The economy is getting so bad that even a major bank CEO as stated that a recession is coming, and the cause should be obvious to everyone.
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Joe Biden’s America has been a constant downtrend in financial security, wars popping up across the world, and massive inflation here at home from his mega spending bills.
CNBC reports, Next year’s recession could be triggered by inflation, according to JPMorgan Chase CEO Jamie Dimon.
Consumers and companies are currently doing well, but that may not last much longer, Dimon said on CNBC’s “Squawk Box.” Consumers have $1.5 trillion in excess savings from Covid pandemic stimulus programs and are spending 10% more than in 2021, Dimon said.
While a banking CEO is willing to go on the record that a recession is coming, despite that the White House is still unwilling to admit that fact.
The Daily Wire reports. White House Chief of Staff Ron Klain recently insisted the United States is not in a recession.
A recession in the United States is defined by two consecutive quarters of negative growth, despite an increase in economic output during the third quarter. As an example, output contracted 1.6% in the first quarter and 0.6% in the second quarter. In an interview with MSNBC, Klain said that the economy is recovering robustly under Biden. Despite multiple quarters of negative growth.
With his massive spending and war on fossil fuels, Joe Biden has caused the massive inflation crisis. As gasoline and diesel fuel prices rise, everything else goes up as well. Biden has stopped all new drilling and forced oil companies to stop production domestically as well as authorized trillions of dollars to go out in some of the biggest spending bills in history. That money had to come from somewhere, and now the interest payments on those loans are due, causing the economy to tank further. Certainly, we are in for a dark winter, and we pray that the ship can be corrected before we hit the financial iceberg.
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