Joe Biden’s skills as a job creator have been terrible. He’s missed the mark on most monthly job reports. Inflation is soaring. Americans remain on the sidelines because the government created a nice little haven of unemployment benefits. Consumer confidence is falling. So, are we about to head into a recession? A recent research paper suggests that we’re entering one right now (via Bloomberg):
David Blanchflower of Dartmouth College and Alex Bryson of University College London have kicked off such a debate.
In a new research paper released last week, they used history to wonder if a recent decline in consumer expectations suggests the world's biggest economy is already in recession again.
Every slump since the 1980s has been foreshadowed 18 months ahead of time by drops of at least 10 points in gauges of consumer expectations from the Conference Board and University of Michigan, according to the authors.
The Conference Board’s index dropped in September to the lowest since November last year, although the University of Michigan’s gained.
“Downward movements in consumer expectations in the last six months suggest the economy in the United States is entering recession now,” wrote Blanchflower and Bryson.
The publication tried to polish this bad news by saying the unemployment rate went down marginally but added that the risks are mounting, which include a global supply chain crisis at our ports, the debt ceiling fight, and the ever-present threat of rising inflation. Biden isn’t moving to resolve anything. The debt ceiling crisis is being bungled by his own party. Chuck Schumer’s ill-timed speech after the recent short-term extension might have killed any future GOP support for when Congress must raise the limit again come December. Inflation is the most immediate issue which will be exacerbated by these two massive trillion-dollar-plus spending bills that are also at risk of being cannibalized by Democratic infighting. The man is lost. He’s AWOL. And he’s not governing. He’s incompetent and there’s a reason why Quinnipiac found that 55 percent of Americans agree with that statement.
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Build back better we were told. The adults are back. Competence is back. And it took less than a year for this guy to torch his own credibility due to his inability to do the job.
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