After getting caught flat-footed on inflation, the Biden administration is determined not to be caught off-guard on the recession. Instead of trying to stave off a downturn, however, it appears to be trying to pre-blame Republicans for it.
Last week, for example, President Joe Biden warned that if Republicans seize the congressional majority in next month’s midterm elections, they will “crash the economy.” In particular, Biden argued that Republican attempts to use the debt ceiling to push for lower spending would damage the economy. “If you’re worried about the economy, you need to know this Republican leadership in Congress has made it clear they will crash the economy next year by threatening the full faith and credit of the United States,” Biden said from White House.
In reality, the economy is almost certainly going to slump next year regardless of which party runs the House of Representatives or the Senate. The Wall Street Journal’s latest survey of economists found that on average economists put the probability of a recession in the next 12 months at 63 percent. That’s up from 49 percent in the July survey. It is the first time the survey has put the probability above 50 percent since July 2020. An economic model run by Bloomberg Economics recently registered a looming recession as a 100 percent probability. The Conference Board’s leading economic indicators point to a recession by the end of this year.
Time to Pre-Blame Democrats for all their Destruction of America & our way of Life !!!!