Fears of recession are everywhere — except at the clueless White House

With prices soaring, labor shortages, the Ukraine war raging, supply-chains snarled and interest rates now set to rise, fears of a looming recession are everywhere. Except, of course, at the White House — which is in utter denial.

Just as it was over inflation.

“‘Inflation shock’ worsening, ‘rates shock’ just beginning, ‘recession shock’ coming,” blared Bank of America chief investment strategist Michael Hartnett in a note to clients.

“We anticipate that a more aggressive tightening of monetary policy will push the economy into a recession,” warns Deutsche Bank’s economists.

“The overheating of the labor market has raised the risk of recession meaningfully,” declares Goldman Sachs chief economist Jan Hatzius.

“Recession in the next couple of years is clearly more likely than not,” warns Clinton Treasury Secretary Larry Summers — whose prescient alarms on inflation a year ago went unheeded by Team Biden.

One development prompting jitters: Yields on short-term debt have been inching past longer-term debt, signaling investors’ lack of confidence in the economy down the road.

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