A Bloomberg monthly survey of economists indicates nearly 50% believe the United States economy is headed toward a recession within the next year.
The number of economists who believe a recession is coming stands at 47.5%, a sharp increase from just one month ago when that number stood at 30%.
In March, 20% had anticipated such a fate.
Obviously, we’re going in the wrong direction.
A separate poll by Magnify Money shows Americans are even more concerned about the state of the economy, with 70% predicting a recession is coming, along with a majority of those (59%) expecting it in the next six months.
Worse, 68% state that they are not prepared to handle any such financial downturn.
Odds are now close to even that the US economy will slip into a recession within the next year https://t.co/PHNp5c1CpG
— Bloomberg (@business) July 15, 2022
Recession is Coming
Support Conservative Voices!
Sign up to receive the latest political news, insight, and commentary delivered directly to your inbox.
News of a looming recession in the eyes of economists comes as indicators abound, with inflation far outpacing economist warnings for June, spiking to a new 40-year high of 9.1%.
Fox News host Neil Cavuto asked White House economic advisor Jared Bernstein the question on everyone’s mind: “Do you guys ever start feeling like it’s Jimmy Carter déjà vu and that’s where we’re headed?”
Bernstein replied by suggesting today’s economy is more nuanced than what Carter faced and proposed Cavuto had been cherry-picking data points.
If he chooses to believe that, he’s whistling past the graveyard. 70% of Americans believing a recession is coming doesn’t bode well for the Biden administration or Democrat politicians.
The people aren’t cherry-picking data, they’re going off of what they see at gas pumps and grocery stores and every time they look in their wallets to find less money with each passing day.
Still can’t see the recession? Try this visual. pic.twitter.com/pkvTOAK8or
— David Rosenberg (@EconguyRosie) July 15, 2022
Inflation Will Result in a Red Wave
Plummeting confidence in the economy, the most unpopular president in modern history, soaring inflation, and a looming recession all spell trouble for Democrats in the midterm elections.
Former Obama economic adviser Jason Furman told the New York Times that inflation is “‘so deeply baked in” the American consciousness there may be nothing Democrats can do to alter the predicted shellacking forthcoming in the midterms.
Furman called the economic crisis “a very negative thing” for his party.
“My guess is that the negative views about inflation are so deeply baked in that nothing can change in the next few months to change them,” he said.
Obama adviser tells New York Times that Democrats are likely doomed by inflation: ‘Nothing can change’ https://t.co/YjQmemdAwG
— Fox News (@FoxNews) July 15, 2022
Furman had previously pinned some level of blame for skyrocketing inflation on Biden’s $1.9 trillion COVID stimulus bill.
He told CNBC that all signs pointed to the spending being “too big” and added, “I don’t know any economist” who supported that much.
On May 12, former Obama economist Jason Furman said Biden’s spending is “too big…don’t know any economist” who supported that much pic.twitter.com/fjyPIGD42M
— RNC Research (@RNCResearch) May 25, 2021
Economists with Bank of America have predicted a coming recession that could last into 2023.
“Equities are not adequately discounting a recession if we are already in one,” their bank analysts added.
— Bitcoin News (@BTCTN) July 14, 2022
Meanwhile, the American worker has lost $3,400 in annual wages due to skyrocketing inflation, while the average family with both parents working has seen a $6,800 pay cut.
With the constant negative economic news coming from every corner involving analysts, economists, and general observations by the American people … If you aren’t having Jimmy Carter déjà vu already, you probably should be.
Now is the time to support and share the sources you trust.
The Political Insider ranks #3 on Feedspot’s “100 Best Political Blogs and Websites.”
Read this Next on ThePoliticalInsider.comIs War With China In Taiwan To Protect Semiconductor Production Really Necessary?