Biden faces presidential campaign amid dark recession cloud

April 4, 2023
World Net Daily

This story was originally published by the WND News Center.

Now the threat of a recession is casting another cloud over whatever presidential campaign Joe Biden might launch.

The fading octogenarian still hasn't announced his bid for another term in the White House, but repeatedly has said he wants to stay there when his first term ends in two years.

He already was facing the storms created by the super high inflation he's allowed to develop, stock market losses, exploding energy prices, surging interest rates, retail store collapses, bank failures, and tens of thousands of layoffs.

Further, he's been unable to collect support from more than about a quarter of even his own party in recent polls, he's exhibited multiple times mental lapses that are causing alarm for Americans, and his leftist ideology focusing mostly on abortion and LGBT issues, specifically body-mutilating transgender surgeries for children, is facing headwinds from Americans worried about their homes, jobs, and families.

A report at Just the News points out that it was the same threat of recession that killed Jimmy Carter's campaign for re-election decades ago.

"Of the seven previous presidents, only Carter had a higher rate of price increases, coming in at 18.1 percent overall," former Newt Gingrich adviser David Winston explained in a column comparing Biden's inflation performance against other presidents.

"After Carter, every president has had a lower inflation rate at this point, and the last three scored under Biden by more than 10 percent."

Just the News noted, "The Biden economy's performance has left the president making some difficult arguments during his recent economic victory tour, like crowing about the growth of consumer spending when it is mostly driven by increased inflation costs, according to Alfredo Ortiz, the head of the small business group Job Creators Network."

Ortiz pointed out that while Biden boasts that consumer spending "is great," that's not really a good thing, because people are paying more and getting less.

Biden's inflation reached a peak of 9.1% last summer and still remains alarmingly high.

Stock market losses also are concerning investors and Biden's economy has triggered a long list of retail closures or layoffs by Bed Bath and Beyond, Google, and Facebook, and more.

Energy costs are exploding and mortgage rates now are more than double from just over a year ago.

One of the recession warnings has come from BlackRock, the largest asset manager in the world.

Its analysis pointed out that central banks like the Federal Reserve often cut interest rates to fight a recession. This time, "They're causing the recession to fight sticky inflation…."

Meanwhile, unemployment was on its way back up, the report said.

And internationally, there's a war between Russia and Ukraine, China is aggressively moving to expand its influence around the globe, and America's influence in falling as other nations even try to move away from the dollar as a reserve currency.

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