“We’re heading into a global recession,” Breitbart economics and finance editor John Carney said on Fox Business Network’s “Kudlow.”
that President Joe Biden and Democrats’ giant spending programs are making inflation worse.
Carney said, “We’re heading into a global recession. Europe will not grow at all next year. The U.S. will be lucky after a couple of quarters of contraction to eke out 1%. I think the numbers are right on. I think they overestimated China’s growth. So when you take the European Union, China, the U.S., that is three biggest economies in the world, puts you into recession just with those, but we’ll have contractions elsewhere as well.
Host Larry Kudlow said, “So how about right here? I was asked this question this morning. The cavalry is coming. That is my take. I’m not sure you agree with that or not, but the cavalry can’t stop the recession. We’re already in recession. The cavalry can, I think, reverse some of the bad stuff — at least that is my great hope, but they can’t pull us out of recession.”
Carney said, “What they could really do is block more bad stuff from happening. We keep seeing giant spending programs that make inflation worse. Student loan forgiveness or Inflation Reduction Act, the ridiculously named, that was just a spending program that makes inflation worse, which means the Fed goes harder, which means the recession comes harder. They can stop that. I’m with you. I hope the cavalry is coming. I think they are.
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