Texas Rep. Troy Nehls, a Republican, warned that America is likely headed into an economic recession as the latest GDP numbers illustrated a 1.4% contraction.
Storch Advisors CEO and former Toys 'R' Us CEO Gerald Storch argues that history shows it’s ‘impossible’ to bring down inflation without creating an economic pullback or a ‘full recession.’Republican lawmaker is predicting the U.S. is heading into a recession as President Biden says he’s not concerned about a major economic slowdown.
Rep. Troy Nehls, R-Texas, speaks about House Speaker Nancy Pelosi’s decision to reject two of Leader McCarthy’s selected members from serving on the committee investigating the Jan. 6 riots on July 21, 2021, in Washington, D.C. "All I do know is that the American people are sick and tired of paying … four, five, six bucks for fuel. I do know that," the congressman continued. "I think the people obviously are very concerned about inflation. Whether there's a recession, when it's going to hit us, I'm sure it's coming. I just can't tell you when."
A White House spokesperson pointed Fox News Digital to reports saying economists argue the economic data is affected by "artificial skews." Deutsche Bank had previously projected a "mild" recession, but darkened its forecast because the economists believe that inflation is so high the Fed will have no choice but to dramatically raise the benchmark federal funds rate in order to crush consumer demand.
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