Joe Biden’s time in office has been a failure on every front.
The world is on fire, there is an invasion at the southern border, and woke mobs are out of control in corporate America and on college campuses.
But now Joe Biden caused an economic meltdown that will cost him everything.
The minutes from the Federal Reserve’s March meeting contained bad news for Joe Biden.
Federal Reserve staff economists project that the economy will plunge into a recession in late 2023 and will not fully recover until 2024.
“Given their assessment of the potential economic effects of the recent banking-sector developments, the staff’s projection at the time of the March meeting included a mild recession starting later this year, with a recovery over the subsequent two years. Real GDP growth in 2024 was projected to remain below the staff’s estimate of potential output growth, and then GDP growth in 2025 was expected to be above that of potential,” the minutes of the Fed’s March meeting read.
The Fed cited the banking crisis that began with the collapse of Silicon Valley Bank as the impetus for the new projection of the American economy entering into a recession that will last through 2024.
Silicon Valley Bank collapsed after account holders pulled their money when the bank lost nearly two trillion dollars after treasury securities declined in value due to rising interest rates.
The Federal Reserve hiked interest rates to slow down the skyrocketing inflation caused by Joe Biden’s trillions of dollars in socialist spending.
In the minutes, the Fed said rising interest rates leading to a recession would alter how it handled rate hikes in the future.
“Many participants remarked that the incoming data before the onset of the banking-sector stresses had led them to see the appropriate path for the federal funds rate as somewhat higher than their assessment at the time of the December meeting. After incorporating the banking-sector developments, participants indicated that their policy rate projections were now about unchanged from December,” the minutes reported.
If Joe Biden does indeed run for re-election in the teeth of a recession that is the direct result of his socialist agenda, it will make it even more difficult to ask the American people for four more years in the White House.
Patriot Political will keep you up-to-date on any developments to this ongoing story.
