Prepare for economic disaster as former Treasury Secretary predicts a 70% chance of a recession starting this year due to Joe Biden’s mishandling of the economy. Shocking revelations ahead.
Joe Biden’s mishandling of the economy is quickly leading America to an impending recession, according to former Treasury Secretary Larry Summers.Â
Democrats are quick to blame external factors such as natural disasters and economic downturns in other countries for economic crises that face America. However, the latest predictions indicate that Biden’s incompetence is the primary reason behind the upcoming economic collapse.
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Summers predicts that there is a 70% chance of a recession starting this year owing to a combination of factors such as the credit crunch risk, lag associated with monetary policy, inflation, and the instability of commodities. These factors have a high likelihood of leading America to the brink of another recession, even though fewer people are optimistic about a possible economic downturn in recent months.
The former Secretary is not the only one concerned about the likelihood of an impending recession. A survey of economists from different business sectors also predicts a substantial downturn in the economy. A third of those who participated in the survey believe that a recession beginning in the April-June quarter is on the horizon, while one-fifth expect it to start from July-September 2023.
The current administration does not seem concerned about the warning signs that are presumably evident, as they continue to downplay the concerns by their critics. Unfortunately, there is already evidence of an economic strain from the banking crisis, with at least two banks collapsing in a month. Signature Bank and Silicon Valley Bank received federal bailout aid when they were no longer able to function properly, which speaks volumes about Biden’s management style.
The former Treasury Secretary, Hank Paulson, also shared similar concerns during a recent interview with the Financial Times. Paulson points out that the capital markets have shut down for two to three weeks, and though they’ve reopened, they are not as active as they used to be. Many private sector banks are not providing credit, making it difficult for small and regional banks to lend. This scenario only intensifies the likelihood of a recession.
The analysis of the current economic landscape suggests that the country is going through difficult times, and it’s not going to get better any time soon. Experts predict that the worst is yet to come, creating a bleak picture for America’s future. With the current threats and challenges faced by the country, it is evident that Joe Biden lacks the skillset required to navigate America back to economic growth and progress.
The future looks grim for America’s economy. Joe Biden’s mishandling of the economy will be a major contributing factor to the economic recession predicted to hit the nation soon. The warning signs are already visible, and it’s not hard to see that the country’s problems have more to do with the present administration’s ineptitude than external factors. America’s citizens can only brace themselves for the hard times ahead as they anticipate the worst-case scenario.
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