On Thursday, the Commerce Department released new consumer spending numbers showing that the prices Americans are paying for goods and services climbed 6.3% over the past year, as inflation maintained its upward momentum.
Just 24 hours earlier, Federal Reserve Chairman Jerome Powell warned, yet again, that his efforts to rein in runaway price increases by raising interest rates may plunge the nation into recession.
And he said it's worth the risk.
'The bigger mistake to make—let's put it that way—would be to fail to restore price stability,' he said at the European Central Bank's annual economic policy conference in Portugal.
Prior to that revised GDP numbers showed the US economy contracted even more than initially reported in the first quarter of the fiscal year, as more consumers opted to save instead of spending their hard-earned dollars.
Now, what if we told you that America's economic outlook is even darker than that?
What if we told you that the dire statistics splashed across the headlines and your TV screens don't even come close to accurately describing the reality?
Well, buckle up – because that's what we're telling you.