Cardi B Proves She Knows More About Economics Than Joe Biden
The Biden administration has continued to deny what rapper Cardi B, and most Americans, have known for a while: America looks headed for an economic recession.
SO WHAT
It’s never a good sign when celebrities are more in touch with the average American than the White House.
WHAT THEY’RE SAYING
President Biden and his aides have insisted recently that a recession is unlikely, putting them at odds with a majority of the public, economists, business leaders – and Cardi B.
President Biden, speaking to The Associated Press in an interview Thursday, rejected economists’ projections of sustained economic contraction, declaring the U.S. is “in a stronger position than any nation in the world to overcome this inflation.”
- Biden cited “increased employment” and pay as reasons for optimism.
- Treasury Secretary Janet Yellen echoed her boss’ words during a Sunday appearance on ABC’s “This Week,” saying “I don’t think a recession is at all inevitable.
- National Economic Council director Brian Deese said the same on CBS’ “Face the Nation.”
FLASHBACK
Earlier this month Cardi B, a 2020 Biden supporter who lamented soaring inflation in February, predicted an imminent recession in a tweet to her 23 million followers.
When y’all think they going to announce that we going into a recession?
— Cardi B (@iamcardib) June 5, 2022
Days later, CNBC host Andrew Ross Sorkin asked Yellen about the pop star’s prediction at The New York Times’ DealBook forum, only to receive the administration’s now-standard response.
- “I’m not going to announce [a recession]. I don’t think we’re going to have a recession,” Yellen said.
OK, BUT
Many experts on the economy and an overwhelming majority of the U.S. public have sided with Cardi B on the question.
- According to a poll of 750 CEOs and C-suite execs published this week by the Conference Board, 60% believe a recession will occur in the next 18 months, and 15% think it has already begun in their region.
- 57% of economists and finance experts surveyed by CNBC in May said the Federal Reserve’s interest rate hikes will result in recession.
- A Quinnipiac University poll last month found that 85% of Americans believe a recession is likely in the next year.
- 56% of Americans think the recession has already begun, per a June Yahoo/YouGov survey.
MEANWHILE: Personal savings actually fell from 2021-2022, and wage growth has failed to keep pace with inflation.
- Credit card debt has been nearing record-breaking levels, and credit card delinquencies have increased steadily since the second quarter of 2021.
WHAT’S NEXT
It would be great if Biden proved his doubters wrong, but the president’s track record of bold predictions has not inspired confidence.
- Remember when he said: MAGA Republicans would abandon former President Trump after the 2020 election, the U.S. withdrawal from Afghanistan would be a great success, COVID-19 would be all but over a year ago and gas prices and inflation would work themselves out.