Small businesses and American workers are bracing for economic pain ahead as the Atlanta Federal Reserve’s running estimate of GDP shrunk even further, suggesting that President Biden has led the U.S. economy to the brink of, or already into, a recession. The economy doesn’t have much further to go before a recession is unquestionably here, after GDP already shrunk the first three months of the year.
CLICK HERE to read the Atlanta Federal Reserve’s report.
President Biden’s Policies Have Made a Recession Inevitable.
- President Biden and congressional Democrats’ $2 trillion so-called COVID stimulus fueled this inflation fire and damaged the economy, with former Obama-Biden White House economic advisor Jason Furman attributing at least 2.5 percent of current inflationary pressure to the massive bill.
- Even economists who have been cited as favorable toward President Biden’s policies have criticized his agenda and warned about worsening inflation.
- Republicans have outlined six steps to fight inflation.
President Biden’s Inflation-Plagued Economy Keeps Getting Crueler for American Families.
- Accelerating inflation has wiped away 26 million low-income households’ savings, according to a new report, with these Americans losing nearly $16,000 under President Biden.
- Recent reports show two out of three Americans are dipping into their savings to try to keep up with higher prices.
Main Street Businesses Are Bracing for More Economic Pain.
- Despite President Biden’s dismissal of recession fears, former Obama-Biden Director of the National Economic Council Larry Summers recently warned that a recession is “almost inevitable.”
- While more than half of Americans believe the U.S. is already in a recession, there is growing consensus among top business executives and job creators that a recession is “unavoidable.”
- More than 60 percent of surveyed CEOs expect a recession in the next 12 to 18 months, and an additional 15 percent think the region where their company operates is already in one.