As president, Joe Biden has done possibly more damage to the US economy than any president before him. Biden’s spending packages turned into laws that led to historic levels of inflation.
As a result of inflation, interest rates have gone up considerably. Already, credit card debt holders could be looking at interest that reaches a collective $3.3 billion before this year ends.
The prices of housing, rent, gas, and groceries are also becoming rapidly unaffordable for most Americans today. Sadly, the nation’s current economic crisis isn’t going to fade away anytime soon.
According to one top bank, the United States is going to be facing a very bleak recession soon, per PJ Media.
The Horrifying Prediction From Deutsche Bank
According to Deutsche Bank, America’s recession will be “major.” It will follow the Federal Reserve eventually bringing interest rates up by 5% to 6%. Economists with the major bank are likewise projecting that rises in unemployment are on the way.
Thus far, mid-2023 is the timeframe for when Deutsche Bank believes a serious US recession will arrive. In another not-so-comforting turn, economists also described inflation as “here to stay” with Americans.
Needless to say, this is terrible news for Americans who are being financially eaten alive by inflation. Biden appears on a fast track to make Deutsche Bank’s prediction come true, as he’s calling for Congress to approve new spending bills.
For what it’s worth, Goldman Sachs believes America can dig its way out of inflation without facing a recession in the process. Whether or not Deutsche Bank or Goldman Sachs is right depends on whether or not the federal government continues spending or lowers the national deficit.
More Grim Warnings of a Recession
The warning from Deutsche Bank comes as the trucking industry is facing lower demands for its services. History has shown this is often a bellwether for recessions, although not always.
On top of this, food shortages are a real possibility that the president warned Americans about weeks ago.
Over the past two years, the economy has been put through the wringer with lockdowns, capacity limits on businesses, stay-at-home mandates, and more. In 2020 and 2021, many businesses went underground permanently.
All of these events have played a hand in the troubled state of the economy today. If the United States is in the middle of a recession by mid-2023, the blame will lay at the feet of Joe Biden and other Democrats who pushed anti-American policies.