If we listen to Joe Biden (when we can understand him, that is), all is well with the economy. The Feds have everything under control, and there are plenty of jobs available. Recession? Nope, not going to happen.
Are Biden and the rest of the liberals hiding in the White House being honest with us, though?
You’d have to be crazy to think that they’ve been honest about anything since taking over in January of last year.
Bank of America is ready to level with us, though. And their forecast may actually bring a tear to your eye. And if you’ve been laid off recently, it may bring a complete and utter breakdown your way.
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A recent forecast from the bank was made after the Federal Reserve indicated that the interest rate would be close to five percent next year. It leads to harder lending – and that’s not a good thing.
Unemployment is now expected to increase to 5.6% by the end of 2023.
Right now, we’re dealing with unemployment rates of around 3.5% to 3.7% depending on the month.
Economists from Bank of America wrote, “The Fed’s actions suggest to us that it is committed to reducing inflation and it appears willing to accept some deterioration in labor market conditions.”
The GDP is anticipated to fall by one percent in the last quarter of 2023. The bank also believes that the Fed will have no choice but to raise the target range for the Federal Funds Rate to as high as 5%.
The rapid rise in unemployment is one of the biggest indicators of a recession. It’s reactionary as businesses deal with what the Fed is doing. If interest rates are on the rise and labor market conditions are breaking down, businesses will cut ties with employees so that they can hold onto as many profits as possible.
With more and more businesses acting in such a way, you’ll see all of those “now hiring” signs blow away in the wind. Who can hire when business is down, and the country is plummeting toward a recession? Perhaps McDonalds, but most working-class Americans are looking for a better opportunity than finding out what the special sauce of a Big Mac consists of.
It seems that we may be in a Sahm Rule recession sometime in the middle of next year. A Sahm Rule is named after economist Claudia Sahm. It identifies that a recession has begun once there is a three-month moving average increase of the national unemployment rate by 0.5% or more relative to the low seen within the previous 12 months.
Meanwhile, Biden stands there with his thumb up in the air to tell everyone that it’s going to be okay. Maybe we’ll get to even hear about how he understands the struggles. He’ll come up with a story about what he’s been through, only for it to be deemed as a lie later on.
And don’t even think that we’ll get an explanation out of the White House. Karine Jean-Pierre isn’t about to tell the truth. She’s part of the cover-up to protect Biden from getting booted even though he’s the one who should be on the unemployment line right about now.
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