Has Joe Biden's recession already hit us? Perhaps

For the past 2-3 months, Republicans and economists have worried whether Bidenflation would tip the Trump recovery into Joe Biden's recession. This article by CNBC's Jeff Cox suggests that Joe Biden's recession has arrived.

Further, this study of consumer sentiment found that consumer sentiment dropped 14% from May, "continuing a downward trend over the last year and reaching its lowest recorded value..."

The CNBC article opened by saying "The case that a recession is looming over the U.S. got stronger Friday, as blistering inflation and historic lows in consumer sentiment painted an increasingly dark economic picture. As if the consumer price index increase of 8.6% wasn’t bad enough news, that release was followed later in the morning by the University of Michigan Index of Consumer Sentiment. That widely followed gauge of optimism registered a paltry 50.2, the lowest in survey data going back to 1978. That’s lower than the depths of the Covid outbreak, lower than the financial crisis, lower even than the last inflation peak back in 1981."

While much attention is rightly focused on what the Fed will do at their next meeting, rising gas prices remain a top worry for families:

Overall, gas prices weighed heavily on consumers, which was no surprise given the 65 cent increase in national gas prices from last month (AAA). Half of all consumers spontaneously mentioned gas during their interviews, compared with 30% in May and only 13% a year ago.
If Biden doesn't develop an energy policy quickly (he has an environmental policy, not an energy policy IMHO), we will drop into a deep, lengthy recession. It's my theory that the inflation is accelerating because businesses have realized that Biden is doubling down, not changing. This is proof that he's either an ideologue or an idiot or a combination of both.

People don't care if Biden feels their pain. They just want him to fix the things he's broken. He could put a huge dent in inflation if he told the greenies to take a hike. Instead, he's doubling down with them. To rev up his base, he has to lose other demographics. How foolish.

The good news in this is what Larry Kudlow says nightly: The cavalry is coming.

Comments

Post a Comment

Popular posts from this blog

Tim Walz's Confederate Flag Fiasco

Image
After Minnesota's Democrats shoved the most controversial progressive legislation down Minnesotans' throats, gossip started popping up about Gov. Walz being interested in running for president . That's died off but Gov. Walz is still making headlines, this time for all the wrong reasons. First, Gov. Walz isn't the brightest bulb in the chandelier. Still, Gov. Walz is fighting against Minnesota's history. This Alpha News article quotes David Hann, the chairman of Minnesota's Republican Party, as saying " The flag the DFL has eliminated was a version of the historic flag our regiments fought under during the Civil War. Minnesota was the first state to offer troops to the Union cause in 1861 , beginning a long tradition of leading the nation in confronting injustice. The DFL quest to erase our history is repugnant and should be rejected." Gov. Walz, though, sees things differently. He's quoted as saying "Minnesota is a diverse state, it continue...
Read more

What is Kamala Harris afraid of?

Image
Apparently, Kamala Harris suddenly loves debating. Let me rephrase that. Harris loves debating as long as the moderators are partisan hacks. She wants nothing to do with a debate moderated by Fox's Bret Baier and Martha MacCallum. She's afraid of Bret and Martha because a) they'll either fact-check both her and Trump or they won't fact-check either of them and b) Bret and Martha aren't afraid of asking follow-up questions. To a candidate whose answers are scripted and who isn't quick on her feet, the last thing you want is a follow-up question. Kamala fears follow-up questions like vampires hate wooden stakes, sunlight and holy water. Why has Kamala Harris avoided Fox News like the plague? The moderators/propagandists fact-checked Donald Trump aggressively but didn't fact-check Harris . Why didn't David Muir and Linsey Davis fact-check both candidates equally? Is it because Harris doesn't like fair fights? Perhaps she's just afraid of getting exp...
Read more

Why is Joe Biden letting Hamas off the hook?

Image
It isn't disputable whether Joe Biden's administration is letting Hamas off the hook. That issue was settled months ago, when a spineless Joe Biden caved to activists interested in saving Hamas and thwarting the Israelis' attempt to defend themselves. Gerard Baker's op-ed highlights what's at stake for the U.S. if the terrorists are permitted to survive. In his op-ed, Baker wrote "If, under the pressure of internal Democratic politics and global public opinion, the Biden administration forces a 'cease-fire' that leaves our closest ally in the region short of victory over an enemy that seeks to destroy it, sooner or later we shall all pay the price." It's time to revisit George W. Bush's speech to a joint session of Congress on Sept. 20, 2001. It's required that we remind ourselves of one of its most important paragraphs. In talking about who committed the atrocities of 9/11, President Bush identified al-Qa'ida as "a collectio...
Read more