15 September 2023
Griffin highlighted the U.S. government’s continued reliance on significant fiscal deficits to boost the economy, foreseeing increased future fiscal burdens. This approach places Fed Chairman Powell in a no-win situation. The White House is still throwing money at stimulating the economy. The projected U.S. fiscal deficit was 3% of GDP for the year, but it now approaches 6%. With forecasts suggesting a near 5% deficit in coming years, market jitters are increasing due to the unsustainable nature of such deficits. Griffin suggests that these economic challenges will negatively impact the stock market.