President Joe Biden and every member of his administration will do anything but admit that the U.S. economy is either in a recession or soon will be.
But according to Breitbart, the nation's top economists are leaning heavily toward a recession in 2023. As a matter of fact, economists are now placing the odds of a full-on recession happening at 60%, which is 10 points higher than their odds set in September.
The poll, conducted in early October by Bloomberg, indicated that Biden's continued sky-high inflation seems to be the culprit.
James Knightley, the chief international economist at ING, pointed out that the rising cost of living is undoubtedly driving the odds of experiencing a recession much higher.
A "significant tightening of financial conditions is a clear headwind to growth and comes at a time when consumer and business confidence is already under immense pressure from the rising cost of living and falling equity, bond and real estate prices," Knightley said.
Economists expect a continuing recession in 2023, along with job losses, which will force the Federal Reserve to cut interest rates by late next year or in early 2024, according to a new survey.https://t.co/eUHkoM89vf
— Newsmax (@newsmax) October 16, 2022
Of course, many economists and people overall believe the United States is already in a recession, especially when they get to the checkout line at the grocery store or the gas station.
President Joe Biden, who barely knows he's alive, recently told a CNN host that he doesn't believe we're in a recession, but admitted it's "slightly" possible.
"I don’t think there will be a recession. If it is, it’ll be a very slight recession. That is, we’ll move down slightly," Biden said.