The Biden Recession Is Coming
Townhall,
by
Erick Erickson
Original Article
Posted By: ladydawgfan,
4/1/2022 7:09:46 AM
Larry Summers served as secretary of the Treasury, director of the National Economic Council, and president of Harvard University. He is not a dumb man. He is a liberal Democrat with a Democrat's understanding of economic policy.
On Feb. 4, 2021, writing in the Washington Post, Summers wrote of President Joe Biden's proposed economic stimulus plan: "(W)hile there are enormous uncertainties, there is a chance that macroeconomic stimulus on a scale closer to World War II levels than normal recession levels will set off inflationary pressures of a kind we have not seen in a generation, with consequences for the value of the dollar and financial stability.
Reply 1 - Posted by:
Sanchin 4/1/2022 7:49:10 AM (No. 1116228)
A recession if we are lucky but more likely a severe depression. Most people have failed to realize that the world's financial system has been broken. The days of the dollar being the one and only reserve currency are done. The United States will no longer enjoy the free ride it has had since Bretton Woods. Along with Russia, Asia and the Global South are in the process of establishing their own financial system and the resulting disruptions in supply chains global transactions, credit structures, and repayments are going to result in financial pain for all of us. But do not worry we have nearly three more years of this president managing the helm during this storm. FJB!!!!
8 people like this.
Reply 2 - Posted by:
lakerman1 4/1/2022 7:50:44 AM (No. 1116231)
In my household, it is here. Bacon and sausage were occasional breakfast treats, but no more. We are driving a lot less, and when we do go out, we are combining errands.
Dementia Jo has put us into a serious recession. He doesn't know that, but his handlers do. And his blathering, nonsensical lies, yesterday, only made things worse.
15 people like this.
Reply 3 - Posted by:
Grateful 4/1/2022 7:58:37 AM (No. 1116239)
The Depends puppet of this wanton hubris junta is driving us right up to the cliff. We are near the point of no return on this trek to ruin.
5 people like this.
Reply 4 - Posted by:
Strike3 4/1/2022 8:06:51 AM (No. 1116250)
I can believe it's coming. Right now people are coping by spending their money on lower-level food, eating out less and using less gasoline. Soon that option will go away. People will begin to ignore the manufactured fear of J6 and start marching on that lunatic asylum on the Potomac, fences or not.
7 people like this.
Reply 5 - Posted by:
MattMusson1 4/1/2022 8:30:51 AM (No. 1116271)
It's coming like a train in the distance. And, it cannot be stopped.
Meanwhile, global food shortages, soaring oil prices and the general unavailability of goods are going to make this Recession like no other in living memory.
4 people like this.
Reply 6 - Posted by:
RuckusTom 4/1/2022 8:35:32 AM (No. 1116276)
0% interest on $30,000,000,000,000 in debt is a lot different than 20% interest on $30,000,000,000,000 in debt (Jimmy Carter rates - by the way, that's $6,000,000,000,000 in interest payments alone). Our debt is about $90,000 owed by every man, woman and child in America. Got that in your checking account? Does your wife and kids have that in their checking accounts?
3 people like this.
Reply 7 - Posted by:
watashiyo 4/1/2022 10:04:02 AM (No. 1116356)
It's already here.
6 people like this.
Reply 8 - Posted by:
wilarrbie 4/1/2022 10:26:22 AM (No. 1116381)
#6, To whom do we owe all this money? Who owes us money?
2 people like this.
Reply 9 - Posted by:
DVC 4/1/2022 10:43:33 AM (No. 1116414)
Count on it. The headline is correct.
2 people like this.
Reply 10 - Posted by:
MDConservative 4/1/2022 11:01:03 AM (No. 1116433)
The Soviets tried and failed with a command economy. Americans love "free enterprise" until it encounters real economics...then conservative, moderate or liberal, the cry goes out, "Government, do something!!"
In modern America the economy is only expected to grow to the sky without interruption. How many different administrations in just recent times have dumped TRILLIONS in stimulus into the American economy to "save it"? Let's see, Bush43, Obama, Trump and Biden come to mind. People think this has no eventual effect...and they're wrong.
Bush43 and his minions overheated the housing market, which eventually "corrected", and is now off to the races again. Obama threw money at everything "shovel ready", accomplishing nothing. PDT signed off on over $10 TRILLION in COVIDS stimulus and related spending. Biden's the guy now holding the bag, hung out after only a few TRILLION more BUT with growing inflation. And all this was bi-partisan/UNIPARTY endorsed spending. I don't ever want to hear any Republican crowing about "fiscal responsibility".
And now comes the correction...a recession is an eventual certainty...please save us, government!!
3 people like this.
Reply 11 - Posted by:
stablemoney 4/1/2022 1:42:44 PM (No. 1116646)
It has been here for over 6 months, all covered by lies with the news, and lies with the numbers.
1 person likes this.
Reply 12 - Posted by:
mifla 4/2/2022 7:18:53 AM (No. 1117238)
As I have told many of my friends, things are bad and they are going to get much worse. Worse than anything I have seen in my lifetime. The type of doom and gloom that I have read about in history books.
1 person likes this.
Reply 13 - Posted by:
Old Army Vet 4/2/2022 12:33:54 PM (No. 1117517)
Xiden is an all time screw up. He has been a screw up and a liar since he started his career in public service almost fifty years ago. He is a perfect example of the Peter Principal. We are in for big economic trouble. Hopefully thing will change soon but I doubt it. As long a people like Pelosi and Schumer are in office we are dead meat.
0 people like this.
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