The U.S. economy could soon be in a state of “stagflation,” an expert warned, blaming the Biden administration’s “enormous” spending on the skyrocketing national inflation, amid growing fears of a recession.
“There are increasing fears on Wall Street that we may be headed for a recession,” Peter St. Onge, a research fellow in economic policy at The Heritage Foundation, told NTD’s Capitol Report on April 12. “Really, the enormous spending over these past couple of years has sort of painted the Fed [Federal Reserve] into a corner, where they are running up against this historic inflation.”
