Staff Reports
It would appear that a severe economic downturn is on the horizon, going by President Joe Biden's track record of inaccurate forecasts.
On Tuesday night, Biden sat down with Jake Tapper of CNN for a casual interview. Tapper questioned, "Should the American people brace for a recession?"
It would appear that a severe economic downturn is on the horizon based on the track record of failed predictions held by President Joe Biden.
Jake Tapper of CNN sat down with Joe Biden on Tuesday evening for a game of softball sitdown interview during which Jake posed the question to Biden, Should the American people brace for a recession?
Look, give some thought to what just took place. We're in a stronger position economically and politically than any other big country in the globe, and that's a fact.
According to John Cooper of the Heritage Foundation, In about 10 seconds, Joe Biden swings from saying, 'we won't have a recession,' to 'it will be a mild recession,' to 'hey, our economy is bad less than everyone else's!'
https://twitter.com/thejcoop/status/1580007990316662784
There is no denying the fact that a recession is affecting our country at the present time.
It has now been two quarters in a row that the United States economy has seen negative growth. At the end of October, the government will release the gross domestic product data for the third quarter, and preliminary reports indicate that it may show growth, which would put an end to the recession.
Despite this, neither the state of the economy nor the president's projection can be considered to be sound at this time.
Jamie Dimon, the chief executive officer of JP Morgan Chase, made a prediction on Monday that three variables, including out-of-control inflation, increases in interest rates, and the conflict in Ukraine, might bring about a downturn in the United States in the next year.
As Dimon said to CNBC, these are very, very severe things that might cause a recession in the United States and the rest of the world over the next six to nine months.
Dimon also cautioned that it was very uncertain how long a crisis may endure, which was in contrast to the statement that Biden gave that pretended to be confident.
It can go from extremely light to fairly hard, and a lot will be dependent on what transpires with this war, he continued. It's going to be interesting to see where this goes. So, in conclusion, I believe that guessing is difficult; be ready.
Obviously, Joe Biden is the same person who predicted that the Taliban wouldn't be able to take control of Afghanistan as soon as they did. He also forecast that the inflation rate will reach its highest point in December of 2021. In spite of the fact that the price of gasoline has increased by more than a dollar since he assumed office, he vehemently maintains that he was able to bring it down. According to at least one of his cabinet members, he was also taken aback by a problem involving infant formula that had been escalating since "last year." This issue had been festering since "last year."
To put it another way, the factual evidence (as well as plain sense) demonstrates that Vice President Joe Biden does not actually understand what he is talking about — on everything, least of all predicting a recession.
The preceding is a summary of an article that originally appeared on Daily Wire.
