Joe Biden thought if he was running for re-election he would enter the contest on sound footing.
But Biden got some bad news.
And Joe Biden just heard the 2024 prediction that had him slamming the panic button.
Joe Biden’s plan for 2024 looks to be the same as 2020.
Hide out from the public and count on the fact that his allies in the corporate media will not focus any attention on the physical and cognitive limitations that prevent Biden from running a full campaign schedule as well as the litany of policy failures on his watch such as the invasion at the southern border, the botched withdrawal from Afghanistan, rampant crime on the streets of Democrat-run cities, and soaring inflation.
Instead, Biden knows the corporate press will zero in on the investigations Democrat prosecutors ran on Donald Trump to keep the election a referendum on Trump’s personality as opposed to Joe Biden’s failed policies.
But a bombshell from the Federal Reserve may change all that.
The March meeting of the Federal Open Market Committee produced a consensus among staff economists that the economy will sink into a recession in late 2023 — which will likely stretch into the first half of 2024 — due to the instability in the banking sector that began with the collapse of Silicon Valley Bank.
“Given their assessment of the potential economic effects of the recent banking-sector developments, the staff’s projection at the time of the March meeting included a mild recession starting later this year, with a recovery over the subsequent two years,” the minutes from the meeting read.
Silicon Valley Bank collapsed after depositors made a run on the bank following the news the institutions lost nearly two billion dollars on Treasury securities thanks to rising interest rates.
The Federal Reserve continues to raise interest rates to cool off the spiking inflation caused by Joe Biden’s multi-trillion-dollar spending spree.
When Biden took office Biden planned to seize on the pandemic lockdowns to pass massive spending bills sending out checks to Americans and printing trillions of dollars in so-called “stimulus” to juice the economy and speed up the transition to turning America into a socialist state.
However, now the chickens are coming home to roost for Biden.
A recession heading into an election year is proven to be fatal for presidents running for a second term.
Both Jimmy Carter and George H.W. Bush oversaw recessions heading into their re-election campaigns.
Voters punished Carter and Bush with decisive defeats.
Prior to 2020 Bush and Carter were the only presidents other than Herbert Hoover and William Howard Taft to lose re-election in the 20th century.
And now Joe Biden looks like he will seek a second term weighed down by a recession.
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