Economists Predict Job Losses, Shrinking Economy

Skyrocketing inflation, fueled by Democrats’ reckless spending, forced Federal Reserve officials to hike interest rates to bring down rising costs. Experts are now warning that a weakening U.S. economy might lose up to 175,000 jobs a month during the first quarter of 2023. Unemployment is also predicted to increase. 

Wall Street Journal: Their 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…

Employers are expected to respond to lower growth and weaker profits by cutting jobs in the second and third quarters. Economists believe that nonfarm payrolls will decline by 34,000 a month on average in the second quarter and 38,000 in the third quarter.

Despite Democrats’ claim that the economy is “strong as hell,” forecasts are predicting the economic situation to continue deteriorating, straining families finances even further. 

Bloomberg: The forecast will be unwelcome news for Biden, who has repeatedly said the US will avoid a recession and that any downturn would be “very slight,” as he seeks to reassure Americans the economy is on solid footing under his administration…

The forecasts provide a sharp contrast to Biden’s upbeat tone. The president has focused on strong job growth as he campaigns to help Democrats retain their House and Senate majorities in elections three weeks from now. 

The broken U.S. economy is voters’ number one concern as the midterms approach, and polls show Americans trust Republicans on the issue. 

New York Times: Republicans enter the final weeks of the contest for control of Congress with a narrow but distinctive advantage as the economy and inflation have surged as the dominant concerns, giving the party momentum to take back power from Democrats in next month’s midterm elections, a New York Times/Siena College poll has found…

With inflation unrelenting and the stock market steadily on the decline, the share of likely voters who said economic concerns were the most important issues facing America has leaped since July, to 44 percent from 36 percent — far higher than any other issue. And voters most concerned with the economy favored Republicans overwhelmingly, by more than a two-to-one margin.

Bottom Line: Prices are skyrocketing, wages are shrinking, and hundreds of thousands of people may now lose their jobs to the Biden recession.