Before inflation reached its highest since President Biden took office, three months ago, in a rare sitdown interview, the President denied a recession was “inevitable.” Despite the fact that more than half of top job creators are bracing for a severe recession, President Biden is still in denial, this week saying:

“I don’t think there will be a recession. If it is, it will be a very slight recession. That is, we’ll move down slightly. […] Look, it’s possible. I don’t anticipate it.”

Bottom Line: The same Administration that failed to heed experts’ warnings about accelerating inflation is continuing to dismiss experts’ warnings about the cruel recession.

KEY TAKEAWAYS:

Under Biden’s Cruel Economy, Americans are Suffering and Job Creators Are Bracing for a Recession. 

• More than half of American workers’ paychecks have fallen behind – the highest share of workers since 2011, the last time President Biden was in the White House.
• Biden-Flation has robbed workers of a whole month of wages – the steepest pay cut in 25 years, according to analysis from the Dallas Federal Reserve. 
• More than 90 percent of chief executive officers (CEO) believe there will be a recession in the next year, according to a recent survey. Only a third believe it will be a “short” or “mild” recession. 

READ: Core Inflation Hits Highest In Biden Presidency

READ: Cruel Biden Recession Will Crush Minority Americans

Democrats Created the Biden-Flation Crisis – Despite Many Warnings.

• Democrats insisted on passing a $2 trillion so-called “stimulus,” despite warnings from former Obama-Biden Administration officials like former Director of the National Economic Council Larry Summers and former Chairman of the Council of Economic Advisers Jason Furman that it would stoke inflation. 
• The Administration dismissed these warnings as “a high class problem,” and claimed that inflation was “transitory.” 
• In August, Democrats passed the so-called “Inflation Reduction Act,” which adds $700 billion to the inflation fire and raises taxes on working families and Main Street.

READ: San Francisco Federal Reserve Analysis Debunks White House Excuses on Inflation

Republicans Are Committed to Creating a Strong 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. 
• Ways and Means Republicans have introduced a bill to make permanent the very tax reform that succeeded in helping lower-income families.