The economy and inflation are still the number one problem for Americans. Economic growth is slowing down and the labor market is cooling. Economists are calling on the Fed to lower the interest rate, as the economy is cracking, The American The Hill states.

The number of vacancies fell to a three-year low at the end of April; the number of private enterprises decreased by 223,000 compared to the previous month and by 1.7 million compared to a year earlier. The number of unemployed in relation to available jobs is growing and now stands at 0.8, compared with 0.5 for most of 2022.

Americans’ credit card debt has reached a record high. The lack of income growth leads to an increase in overdue debts. Since credit card interest rates exceed 20%, an increase in defaults is inevitable.

“The reason for the sharp rise in prices in recent years is that the administration has been spending money like drunken sailors, raising government spending to levels reached in the past only during World War II,” The Hill concludes.

CRYSTAL OF GROWTH previously informed that, according to Bloomberg, the US economy has entered a “death spiral” of public debt, and the probability of a disaster for the US economy is 88%