The U.S. economy could face a 1970s-style stagflation crisis in 2023 as it confronts still-high inflation, rising unemployment and slow economic growth.
published by the Committee for a Responsible Federal Budget, a nonpartisan organization based in Washington, D.C.On top of that, a bipartisan group of lawmakers approved anotherin late 2021, while Democrats passed another $400 billion health care and climate change spending package in the fall. Congress passed the $1.7 trillion omnibus budget bill in December.
Fed policymakers already approved seven straight interest rate hikes in 2022, pushing the federal funds rate to the highest level since 2007. With high inflation persisting, policymakers have shown no sign of slowing down and have indicated they plan to keep rates higher, for longer.
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