With inflation accelerating to 8.6 percent, the majority of top job creators believe recession is unavoidable, according to a new CNBC survey of chief financial officers (CFOs). This comes after another poll found that 85 percent of Americans believe the U.S. will be in recession in the next year.
The survey includes responses from 22 CFOs, which also found:
- Inflation remains the top concern: More than 40 percent of CFOs believe inflation is the top external risk to their business.
- U.S. economy is on the brink of recession: Not a single CFO believes a recession is avoidable, with nearly 70 percent of CFOs believing a recession will occur during the first half of 2023.
CLICK HERE to view the poll.
KEY TAKEAWAYS:
Americans Are Bracing for More Economic Pain.
- More than 60 percent of Main Street job creators fear Biden-Flation will close down their business.
- Since President Biden took office, workers’ wages have dropped nearly four percent. Now three in four Americans are cutting back on common household expenditures, including dining out and entertainment.
- A majority of Americans report feeling “uneasy about the state of the country,” say things in America are “going badly,” and feel that the economy is “bad.”
READ: POLL: As Biden-Flation Accelerates, Majority of Americans Are Bracing for Even Higher Prices Ahead
READ: Accelerating Inflation Hits Americans: “I’m More Concerned With Feeding My Family”
Democrats Have Pushed the Economy to the Brink of Recession – and Are Promising to Make Matters Worse.
- President Biden and congressional Democrats’ $2 trillion so-called COVID stimulus fueled this inflation fire, with former Obama-Biden White House economic advisor Jason Furman attributing at least 2.5 percent of current inflationary pressure to the massive bill.
- President Biden’s tax plan would slash family wages across all income levels, while more than 60 percent of Americans’ paychecks are unable to keep up with rising prices.
- Even economists who have been cited as favorable toward President Biden’s policies have criticized his agenda and warned about worsening inflation.
READ: Fact Check: Americans Need Solutions to Inflation, Not Higher Taxes
READ: No, Mr. President Your Policies Have Not “Helped” The Economy
President Biden Doesn’t Have a Plan to Fight Inflation.
- From denying inflation and claiming it was “temporary,” to passing the buck with “Putin’s Price Hike,” the White House and congressional Democrats are out of touch with the challenges Americans face.
- Democrats refuse to acknowledge how their policies have gotten us into this mess.
- Republicans have outlined six steps to fight Biden-Flation, from cutting wasteful spending and red tape, lowering taxes, boosting investment, and unleashing American energy.
READ: Biden Policies: Impoverish Americans & Tell Them to Stop Being Poor