Mattress storein Daniel Island, SC

Ask us Anything

Platform Lifts-phone-nuber843-871-8787

Quick Quote

Sleep King - Where the Prices Are a Sweet Dream!

There are a lot of mattress companies in South Carolina that claim to have the perfect mattress for everyone. At Sleep King, we believe that every person is different and has different needs when it comes to their mattress. That's why our mattress store in Daniel Island, SC, has a wide variety of beds and brands to choose from. That way, you can find the right mattress for your body and get the very best sleep quality possible.

As a family-owned and operated mattress store with more than 40 years of experience in the sleep industry, we know a thing or two about comfortable mattresses. Daniel Island residents choose Sleep King because we provide our customers with a personalized shopping experience. When you walk through our showroom doors, we want you to feel comfortable - both on our mattresses and with our store associates. At Sleep King, you won't ever have to worry about pushy salespeople and limited selection. Instead, you will discover that we encourage you to take your time as you search for your next bed. Sleep is incredibly important, and by proxy, finding the right mattress for your body type is too.

When you visit our showroom in Daniel Island, know that we are a full-service store with mattress experts ready to help. From questions about mattresses and their warranties to financing and mattress delivery, there's no question we haven't heard before.

We carry some of the most popular brands in America, and unlike other mattress stores in Daniel Island, offer them at the lowest prices around, guaranteed. There's a reason why we were voted your #1 mattress store in the Lowcountry - because we truly care about our customers and their quality of sleep!

Looking for discounts? Need to buy your mattress on a strict budget? We've got you covered at our new mattress clearance center in Daniel Island, where we have more than 50 models on display at 50-80% off retail value. Don't forget to ask us about our flexible financing options, where no credit is needed to make a purchase. Paying cash? We'll knock 5% off your bill!

As if that weren't enough reason to visit, remember that we provide free delivery, setup, and removal of your old mattress for FREE when you make a purchase at Sleep king.

What Clients Say About Us

Why Choose Our Mattress
Store in Daniel Island, SC?

Our business model is simple - give customers quality beds from national brands at amazing prices, coupled with unmatched customer service. We know that your sleep is essential but also understand that normal folks aren't made of money. You need a solution that isn't going to break the bank, which is why we offer up to 75% off our products.

Mattress Company Daniel Island, SC

When we say we have a bed for every budget, we're serious.
A few of our mix and match deals include:

Sets Prize
Twin Mattress Sets Beginning at $169.00
Full Mattress Sets Beginning at $199.00
Queen Mattress Sets Beginning at $229.00
King Mattress Sets Beginning at $449.00

Of course, a mattress would be incomplete without a headboard, footboard, and rails. For queen mattresses, those items combined are only $199. At our mattress store, we pledge to beat any competitor's price on similar product specs - guaranteed! Here are just a few of the benefits of shopping at Mattress King

  • *FREE* Bed Frame for Your New Bed*
  • *FREE* Same-Day Local Mattress Delivery to Your Home*
  • *FREE* Set-Up & Removal of Old Mattress from Your Home*
  • *FREE* Mattress Pad Included with New Mattress*
  • Rest Easy with Our 60-Day Comfort Guarantee
  • We Have the Best Selection of Mattresses in Daniel Island with Five National Vendors
  • On-Time Delivery
  • Best Warranties in the Industry
  • Sleep King Will Beat Anyone's Advertise Price by $50*(on purchases $299 and above)
  • 0% Financing for 48 Months (APR, With Approved Credit)
  • *See Store for Additional Details
Our Selection of National Mattress Brands

Our Selection of
National Mattress
Brands

At Sleep King, we carry the largest selection of high-quality national brand mattresses in Daniel Island.

 Mattress Store Daniel Island, SC
 King Mattresses Daniel Island, SC

Sleep King MLILY Mattresses

Often considered the best mattress brand in the world, innovation sets MLILY mattresses apart from others. Our customers love MLILY mattresses because they are expertly built through decades of research and rigorous testing. The folks at MLILY are committed to precision, meaning every detail of product detail they push is geared towards the ultimate satisfaction and comfort.

 Adjustable Mattresses Daniel Island, SC

Sleep Restonic Mattresses

Restonic Mattresses: Restonic line of mattresses are multi-layered beds with cooling foam technology that adds resilience, support, and temperature control. The result is a cool, comfy sleep that leaves you refreshed and ready to attack the day.

 Bedroom Furniture Daniel Island, SC

Sleep King Comfort Sleep Mattresses

Every mattress in the Comfort Sleep lineup has a great combo of support and comfort, making for a restful night's sleep. With heavy-gauge coils and high-performance materials, these mattresses are durable and built to last. Be sure to try one of these mattresses out in our showroom - our customers love the pocketed coils and minimal motion transfer.

 Bedroom Suits Daniel Island, SC

Sleep King Golden Mattresses

The Golden brand is lesser known than some, like Tempurpedic. Still, it is a quality product with many foam and non-foam options that we think you'll love. Choose from standard memory foam, hybrid, and innerspring options while visiting our showroom in Daniel Island.

Tips on Choosing the Best Bed

There's much more to choosing a good bed than how you think it will look in your bedroom. There's plenty to think about, from innerspring options to memory foam and even hybrid mattresses. At Sleep King, our priority is our customers. We pride ourselves on excellent customer service. We want to do right by you, which why we want to be sure you find the perfect bed when you visit our mattress store in Daniel Island, SC. To help you get started, here are a few tips on choosing the best bed for your sleep needs.

Visit a Showroom

Visit a Showroom

This tip might seem like a no-brainer to some, but it's important that you visit a showroom so that you can lay on different beds to get a feel for what you like. At Mattress King, you will have the chance to explore different styles, designs, and shapes, and mattress materials. Finding a bed online at a price you can afford is great, but you should lie on the bed first, not just look at it on a screen.

 Full Bedroom Sets Daniel Island, SC
Determine Budget

Determine Budget

Here's a surprising fact: just because a mattress costs more money, it doesn't mean it's going to be a better bed. Sure, more expensive beds might have newer technologies and materials, but not everyone has the budget to walk into a mattress store in Daniel Island and spend $3,000. Figure out what price range you're comfortable paying and look at the best options for your bottom line.

 Furniture Store Daniel Island, SC
Consider Bedroom Size

Consider Bedroom Size

Before you swing by our showroom and start trying out beds, it might be a good idea to measure the space where your new mattress will go. If your bedroom is on the small side, a king-sized bed might be too big. Similarly, a small bed in a huge room might make for strange aesthetics. Aim for a reasonable amount of room around your bed - enough where you can walk around comfortably. As mentioned above, get specific measurements of the area you plan to use. That way, you have peace of mind knowing your new mattress will fit in your bedroom.

 Furniture Showroom Daniel Island, SC
Consider Bedroom Size

Choose a Mattress Material

This tip often comes down to personal preference. It will take a little bit of trial and error to figure out which material works best for your back - innerspring, memory foam, or latex. While your friend's and family's opinions matter, keep in mind that their mattress choice was subjective. What works for them won't necessarily work for you.

Need a quick refresher on different mattress materials? Here's a quick overview
 King Bedroom Sets Daniel Island, SC

Innerspring

Also called coil mattresses, innerspring beds are probably the most well-known on this short list. Innerspring mattresses are often more affordable than their latex and memory foam counterparts. These beds are ideal for people who want a lot of support and a cooler night's sleep.

Latex

This material is known for its great cooling properties and overall comfort. With latex, there are no strange off-gassing odors like you sometimes get with memory foam. Latex mattresses are ideal for people who want a responsive, bouncy feel and may have problems sleeping hot.

Memory Foam

First developed by NASA in the 70s, memory foam is probably the most popular material in the modern mattress market. Memory foam conforms to every inch of your body, giving you maximum comfort and support. Memory foam is also know for its anti-motion properties. Memory foam can be a great choice if you tend to toss and turn at night and sleep with a partner who wakes up when you do. Memory foam mattresses are ideal for people who need pressure relief, good support, and refreshing comfort.

Think About Your Back

Think About Your Back

If you have a bad back, it's crucial that you find a mattress with proper support. Slat and spring beds often offer plenty of support, but latex and memory foam options have come a long way. If you want memory foam or latex but find the support to be subpar, consider an adjustable base instead of a normal platform. That way, you can always sleep in a comfortable position that benefits your back.

Mattress Company Daniel Island, SC

Your Premier Furniture Store
Daniel Island, SC

You read that right! Sleep King is the first choice for quality beds in Daniel Island, but we also have a huge selection of furniture for your home. If you're looking for a one-stop-shop for mattresses and furniture alike, you have come to the right place. If you're shopping for a new mattress at the best price possible, why not throw in a bedroom suite at an amazing price too?

A few common furniture items that our customers love to add
to their mattress purchase include:
 Mattress Store Daniel Island, SC

Living Room Sets - from traditional-style suites with classic textures to modern sets with attractive upholstery, we will help you find the best living room set for your home.

Bedroom Suites - our bedroom suites range from contemporary to classic and come in a variety of colors and styles to compliment your new mattress purchase.

Daybeds - from English-style daybeds available in espresso and cherry colors to multi-purpose beds with pull-out trundles, our selection of daybeds is unbeatable.

Futons - if you have younger children, they will love our futons. Who are we kidding? Adults do too! Futons are incredibly useful in small spaces and convert into comfy-cozy beds perfect for kids of all ages.

Bunkbeds - bunkbeds are another great option to consider if you have kids. Whether you have a classic-style home or an apartment, we have a style that fits you.

At Sleep King, we are proud to have the lowest prices in the Lowcountry

If you like what you see but don't have time to visit our mattress store in Daniel Island, don't worry. Our online store is bursting with new items and deals every day. From mattresses and bedding to furniture sets and special sale items, Mattress King has got it all. With the highest quality mattresses, the best prices in Daniel Island, a giant showroom with all the options, and a full team of helpful sales associates, you won't ever need to find another mattress and furniture store again!

GET FREE ESTIMATE

Latest News in Daniel Island, SC

Cainhoy farm seeks single-family residential zoning

This week there are a large number of multifamily and large residential developments coming before the various City of Charleston boards and committees. Below are those items as well as the application results for specific items to Daniel Island and the Cainhoy area. More detailed agendas and results can be found at charleston-sc.gov/agendacenter.Jan. 12: A site plan for Hawthorne at Clements Ferry Road, a 210-unit multifamily development on 11 acres at 2800 Clements Ferry Rd.A preliminary subdivision plat and road construction...

This week there are a large number of multifamily and large residential developments coming before the various City of Charleston boards and committees. Below are those items as well as the application results for specific items to Daniel Island and the Cainhoy area. More detailed agendas and results can be found at charleston-sc.gov/agendacenter.

Jan. 12: A site plan for Hawthorne at Clements Ferry Road, a 210-unit multifamily development on 11 acres at 2800 Clements Ferry Rd.

A preliminary subdivision plat and road construction plans for Del Webb Entrance Road, a new public road on 11 acres on Clements Ferry Road.

Jan. 4: Request a variance to allow the removal of one grand tree at 15 Surr St. on Daniel Island. Results: Pending.

Jan. 5: A site plan for Woodfield Daniel Island 3, a 163-unit multifamily development on 6 acres at 2058 Benefitfocus Way. Results: Pending final documentation to Zoning, T&T and MS4. Once approved, submit Site Plan to Zoning for stamping.

Jan. 10: An ordinance to rezone 10.32 acres at 638 Tuxbury Farm Road and two adjacent parcels on Tuxbury Farm Road in Cainhoy to single-family residential zoning. The property is owned by Ray and Angela Waits. Results: Pending.

An ordinance to rezone 5.71 acres at 715 Yaupon Drive & 2682 Highway 41 in Cainhoy to diverse residential zoning. The property is owned by Rumphs Auto Service et al. Results: Pending.

Berkeley Co. Bd. of Education meets twice each month. Executive Committee meets at 5:30 p.m.; meeting starts at 6:30 p.m.

Berkeley Co. Council meets fourth Mon. of each month, 6 p.m., Berkeley County Admin. Blg., 1003 Hwy 52, Moncks Corner.

City of Charleston Council typically meets the second and fourth Tues. of each month, 5 p.m., City Hall, 80 Broad Street, Charleston, SC and/or virtually via Conference Call #1-929-205-6099; Access Code: 912 096 416. Exceptions: Summer Schedule - 3rd Tues. of June, July, and August; December meetings on the 1st and 3rd Tues. Dates and locations subject to change.

City of Charleston Technical Review Committee meets every Thurs. at 9 a.m.via Zoom.

City of Charleston Board of Zoning Appeals – Site Design meets the 1st Wed. of each month at 5 p.m. via Zoom.

City of Charleston Board of Zoning Appeals – Zoning meets the 1st and 3rd Tues. of each month at 5:15 p.m., except for January and July when no meeting is held on the 1st Tues.

City of Charleston Design Review Board meets the 1st and 3rd Mon. of every month at 4:30 p.m.

City of Charleston Planning Commission meets the 3rd Wed. of every month at 5 p.m.

City of Charleston Board of Architectural Review – Large projects meets the 2nd and 4th Wed. of every month at 4:30 p.m.

City of Charleston Board of Architectural Review – Small projects meets the 2nd and 4th Thurs. of every month at 4:30 p.m.

All meetings are open for public comment except the City of Charleston Technical Review Committee meetings.

For more information, contacts for specific projects and on location and time of the meetings or to learn more, visit charleston-sc.gov/AgendaCenter/.

Safe Water Ukraine project expanded by Charleston area nonprofit

Many cities and smaller communities in Ukraine have suffered immense damage to public water and power infrastructure as a result of the Russian military offensives. Safe water access is critical to the country’s citizens in the cold winter months. Water Mission, a N. Charleston based nonprofit, is expanding its efforts to provide safe drinking to citizens in the war torn country.Water Mission received a $2.27 million grant from the United Nation’s International Organization for Migration (IOM) to expand emergency safe wate...

Many cities and smaller communities in Ukraine have suffered immense damage to public water and power infrastructure as a result of the Russian military offensives. Safe water access is critical to the country’s citizens in the cold winter months. Water Mission, a N. Charleston based nonprofit, is expanding its efforts to provide safe drinking to citizens in the war torn country.

Water Mission received a $2.27 million grant from the United Nation’s International Organization for Migration (IOM) to expand emergency safe water access in areas affected by the war in Ukraine, the organization shared in a press release. The project, known as "Safe Water Ukraine,” will increase Water Mission’s existing impact by scaling safe water operations across four war-torn regions in southeastern Ukraine. Funding provides 40 fixed systems and five mobile safe water systems to serve residents desperately in need of safe, clean water.

“This grant provides critical funding enabling us to quickly scale our efforts to bring emergency safe water throughout southeastern Ukraine,” said George C. Greene IV, PE, CEO, and president of Water Mission, which is a Christian based nonprofit. “We are thankful for IOM’s trust and support in helping our in-country teams bring relief to people without water due to extensive damage to public infrastructure.”

In February 2022, Water Mission immediately deployed to serve people in need seeking safety in bordering countries. By April, Water Mission was one of the first organizations to provide safe water access for internally displaced people (IDPs) within Ukraine.

As of December 2022, Water Mission installed more than 40 emergency safe water systems across seven Ukrainian cities, according to information provided by the organization. These systems have produced more than 20 million liters of safe water, serving more than 100,000 people. Additionally, Water Mission teams have provided on the ground engineering expertise, consulting, and water quality testing services to local municipal water operators. Water Mission has also worked with partners to ensure dignified and hygienic living conditions for people in need by distributing necessary hygiene items, more than 10,000 hygiene kits, and three million water purification packets.

Water Mission will continue to expand its response by working collaboratively with regional city officials, local governments, and churches to address the most critical safe water needs, a press release promised.

To learn more or support the response, visit watermission.org.

About Water Mission

Water Mission is a Christian engineering nonprofit that builds sustainable safe water solutions for people in developing countries. Refugee camps, and disaster areas. Since 2001, Water Mission has served more than 7 million people in 57 countries, sharing safe water and the message of God’s love. Water Mission’s global headquarters is in North Charleston, SC, and the organization has over 400 staff members based in Africa; Asia; North, South, and Central America; and the Caribbean. Charity Navigator has awarded Water Mission its top four-star rating 15 years in a row, a distinction shared by less than 1% of the charities rated by the organization. To learn more, visit watermission.org, Facebook, LinkedIn, Instagram, or Twitter.

BE teams assist underserved with holiday philanthropy

The holiday season for most winter and spring sports teams is used as downtime to recuperate. At Bishop England, it’s not a time to relax, but rather a time to give back.In December, at the beginning of Christmas break, BE’s wrestling team volunteered at the Lowcountry Food Bank. The wrestlers and their families packed more than 550 boxes for seniors and families in need in the community.“I think it is important for our athletes to give back to the community and those who do not have as much,” BE wrestli...

The holiday season for most winter and spring sports teams is used as downtime to recuperate. At Bishop England, it’s not a time to relax, but rather a time to give back.

In December, at the beginning of Christmas break, BE’s wrestling team volunteered at the Lowcountry Food Bank. The wrestlers and their families packed more than 550 boxes for seniors and families in need in the community.

“I think it is important for our athletes to give back to the community and those who do not have as much,” BE wrestling coach Paul Spence said. “I loved the fact that so many of my team participated before they went off on vacation. I was happy that they worked hard and had fun doing so.”

The rate of food-insecurity in the 10 coastal counties of South Carolina hovers around 11%, which is 1% higher than the national average. In 2022, LCFB aided approximately 200,000 people and distributed roughly 39 million pounds of food, according to Chief Development Officer Brenda Shaw. By 2025, the nonprofit’s goal is to decrease hunger and food insecurity in coastal South Carolina by 25%.

“It builds teamwork, camaraderie and the team itself,” Shaw added. “It also gives these young adults a glimpse into how they can truly make a difference in their communities.”

During the same time frame, BE’s baseball team fulfilled stocking wishes for children at Lowcountry Orphan Relief’s annual Stocking Drive. The ball players and their families donated 70 stocking wish bags and numerous gently used clothing items, shoes and books.

“It gives our kids that feeling of helping a little bit and that there are people out here in desperate need and really poor situations,” BE baseball coach Mike Darnell said. “Because it’s the holiday it made it just a little bit more extra special to help out.”

The Stocking Drive yielded more than 3,000 wish bags overall last month, but that’s not the impressive number. In 2022, LOR serviced approximately 8,000 children in cases of child abuse, abandonement and neglect, according to founder Lynn Young. More than 40,000 children have been aided since 2006.

“This is funny to say, but I wish we could go out of business and there would be no more abuse and neglect of our precious children,” Young said.

Berkeley County receives $368k from National Opioid Settlement

Eligible organizations, nonprofits may apply for grantsThe first influx of funds from the $26 billion National Opioid Settlement will help numerous Berkeley County organizations aid people suffering from the addiction crisis.The county received $368,557 as an initial installment from the South Carolina Opioid Recovery Fund through which the state will distribute its settlement share of more than $360 million.“The opioid epidemic is one that has plagued our nation for years, and we are even seeing its harsh effects ...

Eligible organizations, nonprofits may apply for grants

The first influx of funds from the $26 billion National Opioid Settlement will help numerous Berkeley County organizations aid people suffering from the addiction crisis.

The county received $368,557 as an initial installment from the South Carolina Opioid Recovery Fund through which the state will distribute its settlement share of more than $360 million.

“The opioid epidemic is one that has plagued our nation for years, and we are even seeing its harsh effects in our communities here at home,” said Berkeley County Supervisor Johnny Cribb in a statement. “Our county agencies such as EMS, Berkeley County Sheriff’s Office, volunteer fire departments, and the Coroner’s Office, as well as local nonprofits, work hard to deal with the effects and combat opioid use locally. County Council and our administration are thankful for this much-needed settlement funding and will ensure it is utilized in a positive, life-changing way for our citizens.”

Eligible organizations and nonprofits have until 5 p.m. on Jan. 31 to apply for the Berkeley County grants. Eligible applicants include organizations and agencies that work directly on the front lines of the opioid epidemic and/or assist in opioid addiction recovery or preventative services.

Funding must be used for one or more of the following approved opioid remediation uses:

· Naloxone or other FDA-approved drug to reverse opioid overdoses;

· Medication-assisted treatment (MAT) distribution and other opioid-related treatment;

· Pregnant and postpartum women;

· Expanding treatment for Neonatal Abstinence Syndrome (NAS);

· Expansion of warm handoff programs and recovery services;

· Treatment for incarcerated population;

· Prevention programs;

· Expanding syringe service programs; and

· Evidence-based data collection and research analyzing the effectiveness of the abatement strategies within the state.

Organizations can go online here to apply for the grants.

South Carolina is set to receive its National Opioid Settlement funding over the next 18 years. At least 92 percent of these funds will be used to address the opioid crisis across the state. More than $100 million will be disbursed to nonprofits, hospitals, state agencies and other organizations working to help address this epidemic. Funding from the national settlement stems from manufacturers, distributors and pharmacies involved in the opioid process.

Economist: Expect ‘inevitable’ recession by 2024

Business owners should expect a recession to hit the U.S. economy in the first half of 2024, a Daniel Island economist said during an annual economic forecast in December.Stephen Slifer, a former chief economist for Lehman Brothers and former senior economist for the Federal Reserve, told hundreds of business owners, professionals and government officials in Charleston that the national economy continues to remain strong even with rising inflation fears and a looming recession.“The stock market has gotten whacked pretty g...

Business owners should expect a recession to hit the U.S. economy in the first half of 2024, a Daniel Island economist said during an annual economic forecast in December.

Stephen Slifer, a former chief economist for Lehman Brothers and former senior economist for the Federal Reserve, told hundreds of business owners, professionals and government officials in Charleston that the national economy continues to remain strong even with rising inflation fears and a looming recession.

“The stock market has gotten whacked pretty good this year,” he said. “Yet, the economy keeps hanging in there.”

If a recession does come in 2024, businesses could experience a recovery during the second half of that year, he said.

Slifer, who writes a column for SC Biz publications and operates a data analytics firm in Charleston, said several indicators that economists watch are predicting a recession.

“When are we expecting some sort of a recession?” Slifer said. “I don’t want to oversimplify this, but there’s a couple of things that I’m looking at. There's all sorts of leading indicators.”

Slifer said the real funds rate and the yield curve, along with specific federal policy changes, give economists a reason to think a recession will occur in 2024.

The real funds rate is essentially the real interest rate with a subtraction for inflation, which indicates the actual cost of borrowing money and what a lender might expect as a return for lending money. Along with the real funds rate, Slifer said economists also look for an inverted yield curve.

“It’s just the difference between long rates and short rates,” Slifer said. “Usually, long rates are higher than short rates, so the thing slopes upward. But then the Fed comes along and they start raising rates up, up, up, up, up, go short rates. Eventually short rates get to be higher than long rates and now the curve shows slopes downward. That’s known as an inverted yield curve.”

Slifer said that an inverted yield curve is typically a sign that Fed policy has become “too tight.” He said historically, going back about 50 years, when economists detect an inverted yield curve, a recession is about one year away.

“So both of my warning signals are telling me that something is going to happen by the middle of next year, so for that reason I’m looking for a recession in the first half of 2024,” Slifer said, adding, “No recession for now, but I think it’s inevitable.”

In a year that saw continually rising interest rates, inflation, a battered stock market and late-year massive layoffs, particularly in the tech sector, Slifer’s annual economic forecast sold out.

With several questions coming about federal policy, student loan forgiveness and the status of entitlements such as Medicare, Medicaid, Social Security, federal pensions, including veterans’ benefits, he said the U.S. needs to do better with its monetary policy, including finding the political will to deal with looming insolvency issues with some of those programs. He said the Obama Administration had a possible plan in hand that could have tackled these issues but decided against going forward. He said given the division in Washington, it’s unlikely any lawmakers would have the will to take on such thorny, difficult and costly issues.

Slifer said the status of the economy, with ever rising inflation but not a residual reduction in spending, can be found in the data and monetary policy decisions. Because inflation is tied to the real funds rate as an indicator of a recession, understanding how to navigate and mitigate that could become critical to emerging from an economic downturn.

“The last couple of years, I think that fiscal and monetary policy that we’ve got in this country has gone seriously off track,” Slifer said.

He said our current monetary issues can be traced back to a government overreaction beginning in March and April 2020 with shutdowns related to the COVID-19 pandemic and gross domestic product dropping 30% for the quarter.

“In dollar terms, that’s about $2.1 trillion, right? And yet it wasn’t consumers, it wasn’t businesspeople that did any of that. This was on the government. They did it,” Slifer said, referring to the shutdowns. “I think they felt a responsibility to make people whole.”

Slifer said that the first stimulus of $2 trillion might have made sense, but the money kept coming with stimulus payments coming to businesses and individuals, in addition to the federal government buying debt.

By the time the stimulus packages had ended, the $2 trillion in economic aid had nearly quintupled. He said a lot of people likely paid down debt, giving them the ability to spend more now, which has resulted in a strong economy even with rising inflation based on consumer spending and a willingness to go into debt.

“Add it all up, we had $9.5 trillion worth of stimulus for Pete’s Sake,” Slifer said. “We were trying to solve a $2 trillion problem. That just seems like gross overkill to me, and we’re sitting here wondering … ‘I wonder why inflation is so high.’ Well, here’s a start.”

Slifer also said the Fed underestimated the depth and causes of inflation. He said when he was at the Federal Reserve, politics did not figure into Fed policy, and he’s reluctant to say that has been happening now. He said instead he wanted to think it was just a miscalculation based on circumstances that were difficult to predict.

Slifer said the Fed thought inflation initially was just temporary, and said inflation was simply a result of supply disruptions and other things that had taken place during the pandemic. He said they just expected inflation to go away.

“They stuck to that theme for a year and a half,” he said. “They didn’t give up until December of last year, and then they finally said, ‘Uh, oh, you know this inflation is just not as temporary as what we thought. We’ve got a problem here, and by the way, we’re way behind the curve and we’re going to start raising rates.’ The Fed, in my view, was about 18 months too late. That’s a long time.”

Being slow to react to inflation and an overreaction with stimulus payments going through March 2021, even though the pandemic recession ended in April 2020, has had a ripple effect that impacts inflation, fiscal policy, real estate and investments along with difficulties in the labor market, Slifer said.

“It absolutely was totally unnecessary in my view,” Slifer said. “There are consequences to that stuff. That’s why we’re sitting here looking at these really high inflation rates, interest rates have risen dramatically, (and) government debt has exploded.”

One audience member asked if the Charleston area might be somewhat “insulated” from the recession he predicts a year from now considering that the region typically does not to fall as far and bounces back faster than other areas during economic downturns.

Slifer said with the strength of the housing market at different price points and the demographics of the many people who continue to move into the market, he does not expect to see the decline in housing, GDP, and the labor markets that other areas might experience. But he said while there might be a diminished impact for the Charleston region, he said he would not use the word “insulated.”

“Are we going to be insulated and not see (home) prices drop? I don’t think so,” he said, adding, “We are not insulated. We’re going to move in the same direction, but I guess with a lesser degree.”

Disclaimer:

This website publishes news articles that contain copyrighted material whose use has not been specifically authorized by the copyright owner. The non-commercial use of these news articles for the purposes of local news reporting constitutes "Fair Use" of the copyrighted materials as provided for in Section 107 of the US Copyright Law.
Go Top