Expert: American Economy May Plunge into Recession After Reaching Highest Inflation in 40 Years
As a result of the highest inflation in 40 years, Garrett Erosion, managing partner at Wave Capital Partners, believes the country is heading into a recession.
Every American’s cost of living is increasing as inflation drives up prices on everything, from gas and food to housing and transportation.
“I think that it could be where we end up in a recession because inflation is the highest in 40 year,” Garrett said.
In a recent Ipsos poll, more than two-thirds of people around the world reported feeling the squeeze and low-income households were most affected.
In a Chaddar News interview, Garrett Erosion said refinancing a mortgage or homebuyers, who plan to buy a home later this year, might be able to get a better rate though.
“…when it comes to buying a home, we’re experiencing inflation, which is driving up mortgage rates,” Garrett said.
“We’re not seeing the same type of rates as we did last year, where they were below threes. Now we’re going to be seeing like mid 3.5 to even four.”
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Responding to the question of how Americans, especially low-income families, can actually continue to keep up with the effects of inflations, Garret said encouraged consumers “to buy in quantity on a very select basis.”
And for those who know that they can’t buy all the time, Garrett enjoined them to “make sure that [they] are cooking at home, …going to various grocery store outlets, seeing what our competitive pricing are,” and getting the most out of it.
Garrett later advised average Americans to create good relationships with their fellow business partners to share ideas in innovation and entrepreneurship to produce the best, affordable products for consumers while beating the competition and making multiple revenue streams.
