New data reveals a crash not seen since Great Depression could hit in 2024
If the White House and Congress don't cut spending soon, the results could be catastrophic

新数据显示，自大萧条以来从未见过的崩溃可能会在2024年的美国出现
如果白宫和国会不能很快削减开支，结果可能是灾难性的

As the White House continues to tout the alleged achievements of the president’s "Bidenomics" agenda, a growing amount of data indicates that a gigantic economic crisis could be right around the corner.

当白宫继续吹嘘所谓的“拜登经济学”成就时，越来越多的数据表明，一场巨大的经济危机可能迫在眉睫。

Most disturbingly, one important economic indicator that’s currently flashing hasn’t appeared since the 1930s, during the height of the Great Depression.

最令人不安的是，一个重要的经济指标当前正在发出信号，这个信号自二十世纪三十年代最严重的大萧条时期以来从未出现过。

If the White House and Congress do not cut inflation-causing government spending soon, the results could be catastrophic.

如果白宫和国会不尽快削减政府开支降低通货膨胀，可能会导致灾难性后果。


Historical Context

历史背景
原创翻译：龙腾网 https://www.ltaaa.cn 转载请注明出处


In 2020, during the height of the coronavirus government lockdowns, President Donald Trump and the Democratic-led Congress spent vast amounts of money to keep the economy, financial system and stock market afloat. Trillions of dollars in additional government spending occurred, all of which was financed with debt and money printing.

2020年，在新冠疫情最严重的政府封锁时期，特朗普总统和民主党领导的国会花费了大量的资金维持经济、金融系统和股市。数万亿美元的政府新增额外开支，都是通过债务和印钞方式筹集的。

The never-before-seen levels of money creation were fueled by policies set by the Federal Reserve, which encouraged Congress to spend more money and kept interest rates extremely low, despite warnings from economists about the threat of future inflation.

尽管经济学家提出了未来通货膨胀威胁的警告，美联储仍然制定政策催生了前所未见的货币创造水平，鼓励国会花费更多的资金并保持极端的低利率。

When President Biden entered the White House in January 2021, it appeared that the economic crisis caused by the pandemic lockdowns would end soon. A COVID-19 vaccine had been developed, and many states had already started reopening or preparing to reopen their economies.

当2021年1月，拜登总统入主白宫的时候，疫情封锁引发的经济危机似乎很快将结束。新冠肺炎疫苗
已经研发出来了，许多州已经开始重新开放，或者准备重新开放他们的经济。

But rather than return spending to normal levels, Biden and congressional Democrats — with the blessing of the Federal Reserve — opted to keep government expenditures significantly higher than they had been prior to the pandemic.

但是拜登和国会的民主党没有将开支恢复到正常水平，而是在美联储的支持下，选择保持高水平的政府开支，甚至已经显著高于之前疫情时期的水平。

The decision to continue high levels of government spending, coupled with the Fed’s choice to keep interest rates low and the fallout from the crisis in Ukraine, caused inflation to soar to levels not experienced in four decades. Prices for nearly all consumer items, from eggs and milk to gasoline, skyrocketed.

继续保持高水平政府开支的决定，伴随着美联储选择的低利率政策和乌克兰危机的影响，导致通货膨胀飙升到过去四十年没有过的水平。几乎所有消费品，从鸡蛋、牛奶到汽油，价格都飞涨。

Not Since the Great Depression

大萧条以来没有过的

In an effort to fix its mistakes and curb out-of-control inflation, the Fed started dramatically increasing interest rates in 2022, a policy that has continued thus far in 2023.

为了修复之前的错误并且控制住通货膨胀，美联储在2022年戏剧性地开始加息，并且在2023年仍然持续执行这样的利率政策至今。


Meanwhile, the Biden administration and Congress have kept government spending much higher than pre-pandemic levels.

同时，拜登政府和国会仍然保持着政府开支远高于疫情前的水平。

As a result of these policies, the inflation rate has dropped, but not enough to deflate prices. Most consumer goods and services, as well as rent and housing prices, remain much higher than they were before the pandemic started.

这样的政策结果，通货膨胀率有所降低，但不足以降低价格。大部分消费品和服务，例如房租和房价，仍然远高于疫情开始前的状态。

Incredibly, however, the money supply — the amount of cash, checkable deposits and bank savings accounts — has substantially decreased. That means even though prices are still going up, the amount of money available is continuing to drop, putting an unprecedented strain on American families.

然而，不可思议的是，资金供给（大量现金、支票账户和银行储蓄账户）大幅下降。这就意味着即使价格仍然上涨，可用资金的数量却持续下降，给了美国家庭一个前所未有的压力。

The latest economic data shows the annual M2 money supply growth rate has been negative for the past three quarters, meaning the amount of money available is shrinking rapidly.

最新经济数据显示，年M2货币供应增长率已经连续三个季度为负，意味着可用货币数量在快速减少。

In the past 110 years, the only other time Americans have seen the money supply drop this sharply was in the early 1930s, during the height of the Great Depression.

在过去110年里，美国仅有一次货币供应下降得这么陡峭，那就是20世纪三十年早期，在大萧条最严重时期。

There is a significant difference this time around, however. In the '30s, when the money supply annual rate turned negative, prices dropped as well. In our current situation, prices are still going up despite the collapse in the money supply. To the extent we're seeing it today, this has never occurred before.

然后，这次有显著区别。在二十世纪三十年代，当年货币供应度率为负的时候，价格同时下降了。我们现在的情况，尽管货币供应崩溃了，价格仍然在上涨。我们今天看到的情况，以前从来没有出现过。

Household Savings

家庭储蓄

The reduced availability of money caused by the Fed’s policies and the Biden administration’s inflationary spending has created a dire situation for American families. Increasingly more people are eating into their savings and going into debt to cover basic living expenses, like food, utilities and housing.

美联储政策和拜登政府引起通胀的开支导致的可用资金减少，已经引发了美国家庭的危机状况。越来越多的人为了支付生活基础消费，例如食物、水电和住房等，耗尽积蓄，进而负债。
原创翻译：龙腾网 https://www.ltaaa.cn 转载请注明出处


Survey data from the Federal Reserve shows the bottom 80% of income earners, representing the vast majority of Americans, now have less in real household savings than they did prior to the pandemic. And savings for top income earners will likely fall below pre-2020 levels within the next 12 months.

美联储的调查数据显示，有收入的底层80%，代表了绝大多数美国人，现在实际家庭储蓄少于疫情前。高收入者的储蓄在未来12个月内，可能下降到2020年以前的水平。

The combination of higher prices and reduced availability of money has caused people to depend on credit cards and other forms of consumer debt at higher numbers than we’ve ever seen. In the spring, Americans’ collective credit card debt topped $1 trillion for the first time in history.

价格上涨和可用资金减少的结合，导致人们依赖信用卡和其他各种形式消费贷，这种人的数量超过了我们见过的所有。今年春天的时候，美国全体的信用卡债务高达一万亿美元，这是历史上首次。

Higher prices, more government spending and debt, and lower levels of household savings — that’s what Bidenomics actually looks like.

价格上涨，政府开支和债务增加，以及家庭储蓄减少——拜登经济学实际看起来像什么啊

Congress and the Biden administration are currently in the midst of a battle over spending. If a deal isn’t completed soon, the government could shut down temporarily. Now is the time to reduce spending and bring fiscal sanity back to Washington, D.C. — before it’s too late.

国会和拜登政府现在正处于开支战争中。如果不能尽快达成交易，政府可能暂时关闭。现在是时候了，削减开支，并让理智财政回归华盛顿特区，否则太晚了。

The U.S. economy is walking on thin ice. If prices and inflation don’t come down soon, something that can only occur if Congress and the White House reduce spending, then the U.S. is soon going to find itself in yet another massive economic crisis.

美国经济如履薄冰。如果价格和通胀没有尽快下降，有些情况可能就会出现，即使国会和白宫削减了开支，美国仍然将很快发现自己在另一个巨大的经济危机中。

If that occurs, I hope Americans remember who deserves the blame.

如果这种情况发生，我希望美国人记住谁该受到谴责。