United States in 2022: Let us remember the euro zone in 2011-2012

After the subprime crisis, the euro zone rapidly shifted to a restrictive policy mix, with rapid fiscal deficit reduction and less expansionary monetary policy. The result was a return to recession in the euro zone in 2011-2012, especially as the post-recession inflation surge had reduced real wages. Will the United States not make the same mistake in 2022? It is implementing a sharp reduction in the fiscal deficit and tapering (reduction in bond purchases by the Federal Reserve), with a sharp decline in wage earners’ purchasing power due to the surge in inflation. Could this not lead to a return to recession, as in 2011-2012 in the euro zone, even though a few reassuring factors exist?