JPMorgan CEO Jamie Dimon, 66, rang a loud bell on Wall Street when he declared that the U.S. economy will enter a recession in 2023, calling the situation “very, very severe” and pointing to the current runaway inflation, high interest rates, and the Russian War in Ukraine. Dimon controls a $128.296 trillion company and wants to stop revenue declines in 2023. However, the 66-year-old CEO, who is regarded as the most astute executive on Wall Street, raises serious concerns about President Joe Biden’s 79-year-old handling of the economy. The Ukraine War, skyrocketing interest rates, and galloping inflation are the main causes of the impending recession, according to Dimon. But Dimon is certain that Biden’s proxy war in Ukraine, which is being carried out to further his own interests, is causing the worst inflation in more than 40 years and the lowest value ever for the Euro and British pound Sterling.
Without holding back, Dimon pointed the finger at Biden’s poor judgment for the state of the economy today.
In London, Dimon told CNBC’s Juliana Tetelbaum, “These are very, very significant things that are likely to push the U.S. and the world—I mean, Europe is already in recession—and they’re likely to put the U.S. in some form of recession six to nine months from now.” It’s feasible that the U.S. economy just manages a 2% increase in Q3 GDP, virtually staying steady. The Federal Reserve Board’s balance sheet currently exceeds $31 trillion due to trillions of dollars added by Biden’s pandemic relief, infrastructure, and recent inflation reduction initiatives. The projected 2022 federal budget deficit for the United States is $2.2 trillion. As a result of the Fed’s current interest rate hike and the galloping inflation, according to Dimon, the U.S. economy will enter a recession in 2023.
The GDP is currently flat, indicating that … Continue Reading
About the Author
John M. Curtis writes politically neutral commentary analyzing spin in national and global news. He’s editor of OnlineColumnist.com and author of Dodging The Bullet and Operation Charisma.
