Average Americans are feeling the squeeze like never before thanks to Joe Biden’s fiscal policies that has sent the U.S. economy into a tailspin — and now America’s most influential bankers are warning of what’s to come.
Inflation has devalued the U.S. dollar and savings accounts have been rendered nearly obsolete at this point. Many are wondering whether we’re in for another economic recession resembling a previous downturn in the early aughts.
Guess who was Vice President during the previous recession?
The CEO of JPMorgan Chase warned Americans to “brace” themselves for the economic “hurricane” headed “down the road.”
Speaking at a Bernstein conference, Jamie Dimon said the war in Ukraine combined with rising inflation and rising interest rates spell doom.
“Right now it’s kind of sunny, things are doing fine. Everyone thinks the Fed can handle this,” Dimon said, according to CNN. “That hurricane is right out there down the road coming our way.”
“We just don’t know if it’s a minor one or Superstorm Sandy. You better brace yourself,” the billionaire reportedly said, adding JPMorgan Chase is preparing for “bad outcomes.”
— Bloomberg (@business) June 1, 2022
Dimon said despite the challenges he still has hope that the banking system can withstand any issues and said it’s in “great shape.”
Days earlier, Dimon warned of “big storm clouds” but said he hopes things would ease up, according to CNN.
National Economic Council Director Brian Deese would not rule out a possible recession while speaking on CNN recently, saying the “economy is in a transition from what has been the strongest recovery in modern American history to what can be a period of more stable and resilient growth that works better for families.”
“There’s no doubt we face serious global challenges, inflation first and foremost among them, and it’s hitting families hard. But there’s also no doubt that the United States is in a better position than any other major country around the world to address inflation without giving up all the economic gains that we’ve had.”
Inflation reached its quickest uptick since December 1981 and soared to 8.5% in March.
Meanwhile, the Biden administration continues to blame Vladimir Putin for America’s economic devastation.
Author: Asa McCue