‘Recession Watch: It’s the ‘70s Again … or Worse’
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The Associated Press reported the following:
May 26, 2022
WASHINGTON (AP) — The U.S. economy shrank in the first three months of the year even though consumers and businesses kept spending at a solid pace, the government reported Thursday in a slight downgrade of its previous estimate for the January-March quarter.
Last quarter’s drop in the U.S. gross domestic product — the broadest gauge of economic output — does not likely signal the start of a recession. The contraction was caused, in part, by a wider trade gap: The nation spent more on imports than other countries did on U.S. exports. …
The Commerce Department estimated that the economy contracted at a 1.5% annual pace from January through March, a slight downward revision from its first estimate of 1.4%, which it issued last month. It was the first drop in GDP since the second quarter of 2020 — in the depths of the COVID-19 recession …
The nation remains stuck in the painful grip of high inflation, which has caused particularly severe hardships for lower-income households … In April, consumer prices jumped 8.3% from a year earlier, just below the fastest such rise in four decades, set one month earlier. https://apnews.com/article/politics-holiday-shopping-holidays-de4c9b1abc120750be75c6f0c23e66c1
Note: I saw a report online today that if the US government used the same system of calculating inflation as it did in the 1980s, the rate would have exceeded 16% in the past year.
That being said, Money and Markets posted the following:
Recession Watch: It’s the ‘70s Again … or Worse
Inflation is rising. There’s heated political debate in Washington.
In some ways, this sounds like the 1970s.
Before Watergate, policymakers struggled with inflation. They tried abandoning the gold standard. They tried wage and price controls. Nothing worked, and families struggled throughout the decade.
Finally, sky-high interest rates broke inflation.
Fifty years later, inflation and political debate dominate the news again. Congress is even considering price controls. A new bill under consideration would only limit price increases for energy. But once a bad idea gets started, it can take on a life of its own.
There is one big difference between now and the 1970s. In some ways, the economy was more stable back then. …
High inflation, a weak stock market and ineffective political leaders. It sounds a lot like the 1970s. But this time it’s different and potentially far worse. 05/20/22 https://moneyandmarkets.com/recession-watch-its-1970s-again-or-worse/
One of the reasons that right now is less stable than the 1970s and 1980s is that US government debt was close to insignificant when compared to current levels. The government of the USA could afford to pay much, much higher interest rates in its debts decades ago.
That is NOT the case anymore. So, yes, something worse will happen.
Consider that as of May 24, 2022–the latest date available from the US Treasury, the official public debt of the USA was $30,436,485,213,373.36 (https://fiscaldata.treasury.gov/datasets/debt-to-the-penny/debt-to-the-penny accessed 05/26/22).
The federal government takes in about $3.5 trillion via taxes. If its borrowing interest rate goes to higher 11.5%, its entire revenues will only pay for interest on the debt. That means no money for government, social security, its military, etc. And while the USA would undoubtedly raise its debt more in order to function, this would speed up the spiral of increasing debt.
The economic reality is that when governments spend money that they do not have they often tend to borrow. This keeps happening and happening in the USA. So much so, that the USA is in more debt than any country in the history of the world. The Bible shows that this will not end well:
3 For the vision is yet for an appointed time; But at the end it will speak, and it will not lie. Though it tarries, wait for it; Because it will surely come, It will not tarry…5 Indeed, because he transgresses by wine, He is a proud man… 6 “Will not all these take up a proverb against him, And a taunting riddle against him, and say, ‘Woe to him who increases What is not his–how long? And to him who loads himself with many pledges’? 7 Will not your creditors rise up suddenly? Will they not awaken who oppress you? And you will become their booty. 8 Because you have plundered many nations, All the remnant of the people shall plunder you. Because of men’s blood And the violence of the land and the city, And of all who dwell in it. (Habakkuk 2:3,5,6-8).
The above prophecy DOES apply to the USA in the 21st century–it is specifically for the appointed time of the end. The USA will be taken over as Habakkuk 2, Daniel 11:39, and other prophecies teach, and its debt will be one of the reasons.
Years ago, Jim Rickards claimed that the USA is in for a 25 year depression (see ‘Project Prophecy’ 25 Year Depression)–and many of the matters he brought up then, including the debt, have worsened.
While the USA economy will have some ups and not all downs before it collapses, some see problems predominating.
Do you see the winds of change in the USA? If so, what do you plan to do about it? Is your hope, like some at the Federal Reserve, that the US government will continue to spend money it does not have to keep going?
Surely any who claim to believe the Bible realize that will not work indefinitely.
Ultimately, the US dollar itself will have no monetary value (it may have some minor value as a fuel source, novelty, or something else).
Although some realize that the USA is a superpower in decline, most do not really understand how bad it will get.
Without national repentance the USA is doomed.
Since the USA seems to be going more into sin nationally, that type of national repentance seems unlikely. Yet, personal repentance is still possible.
Some items of possibly related interest may include:
Might the U.S.A. Be Gone by 2028? Could the USA be gone by the end of 2028 or earlier? There is a tradition attributed to the Hebrew prophet Elijah that humanity had 6,000 years to live before being replaced by God’s Kingdom. There are scriptures, writings in the Talmud, early Christian teachings that support this. Also, even certain Hindu writings support it. Here is a link to a related video: Is the USA prophesied to be destroyed by 2028? In Spanish: Seran los Estados Unidos Destruidos en el 2028?
The Plain Truth About Gold in Prophecy. How Should a Christian View Gold? What do economists and the Bible teach about gold? Gold and silver may drop in value. Inflation/deflation? What do Christians need to know about gold? Two videos of related interest are Beast Prophecies and European Gold and Germany, Gold, and the US Dollar.
USA in Prophecy: The Strongest Fortresses Can you point to scriptures, like Daniel 11:39, that point to the USA in the 21st century? This article does. Two related sermon are available: Identifying the USA and its Destruction in Prophecy and Do these 7 prophesies point to the end of the USA?
Who is the King of the West? Why is there no Final End-Time King of the West in Bible Prophecy? Is the United States the King of the West? Here is a version in the Spanish language: ¿Quién es el Rey del Occidente? ¿Por qué no hay un Rey del Occidente en la profecía del tiempo del fin? A related sermon is also available: The Bible, the USA, and the King of the West.
Who is the King of the North? Is there one? Do biblical and Roman Catholic prophecies for the Great Monarch point to the same leader? Should he be followed? Who will be the King of the North discussed in Daniel 11? Is a nuclear attack prophesied to happen to the English-speaking peoples of the United States, Great Britain, Canada, Australia, and New Zealand? When do the 1335 days, 1290 days, and 1260 days (the time, times, and half a time) of Daniel 12 begin? When does the Bible show that economic collapse will affect the United States? In the Spanish language check out ¿Quién es el Rey del Norte? Here are links to two related videos: The King of the North is Alive: What to Look Out For and The Future King of the North.
The Great Monarch: Biblical and Catholic Prophecies Is the ‘Great Monarch’ of Catholic prophecies endorsed or condemned by the Bible? Two sermons of related interest are also available: Great Monarch: Messiah or False Christ? and Great Monarch in 50+ Beast Prophecies.
Jesus Returning, David’s Throne, and the Stone of Destiny Will Jesus return to the throne of David? What about the Stone of Scone? Here is a link to a related video: Stone of Destiny and Jesus’ Return.
The End of US Dollar Dominance Is the USA losing its economic status? What about the petro-gold-yuan? A related video is also available: US Dollar being challenged by Gold-Petro-Yuan.
Physical Preparation Scriptures for Christians. We all know the Bible prophecies famines. Should we do something? Here is a version in the Spanish language Escrituras sobre Preparación física para los Cristianos. Here is a link to a related sermon: Physical preparedness for Christians.
Is God Calling You? This booklet discusses topics including calling, election, and selection. If God is calling you, how will you respond? Here is are links to related sermons: Christian Election: Is God Calling YOU? and Predestination and Your Selection. A short animation is also available: Is God Calling You?
Christian Repentance Do you know what repentance is? Is it really necessary for salvation? Two related sermons about this are also available: Real Repentance and Real Christian Repentance.
Europa, the Beast, and Revelation Where did Europe get its name? What might Europe have to do with the Book of Revelation? What about “the Beast”? Is an emerging European power “the daughter of Babylon”? What is ahead for Europe? Here is a link to a video titled: Can You Prove that the Beast to Come is European?
European Technology and the Beast of Revelation Will the coming European Beast power would use and develop technology that will result in the taking over of the USA and its Anglo-Saxon allies? Is this possible? What does the Bible teach? Here is a related YouTube video: Military Technology and the Beast of Revelation.
Anglo – America in Prophecy & the Lost Tribes of Israel Are the Americans, Canadians, English, Scottish, Welsh, Australians, Anglo-Saxon (non-Dutch) Southern Africans, and New Zealanders descendants of Joseph? Where are the lost ten-tribes of Israel? Who are the lost tribes of Israel? What will
Anglo – America in Prophecy & the Lost Tribes of Israel Are the Americans, Canadians, English, Scottish, Welsh, Australians, Anglo-Saxon (non-Dutch) Southern Africans, and New Zealanders descendants of Joseph? Where are the lost ten-tribes of Israel? Who are the lost tribes of Israel? What will happen to Jerusalem and the Jews in Israel? Will God punish the U.S.A., Canada, United Kingdom, and other Anglo-Saxon nations? Why might God allow them to be punished first? Here is a link to the Spanish version of this article: Anglo-América & las Tribus Perdidas de Israel. Information is also in the YouTube sermons titled Where are the Ten Lost Tribes? Why does it matter? and British are the Covenant People. A short YouTube of prophetic interest may be: Are Chinese threats against Australia for real?
Will the Anglo-Saxon-Celtic Nations be Divided and Have People Taken as Slaves? Will the lands of the United States, United Kingdom, Canada, Australia, and New Zealand be divided? What about Jerusalem? What does Bible prophecy teach? Are there non-biblical prophecies that support this idea? Who will divide those lands? Who will end up with the lands and the people? Here is a link to a video titled Will the USA and other Anglo-nations be Divided and Their People Made Slaves? Here is a related item in the Spanish language ¿Serán divididas las naciones anglosajonas?
British are the Covenant People What do ‘British’ and ‘Britain’ mean in Hebrew? Are the descendants of the Anglo-Saxons people of the covenant? Does the British royal family connect to the throne of David? What does the Bible teach? What does history show us? Is there any DNA evidence related to British-Israelism? When did Christianity make it to the British Isles? Could Jeremiah have made it to the British Isles? What type of Christians made it to the British Isles? Did the last King of England believe in British Israelism?
Canada in Prophecy: What Does Bible Prophecy, Catholic Prophecy, and other Predictions Suggest About the Future of Canada? There are prophecies that suggest involvement with Canada. And many are not positive about its future. A sermon of related interest is also available: Canada in Prophecy.
Australia and New Zealand in Prophecy Do biblical prophecies help explain the wealth blessings for Australia and New Zealand? Might cursings from disobedience come in the 21st century? Here is a link to a related sermon: Australia and New Zealand: Origins and Prophecy.
Does God Have a 6,000 Year Plan? What Year Does the 6,000 Years End? Was a 6000 year time allowed for humans to rule followed by a literal thousand year reign of Christ on Earth taught by the early Christians? Does God have 7,000 year plan? What year may the six thousand years of human rule end? When will Jesus return? 2030 or 20xx? There is also a video titled 6000 Years: When will God’s Kingdom Come? Here is a link to the article in Spanish: ¿Tiene Dios un plan de 6,000 años?
When Will the Great Tribulation Begin? 2022, 2023, or 2024? Can the Great Tribulation begin today? What happens before the Great Tribulation in the “beginning of sorrows”? What happens in the Great Tribulation and the Day of the Lord? Is this the time of the Gentiles? When is the earliest that the Great Tribulation can begin? What is the Day of the Lord? Who are the 144,000? Here is a version of the article in the Spanish language: ¿Puede la Gran Tribulación comenzar en el 2020 o 2021? ¿Es el Tiempo de los Gentiles? A related video is: Great Tribulation: 2026 or 2027? A shorter video is: Can the Great Tribulation start in 2022 or 2023? Here is a video in the Spanish language: Es El 2021 el año de La Gran Tribulación o el Grande Reseteo Financiero.
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