During the 2020 presidential election, Joe Biden campaigned on the vow to “build back better” and deliver for the American people.
Instead, he’s done exactly the opposite. American life has gotten worse under Biden. He hasn’t been delivering. Meanwhile, polling shows that most US citizens agree the United States is not on the right track under this president.
Biden has every excuse in the world for why he’s failed on the economy, crime, and other pressing policies that matter. He’s blamed the Russians, “MAGA Republicans,” and everything but himself and his party’s policies.
Now, in less than two years of Biden’s term, the majority of CEOs are preparing themselves for a recession, as reported by Newsmax.
Another Dark Chapter For the Economy
A per-quarter Conference Board survey reveals 98% of CEOs in the United States believe the next year to 1.5 years will face a recession. Meanwhile, last month’s inflation rate is now logged at 8.2%.
When it comes to the extent of the anticipated recessions, CEOs in America are somewhat divided. For instance, 13% believe the recession is going to be steep and severe. Although 85% predict a shallow recession that’s on the milder side.
-High gas prices are back.
-Grocery prices are still at record levels.
-Used cars are virtually unaffordable.
Joe Biden’s recession.
— Rep. Jim Jordan (@Jim_Jordan) October 11, 2022
Earlier this year, the United States technically entered into recession mode after the gross domestic product rate dropped for two quarters in a row.
Jamie Dimon, the CEO of JP Morgan Chase, recently claimed America and the international economy at large are on course to a recession.
Not a Word From the White House
As CEOs gear up for a recession into 2023 and early 2024, the White House hasn’t released any sort of statement about this development.
Instead, the White House is still touting what they believe to be Biden’s economy-related wins. Top Biden spokesperson Karine Jean-Pierre continues to claim the Inflation Reduction Act that passed weeks ago is an example of the president stepping up for voters.
Sadly, this new law that Democrats continue to throw their weight behind has been confirmed by economists as a non-starter.
A visual on what Biden has done to Real Wages as Inflation destroys prosperity and spurred the Biden Recession. 18 straight months of falling behind for workers as paychecks cannot keep up with rising prices…
5 year chart on Real Wages from Ycharts pic.twitter.com/OChRiTIsaP
— Steve Cortes (@CortesSteve) October 10, 2022
The Inflation Reduction Act will increase spending, but it will not lower the costs everyday Americans are forced to pay under this current administration.
If CEOs’ expectations come true, a lot of Americans are going to suffer in the months ahead. Even now, people are barely making it as consumer costs grow across the board.
With the midterm elections quickly coming up next month, the economy is top of mind for many voters. Similarly, GOP candidates have made economic woes the focal point of their campaigns.
What do you think about CEOs preparing for a recession over the next one year to 1.5 years? Do you believe the economy is going to get even worse for the United States? Feel free to sound off in the comments area.
