(Chris Parker, Headline USA) Even as the leftist media attempts to convince us that Biden’s economy isn’t as bad as it seems, the list of economists concerned about a looming recession continues to grow.
Most economists now predict that the US will be in a recession next year. However, many are convinced that it will happen sooner, while pointing to red flags that are already negatively impacting our nation, reported Just the News.
For example, Business Insider recently reported that “a wave of layoffs is sweeping the US.” Tech mogul Elon Musk also announced that he was cutting 10% of Tesla’s workforce. He also warned that “layoffs will continue until vibes improve.” Overall, layoffs among tech professionals topped 15,000 last month.
Those vibes include growing concerns around inflation, rising energy prices, continued supply chain shortages, the Ukraine-Russia conflict, and, as mentioned, increasing layoffs.
American Banker also cites COVID stimulus spending as a contributing factor to a looming recession. It also cited the Federal Reserve’s plans to reduce liquidity.
Dr. Michael Walden, a distinguished economics professor at North Carolina State University, believes that a recession could begin as early as the last quarter of this year.
Matthew Luzetta, Deutsche Bank Chief U.S. Economist, stated “we expected a recession towards the end of next year in the second half of next year, and it was driven by a view that the labor market would remain remarkably tight — something that we’re seeing with this morning’s job-openings data, quits-rate data — and that inflationary pressures would be more persistent and ultimately force the Fed to be more aggressive in terms of the rate hikes.”
The recession isn’t expected to be limited to the US.
Greg Daco, chief economist at EY-Parthenon, warned “of an economic downturn globally within the next 12 months.” This prediction follows growing concerns that the global supply chain shortages will get worse before they get better – and that’s not expected to be anytime soon.
House Minority Whip Steve Scalise, R-La, expressed his concerns over Biden’s economic policies.
“I’m very concerned about the weakness of the economy right now and the potential for a recession because Joe Biden has continued to promote policies that, number one, spend money at rapid paces, but also that undermine the ability to make things in America by having an anti-American energy policy.”
