Economists Say U.S. “Heading For a Recession”
The risk is “very, very high” that the U.S. enters a recession — and Democrats’ reckless economic policy is to blame.
May 19, 2022
Economists, banks and CEOs all believe the risk of a recession in the next year is “uncomfortably” high. Costs are spiraling out of control, wages aren’t keeping up with inflation, interest rates are rising and economic pessimism has hammered the stock market in recent weeks. Jobless claims are also on the rise once again.
Washington Post: The U.S. economy could be heading for a recession in the next year, according to growing warnings from banks and economists, as a sudden bout of economic pessimism hammers financial markets that had been counting on sustained economic momentum. . .
This week alone, former Goldman Sachs chief executive Lloyd Blankfein warned of a “very, very high risk” of recession; Wells Fargo CEO Charlie Scharf said there was “no question” that the U.S. economy is heading toward a downturn; and former Federal Reserve chair Ben Bernanke cautioned that the country could be poised for “stagflation” — a slowing economy combined with high inflation.
A large majority of CEOs — 68 percent — expect a recession. Sixty percent believe economic conditions have worsened over the past six months.
A recession would be a result of Democrats’ dangerous economic policy. Reckless spending by the Biden-Harris administration and congressional Democrats sent inflation skyrocketing to 40-year highs. Now, the Federal Reserve is raising rates at a dramatic rate to cool inflation — which, experts say, is likely to trigger a recession.
Bottom Line: The risk is “very, very high” that the U.S. enters a recession — and Democrats’ reckless economic policy is to blame.
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