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Americans already are in a recession under Joe Biden’s economic policies, given the traditional definition, since there was 1.6% negative “growth” in the economy in the first quarter of the year, and negative 0.6% “growth” in the second quarter.
The third quarter’s results are coming soon.
It was the Bureau of Economic Analysis that released those numbers at the time, meeting the standard definition of a recession defined by two consecutive quarters of negative numbers.
But for those diehard Democrats who have claimed jobless and unemployment numbers were good so it couldn’t be a REAL recession, there’s now further bad news.
Bloomberg reports that a U.S. recession “is effectively certain in the next 12 months,” based on its economics model projects.
The report called it “a blow to President Joe Biden’s economic messaging ahead of the November midterms.”
Its probability models by Bloomberg economists Anna Wong and Eliza Winger are predicting a higher recession probability “across all timeframes,” and within the 12-month time period it is 100%.
Biden repeatedly has claimed the U.S. won’t have a recession, and said as recently as this weekend that the nation’s economy is “strong as hell,” while munching on ice cream during a campaign trip.
Bloomberg said “tightening financial conditions, persistent inflation and expectations of a hawkish Federal Reserve pressing ahead with rate hikes are raising the risk of a contraction.”
The Washington Examiner said the forecast is “something that is certain to ring alarm bells for investors and economists.”
“The [Federal Reserve] has hiked rates by 75 basis points during its last three meetings, analogous to nine traditional increases in just a span of months,” the report said.
But so far inflation has continued to rage under Biden’s policies.
It was at 8.2% for the 12 months ending in September.
Besides the harms to consumers from the skyrocketing costs of basic living necessities, food and energy, they also are hit hard with exploding interest costs on any debt they may have.
The report explained what it means to Democrats:
“A recession would be bad news for the Biden administration and for Democratic members of Congress. Inflation is already the biggest issue facing voters heading into the midterm elections, and Republicans are hoping to capitalize on the higher prices in order to wrest back control of the House and Senate. If inflation continues to remain as sticky as it has and the economy craters into a full-blown recession, it would undoubtedly be used as a cudgel against Biden and Democratic policies in the coming months and years as the GOP pushes to win back the White House in 2024.”
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This article was originally published by the WND News Center.
