https://issuesinsights.com/2022/10/06/under-bidenomics-a-soft-landing-for-economy-is-no-longer-possible/
The Democratic Party’s faithful are whistling past the graveyard, hoping with all their might we’ll avoid an economic slide. As a matter of general economics, we’re already in a recession. And it looks like things will soon get worse, not better.
“We hope we can have what they say, ‘a soft landing,’ a transition to a place where we don’t lose the gains that I ran to make in the first place for middle-class folks, being able to generate good-paying jobs and — expansion,” President Joe Biden told CBS’ 60 Minutes last month.
Good luck with that, Mr. President. Even members of your own party think it’s hogwash.
As economist Larry Summers, who advised both Presidents Bill Clinton and Barack Obama, said last week, a soft landing is “really quite unlikely.” We agree, as do most economists of our acquaintance.
Indeed, looking at the repeated economic policy mistakes made by Biden, or whoever now is really calling the shots in the White House, and the far-left Democrat-led Congress, it’s hard not to conclude that the economy’s set for a mighty fall.
Four trends stand out:
Stock and housing market declines. The stock market’s epic plunge has destroyed an estimated $11 trillion in wealth this year alone, while home prices, after peaking in June, have fallen sharply as interest rates jump above 6%. As home equity shrinks in a weakening housing market, consumers’ ability to borrow against their homes will also shrink
