Rampant monetary printing and record inflation threaten to bring the United States into a recession.
We are already witnessing low retail sales during what is usually the retail sector’s busiest quarter and the Federal Reserve has indicated continued rate hikes in 2024.
Despite this, Joe Biden continues to claim that the economy is experiencing stable growth:
“Steady, stable economic growth”? — Fed says:
2023 — +0.0% (recession)
2024 — +1.7% pic.twitter.com/tWA1aDcjBU
— Jeff Cunningham (@jeffrygc) December 19, 2022
Several economic indicators all point to a looming recession that will hit sometime in 2023 or 2024.
The rate hikes alone make it impossible to see how growth could resume in 2023 or 2024, as all asset classes continue to suffer in the current market climate:
Yield curve invertion – Done. Recession in 2024? https://t.co/ca6Oq8cjIJ
— Yurii Druk (@YuriiDruk) December 18, 2022
According to The Epoch Times:
American industry will slow down next year, then fall into a recession the year after, according to ITR Economics, an economic forecaster.
“We’re still calling for more of a slowing growth cycle in 2023, but the original soft landing that we were calling around the end of 2023 now looks like it’s turning into a hard landing in 2024,” Patrick Luce, an economist with ITR, told The Epoch Times.
A key indicator that made ITR change the forecast was the inversion of treasury rates.
fastest rate hike must create
fastest down turn in economy
— Sangam Agarwal (@SangamAgarwalFX) December 19, 2022
-Americans are worried about a recession.
-Retail sales have dropped.
-Savings accounts are being used up.
-All right before Christmas.
Joe Biden’s America.
— Rep. Jim Jordan (@Jim_Jordan) December 18, 2022
Fannie Mae tells a different story according to Fox Business:
Fannie Mae’s latest economic forecast predicts a modest downturn for the U.S. economy in 2023, but it should be on the road to recovery by 2024.
The mortgage giant’s Economic and Strategic Research (ESR) Group expected a contraction of 0.6%, down one-tenth from its previous forecast, in gross domestic product (GDP) growth in 2023.
However, it anticipated a rebound in GDP growth in 2024 to 2.0%.