I frequently receive comments about the strength of the United States economy and the unfairness of perceiving things as less than stellar. Is it really the “strongest economy ever”? It’s evident that it’s far from being the “strongest economy ever.”

The United States unemployment rate has risen to 4.1%, the highest in three years, which is also significantly higher than the level seen in 2019. In June, a 70,000 increase in government jobs boosted payroll employment by 206,000. One-third of job creation is public sector jobs paid with more debt. Both the employment-to-population ratio and the labour force participation ratio are below the pre-pandemic level and immigrants account for all the labour force growth since the pandemic, according to the Bureau of Labor Statistics and Ned Davis Research.

Following the European elections, the French credit default swap has soared to a post-2020 record of 39 points. Many commentators blame the rise of the National Front for market turmoil, which has sent all euro area spreads higher. However, none of this would have happened if France’s debt was low, finances were strong, and the euro area economies enjoyed healthy economic growth.

France is the world’s poster child for statism. The same statism that some politicians seek to impose on the United States has economically devastated France, a wonderful country with excellent human capital and outstanding entrepreneurs.

Deficit spending is not a growth tool. It is the recipe for stagnation.

The latest Congressional Budget Office (CBO) budget and economic outlook estimates show the extent of the challenges of the United States fiscal nightmare.

The CBO expects a budget deficit of $1.9 trillion in 2024, a year of alleged robust economic growth and record tax receipts. They expect revenues to reach $4.9 trillion, or 17.2 percent of GDP, in 2024, which will rise to 18.0 percent by 2027 and remain at that level until 2034.

This report’s main finding is alarming. Despite expecting no recession and rising tax revenues from 2024 to 2034, the budget deficit will explode from $1.9 trillion to $2.8 trillion by 2034.

The University of Michigan Consumer Sentiment Survey plummeted to its lowest level in seven months. The index reading for June came in at 65.6, down from 69.1 in May and under the consensus expectation of 72. In the current conditions and expectations categories, the survey fell below economists’ expectations.

Year-ahead inflation expectations were unchanged this month at 3.3%, but above the 2.3–3.0% range seen in the two years prior to the pandemic, according to the press release. Long-run inflation expectations rose from 3.0% last month to 3.1% in June, significantly above the 2.2-2.6% range seen in the two years pre-pandemic. This survey indicates how weak the U.S. economy is and how consumers are feeling the persistent inflation.