Recession is 100% SURE within 12 months, model projects after Biden calls economy ‘strong’

By Alex Hammer and Stephen M. Lepore

Inflation has cost an average of 25 percent — at least $2.1 trillion — of America’s 401,000 workers, despite President Joe Biden insisting on Sunday that the “economy is strong as hell.”

The analysis was done by conservative economists Stephen Moore and EJ Antoni, who said the US 401ks balance “will ruin your whole day, week and month.”

Moore and Antoni note that inflation has been at 8 percent for the past seven months, despite the White House claiming it was temporary.

They argued that the average American family has lost nearly $6,000 in “purchasing power” over the past 20 months due to the rise in prices above wages.

The average American’s 401k plans have lost a whopping $34,000 in value — more than 25 percent from where it was a year ago — to a total of $2.1 trillion in losses.

The average American’s monthly savings are down 83 percent since Biden took office in January 2021, writing, “Many millions of Americans living paycheck to paycheck simply don’t have the money to save much after paying the huge bills. .’

To make matters worse, they write in the New York Post that the stock market has further decimated Americans’ savings, with the Dow Jones and S&P 500 each recently down six percent and the NASDAQ down 18 percent.

Year-to-date, the Dow Jones is down 19 percent, the S&P 25 percent and the NASDAQ 34 percent.

Moore and Antoni argue that inflation takes away another 13 percent of those stock losses and also hurts bond returns.

US pension funds are down 15 percent from $27.8 trillion at the start of the year to $24 trillion.

Moore and Antoni write, “The victims of rising grocery and gas station prices are not the millionaires, but the little boys—especially older Americans—whose paychecks and savings accounts are spiraling out of control.”

It comes after Biden was caught on camera telling a Portland reporter that the “economy is so strong” — while licking a Baskin Robbins ice cream cone.

The president seemed unbothered by the country’s 8.2 percent inflation rate and warnings of a looming recession when asked about the U.S. financial situation at an Oregon ice cream parlor on Saturday.

When asked if he was concerned about the strength of the U.S. dollar amid rising inflation, the president, holding a cone of chocolate chips, sneeringly replied, “I’m not worried about the strength of the dollar.” I worry about the rest of the world. Our economy is very strong.’

The US dollar largely serves as a safe haven asset that sees inflows during times of uncertainty – meaning it will often rise during times of economic turmoil, while others, such as the pound and the euro, fall.

That sentiment was not lost on several pundits and political observers who viewed the clip, which has been widely shared since its recording Sunday afternoon during the head of state’s visit to the notoriously liberal city to tout the Democratic Party’s recent legislative achievements in health care. .

The bizarre interaction has since gone viral and was shared thousands of times, just a day after Biden, 79, was criticized by Republicans for giving a young teenage girl in California unsolicited dating advice — much to her apparent discomfort — in an interaction that also included.

The altercations, along with a litany of other blunders in recent months, have opened Biden up to political attacks about his age, as well as accusations that the president has failed to address the current economic turmoil, which has pushed inflation rates up and cost Americans. increased. of life see an even worse wave.

The recorded altercation saw the president — who fell for a second time crossing the steps of Air Force One in May — downplay the country’s current inflation rate, which skyrocketed to its highest level in 41 years in the summer.

Speaking to the reporter while still holding the cone, Biden claimed that “inflation is global,” adding that “it’s worse off.” [in other countries] than in the United States.’

The president declared, “The problem is the lack of economic growth and sound policies in other countries – not so much in ours.”

That statement came just days after the Department of Commerce announced that the consumer price index was 8.2 percent higher than a year ago — barely down from last month’s 8.3 percent, with core inflation taking off currently rampant energy and food costs. , up 6.6 percent.

Rents and other necessities have also risen dramatically in recent months under Biden’s administration — events the president seemed oblivious to during his de facto ice cream social, which occurred during a planned visit to boost Democrat Kotek in the tight quarters. Oregon race for governor.

The president ended his western swing in Portland last weekend, where Republicans believe they may now wrest control of the deep-blue state from Democrats for the first time in 40 years.

A mix of high crime, homelessness, and an independent spoiler candidate has surprisingly propelled GOP nominee Christine Drazan into the top spot.

During this visit to the Baskin Robin’s – which Kotek also attended – Biden, meanwhile, exhibited even more questionable behavior, when he seemingly went inside to sniff a female patron’s hair after giving himself to her and what appeared to be the young daughter of the woman suggested.

An onlooker captured video of the strange occurrence, reminiscent of several other highly publicized incidents where the president got close to a woman to sniff their manes, with the latest coming in LA last Saturday.

Meanwhile, the surge in the US dollar – which comes as the US grapples with a post-pandemic financial crisis not seen in decades – has affected other currencies such as the pound and euro, both of which fell below par for the first time in decades. . month. It was the first time for the GBP to fall below the US dollar.

The declining value of the currencies – as well as other currencies around the world, including the yen and won – adds another concern amid the current economic uncertainty in countries around the world as they try to recover from the losses incurred during the pandemic have incurred.

In addition, the US dollar largely serves as a safe haven asset that sees inflows during times of uncertainty – meaning it will often rise during times of economic turmoil, while other currencies fall.

In the Asia-Pacific region, the currencies of Japan, South Korea and China all weakened against the dollar, while the Australian dollar remained largely flat.

The Japanese yen was trading at 144 levels against the dollar, weaker compared to the country’s federal government’s intervention in the foreign exchange market last week.

South Korea’s earnings were close to 2009 levels on Monday, at $1,428.52 per dollar.

That said, the UK’s economic outlook means the pound is suffering more than most other countries amid a catastrophic energy crisis and the highest inflation rate among G7 nations.

The previous record low for the British pound against the US dollar was 37 years ago on February 25, 1985, when 1 pound was worth $1,054.

The US and UK – as well as other countries such as Canada – are consequently facing rampant inflation as the world struggles to recover from the pandemic, with the UK at 9.9 per cent as of August 2022 and the US at 8.2 per cent. both slightly lower than previous months’ record highs.

However, the prices of almost everything else have risen sharply over the past year, with groceries, electricity, and vehicles all up more than 10 percent from around this time last year.

The increase for amenities such as gasoline and airline tickets, meanwhile, is even bigger — gas now costs more than 25 percent of its October 2021 price, and airline tickets are up more than a third.

Biden, meanwhile, has remained adamant that there is no cause for concern when it comes to the US economy, even claiming he plans to run for re-election while pressuring other progressives like Kotek in states that have had enough rising homelessness and crime rates. .

The president’s current approval rating is well below 50 percent — one of the lowest in recent history.