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.

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