Inflation + Recession = Joe Biden’s Economy

Inflation remains near 40-year highs and consumer confidence has sunk to record lows as a recession looms over the Biden economy. The Atlanta Fed is forecasting a second consecutive quarter of economic contraction, the widely accepted definition of a recession. However, Joe Biden continues to assert that a downturn is not “inevitable.” 

Politico: From Wall Street to Washington, whispers about a coming economic slump have risen to nearly a roar as the Federal Reserve ramps up its battle against the highest inflation in four decades.

Price spikes and the Fed’s aggressive interest rate hikes sent the benchmark S&P 500 stock index tumbling to its worst performance in the first half of the year since 1970. Consumer confidence has sunk to record lows. And economists are increasingly worried that a downturn will not only happen but happen soon — a danger underscored by one widely watched Fed growth tracker.

Many Americans believe a recession has already begun and polls show that voters are increasingly pessimistic about the economy. Large majorities of Americans are concerned about inflation and a recession impacting their financial security — despite Democrats’ attempts to distract voters. 

Bloomberg: The recession calls are getting louder on Wall Street, but for many of the households and businesses who make up the world economy the downturn is already here. . .

The worries among small business owners, consumers and others are illustrated by so-called Misery Indexes, which blend unemployment and inflation rates. The gauge for the US is already 12.2%, similar to levels witnessed at the start of the pandemic and in the wake of the 2008 financial crisis, according to Bloomberg Economics.

Bottom Line: Democrats broke the economy by fueling inflation and setting in motion a recession.