Despite President Biden’s continued denial and claims that the economy is “strong as hell,” inflation has never been higher under his presidency, which has experts anticipating a recession in the next 12 months.

A Wall Street Journal survey of economists put the probability of a recession in the next year at 63 percent, which is up 14 percent from July.

The WSJ reports: 

“[Economists] forecasts for 2023 are increasingly gloomy. Economists now expect gross domestic product to contract in the first two quarters of the year, a downgrade from the last quarterly survey, whereby they penciled in mild growth.”

This comes as new analysis shows Biden-Flation has wiped away a month’s worth of earnings for more than half of U.S. workers – the steepest pay cut in 25 years.

KEY TAKEAWAYS:

Experts Say the U.S. Will be in Recession Next Year.

• According to the WSJ survey, “economists put the probability of a recession in the next 12 months at 63 percent,” – the first time the probability has topped 50 percent since July 2020.
• The majority of chief executive officers (CEO) surveyed by CNBC believe there will be a recession in the next year. Only a third believe it will be a “short” or “mild” recession, while 51 percent are considering layoffs in the next six months.
• More than a third of chief financial officers (CFO) believe the U.S. is either already in a recession, or will be in one before the end of the year. 

READ: Like Inflation, President Biden’s Denial Doesn’t Make a Recession Go Away

The Bad Old Days of Slow Growth Are Back.

• The Biden Administration predicted the economy would grow “just under two percent per year” for the next decade under its full agenda.
• This is lower economic growth than the Obama-Biden Administration’s infamous “new normal,” which averaged 2.3 percent.
• Economists now anticipate GDP will be even lower, growing less than one percent over the next 10 months.

READ: Breaking: Biden Budget Includes Tax Increase on Lower & Middle Income Families Earning Under $400,000

Already Struggling with Skyrocketing Prices, Americans Will Suffer Job Loss Under Biden’s Cruel Recession.

• Economists anticipate monthly job creation will average 28,000 over the next year, which is significantly less than the Biden Administration’s own stated goal of monthly job creation averaging 150,000.
• 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.”

READ: Cruel Biden Recession Will Crush Minority Americans