Even the CEO of a major bank warned that the country is entering a recession, and everybody should be aware of the cause.
The US under Joe Biden has been continuously on the decline in financial security, wars in other countries, and inflation at home.
According to Jamie Dimon, the CEO of JPMorgan Chase, the country may enter a recession next year due to rising inflation.
During his appearance on CNBC's "Squawk Box," he noted that despite the positive effects of the current economic situation, it may not last. He said that consumers are currently spending more than they did in 2021.
Despite this, the White House still refuses to acknowledge that the country is entering a recession.
Watch.
According to the Daily Wire, Ron Klain, the chief of staff of the White House, stated that the US is not in a recession.
A recession in the US occurs when output grows in the third quarter, but then contracts in the following two quarters. For instance, in the first quarter, output contracted by 1.6%, while in the second quarter, it fell by 0.6%. Despite these negative numbers, Klain noted that the country is still recovering economically under Biden.
Watch here.
Joe Biden has caused the country's inflation crisis due to his massive spending on the war on fossil fuels and his insistence on stopping new drilling. As a result, the prices of gasoline and diesel fuel have increased.
The rising cost of gas and diesel fuel has caused the US economy to tank. As a result, the interest payments on the loans that were made have now become due.
The preceding is a summary of an article that originally appeared on Next News Network.
