Based on several indicators, leading economists are predicting that there is a 100% chance that America will enter a recession in 2023.
CBN provides more details:
“The latest Bloomberg projections show a 100 percent chance of a recession in the next year. And one of the world’s top credit rating agencies now says the US Gross Domestic Product will grow by just half a percent next year, down from earlier projections.“
In addressing the probability of a recession, Phil Kerpen, an American market policy analyst, told CBN:
“I think it’s unlikely that it can be avoided. The question is how deep and how long it will be.”
The recession is being largely driven by rapidly rising interest rates being used to combat inflation, which was caused by reckless government overspending.
The economy is becoming a major election issue
The US economy is increasingly becoming a major factor among voters in the lead-up to the November midterms. According to a poll conducted by Civiqs on Oct 9, 2022, 62% of Americans believe the economy is getting worse and 70% believe the economy is already very or fairly bad. READ: Poll: 62% Say Joe Biden’s Economy Getting Worse 29 Days from Election
Meanwhile, Biden goes out to buy ice cream
While out on a trip to buy some ice cream, President Joe Biden told reporters that the US economy is strong. READ. Joe Biden Says Economy ‘Strong as Hell’ During Trip for Ice Cream