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 October 16, 2022

Top economists predict high chance for recession in 2023

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.

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.

Written By:
Ryan Ledendecker

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