In contemporary times, it is no secret to any observer of American politics that things within the nation are tumultuous and uncertain. Indeed, since the 46th president of the United States Joe Biden entered the oval office in January of 2021, problem after problem has plagued his administration and he has largely appeared weak and unable to respond to them. Skyrocketing inflation has crippled the American middle class. Millions of illegal migrants are estimated to have crossed the southern border since January of 2021, and thousands continue to cross by the day. To make matters worse, healthcare workers and auto employees have entered massive strikes in recent weeks, further hindering the American economy and showing the frustration of American workers who have steadily watched the cost of living increase for decades while wages remain largely stagnant and even declining in buying power. Internationally, Russia remains stalemated in a bloody conflict in eastern Europe against Ukraine, and China continues to threaten U.S. dominance in the south pacific. Hamas invaded Israel, and over 1,000 innocent civilians were murdered.
In truth, many Americans are simply struggling. Over 60% of the nation is estimated to be living paycheck to paycheck, and the middle class, which has been shrinking for years, continues to grapple with the effects of inflation as their wages stagnate and the buying power of the dollar declines. In times like these, people are cutting expenses in any way possible, and industries like restaurants, hospitality, entertainment and tourism areas have seen decreases in total revenue as people tighten their pockets.
In a recent report, the American economy appears to be slowing slightly in the new year. After finishing the 4th quarter of 2023 at a strong position, the economy appears to have slowed a bit as 2024 has progressed. Despite these developments, economists remain optimistic that the economy will not go into a recession. The future economic forecast remains to be seen.
