We now have a definition for Bidenomics: Inheriting a recovery and turning it into stagflation.
The economy already shrank 1.4% last quarter, and while Joe Biden continues to insist he is not “concerned about a recession,” economists across the political spectrum sure are:
- Former Obama economic advisor Steve Rattner: “This talk about recession … the forecast of growth dropped in less than a year... starting to bump along the bottom before we potentially dip into negative territory.”
- Stifel Financial Chief Economist Lindsey Piegza: “The risk of recession is rapidly rising.”
- Former Fed Governor Frederic Mishkin: “The likelihood of a recession, I think, is quite high in the near future.”
- Bank of America’s Head of North America Economics Ethan Harris: “Yes, we could get a recession.”
- Dreyfus-Mellon Chief Economist Vincent Reinhart: “It will be very hard for the Fed to avoid a recession.”
- BNY Mellon Wealth Management’s Alicia Levine: “Everybody is universally negative. You have Wall Street predicting recession next year.”
- CNBC’s Andrew Ross Sorkin: “The betting line … there's going to be some form of a recession come 2023.”
- CNBC’s Steve Liesman: “Our Fed survey is predicting a recession 16 or 15 months down the road.”
- Fox Business panelist: “CEOs, bank CEOs, former Fed officials, they're all saying we're going into recession.”
- The Hill’s Editor in Chief Bob Cusack: “Potentially headed for recession...Democrats are looking at a rough November.”
- Fox News’ Liz Peek: Americans are anticipating a recession due to policies that “began right when Biden took office.”
And just this morning, Biden economic adviser Jared Bernstein refused to rule out a recession. Why is this recession risk so high? Because Biden fueled inflation – his own economic team admits it – and now we need to combat it.
But Biden continues to deny reality and head straight for the economic cliff.
