6th District Congressional Candidate and University of Chicago Graduate, Niki Conforti, on the Economy
WHEATON, Ill., June 7, 2022 /PRNewswire/ -- We are on the verge of an economic crisis the likes of which we have not seen since the 1970s.
America in the 1970s was dealing with an oil crisis, and high inflation and interest rates some nearly 20%. We are already in an energy crisis. Some gas pumps are now being refitted to accommodate double digit gas prices yes, $10 a gallon and more. This Administration's war on oil and gas, supported by Casten and Newman, is turning into a war on the American people.
To combat rising inflation, the Fed has raised interest rates by the largest amount in 2 decades. This is just the start of frequent rate hikes that will happen this year. Higher interest rates will increase the burden of debt and reduce the purchase of large assets like cars and homes, further slowing the economy.
We are getting squeezed.
Americans need to brace for some very difficult times. Our government has forgotten the American people. Many are dealing with the choice of putting gas in their car or food on their table. This, coupled with higher prices for all retail products, is reducing disposable income, which means fewer vacations and dinners out.
As paychecks are spent on necessities, other industries, like travel, hospitality, and entertainment, will suffer. The trickle-down effect will send shockwaves throughout all sectors of the economy. No industry will be safe from setbacks. Jobs will be lost. This is a perfect storm for a devastating economic crisis.
The only way out of this will be to repeal failed policy and institute a return to energy independence while rebuilding American self-sufficiency. Promoting all forms of energy (solar, wind, hydro, coal, and other fossil fuels - and even nuclear) and letting the free market identify the best option rather than the government is a better approach. Returning manufacturing to the U.S. will reduce our dependency on foreign nations and strengthen America.
This Administration's progressive experiment has failed and is hurting Americans. We need to return to policies that lower the cost of living, support American small businesses, and strengthen our presence on the world stage.
Media Contact: Joel Edwards
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SOURCE Conforti for Congress