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.
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.
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.
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.”