Joe Biden’s Presidency is a flat-out disaster.
Biden and the Democrats are desperate to turn things around.
But now Joe Biden is worried sick after he received some horrible news from the one place he never expected it.
Joe Biden inherited an economy on its way to recovery from the pandemic from Donald Trump.
But Joe Biden ruined it in less than a year with his socialist, big government policies.
As a result, inflation is at a 40-year high, the stock market is crashing, and store shelves are empty all across the country.
But according to a Harvard economist, the worst is yet to come for Joe Biden.
Harvard professor Kenneth Rogoff made a dire economic prediction during an appearance on Fox News.
Host Maria Bartiromo asked, “are we going to see a recession?”
Rogoff replied, “I think the chances are at least 50/50 that we’ll see a recession over the next year.”
“What I feel really worried about is, I don’t see how the Fed will both bring inflation down to say 2.5 to 3 percent and not have a massive recession,” Rogoff added.
“I think to do that, they’d have to hike rates 4, 5 percent at least, and, over the next year and a half, I don’t think they are going to do that. I suspect we’re going to end up with still high inflation, and, maybe even still a recession,” he concluded.
The Biden economy is horrendous.
But the one piece of bad economic news it’s avoided so far is that of a recession.
However, a professor from left-wing friendly Harvard is saying there’s a 50 percent chance of a recession coming next year, especially considering how the Federal Reserve is trapped between a rock and a hard place on inflation.
The only way to bring down inflation is for the Fed to hike interest rates, which would grind our already-struggling economy to a halt.
Rogoff’s prediction follows the bad news that the GDP dropped 1.4% in the first quarter of the year.
The technical definition of a recession is two consecutive quarters of negative GDP growth.
That’s why a number of economists are sounding the alarm about the coming recession.
Deutsche Bank predicted a “major recession” is looming, while Bank of America Chief Investment Strategist Michael Hartnett is warning that a “recession shock” is around the corner due to high inflation.
With a recession likely around the corner, the Biden administration could be facing a nightmare economic scenario that results in a massive beating at the ballot box in November.
Political Animal News will keep you up-to-date on any new developments in this ongoing story.
