Not only is a Biden recession “effectively certain,” but will happen much sooner, according to a new Bloomberg Economics model. This follows a Wall Street Journal survey of economists that put the probability of a recession in the next year as more likely than not, up higher than July.
As Bloomberg reports:
“While the chance of a recession within 12 months has reached 100 percent under the model, the odds of a recession hitting sooner are also up. The model forecasts the likelihood of a recession within 11 months at 73 percent, up from 30 percent, and the 10-month probability rose to 25 percent from zero percent.”
Despite President Biden’s assertion that the economy is strong, concerns about a looming recession are widespread. More than half of Main Street job creators are considering layoffs in the next six months, while at least a third believe we’re already in a recession or will be in one soon.
While Battling Biden-Flation, Main Street is Bracing for a Biden Recession.
- Before the latest report showed core inflation at its highest point under this Administration, more than half of top job creators warned inflation had yet to reach its peak. Experts at Visa are predicting inflation will last well into the next year
- A Biden recession could exacerbate the suffering of minority Americans struggling with skyrocketing prices.
- Experts are warning that in a recession, job losses will “disproportionately fall on some of the most vulnerable workers, including minorities and less-educated employees.”
Families Are Suffering in Biden’s Cruel Economy.
- More than half of workers’ paychecks have been slashed by nearly nine percent, the steepest pay cut in 25 years, according to analysis from the Dallas Fed.
- Due to rising prices, more than 70 percent of families have been unable to afford basic necessities, according to a Fox News poll.
- This winter, U.S. households will pay an average power bill of $1,359, the steepest price since 1997. These soaring energy prices are hurting lower- and middle-income families the most, disproportionately hurting those making $50,000 or less.
Republicans’ Commitment to America Means a Stronger Economy.
- One of the central tenets of the Commitment to America is “an economy that’s strong” – one where families benefit from increased take-home pay, good-paying jobs, and stability through pro-growth tax and deregulatory policies.
- Republicans’ Tax Cuts and Jobs Act helped all Americans by reducing the federal tax rates for households across every income level, while increasing the share of taxes paid by the top one percent.
- Ways and Means Republicans have introduced a bill to make permanent the very tax reform that succeeded in helping lower-income families.