Ten days ago, we explained that, contrary to claims by delusional MMT idiots, it's not the rate hikes that are behind the "Bidenomics" economic boom, it's the fiscal stimulus. Indeed, as we have shown time and again, the US budget deficit - which is now at 6% of GDP, or a record high level outside of wars and recessions - is at a level traditionally associated with a recessionary unemployment rate of 8% (it makes one wonder what the true labor market data will reveal once the Biden apparatchiks are all fired).
It's also why we first pointed out last September...
