak picture of America grieving not only for its lost President but also for a sense that the worst aspects had triumphed over the best. The media's rush to politicize tragedy, evident in linking the assassination to "extremists on the Right," despite evidence to the contrary, is unfortunately not a new phenomenon. It does a disservice to Kennedy's memory and highlights the divisive nature of today's political climate.

Thanksgiving, a tradition with a history dating back 210 years to Hannah Mather Crocker's sermon, holds significant importance. Crocker emphasized the revival of American greatness and the importance of boldness in prayers. In these uncertain times, the spirit of Thanksgiving is crucial – a day to set aside worldly anxieties, focus on gratitude, hope, and prayer. The Book of Ecclesiastes reminds us to enjoy the fruits of our labor and appreciate the blessings from God. As we gather with loved ones, let us give thanks, enjoy good food, and embrace the gift of this holiday.

Wishing you a blessed Thanksgiving filled with joy, gratitude, and the warmth of loved ones.

Written by Staff Reports

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