The Biden-Harris administration and the Left deny that our economy is heading toward a recession, but the experience of average Americans, inflation, and the recent jobs report say otherwise. Kevin Hassett offers his perspective on America Uncanceled with Matt Schlapp.
Hassett settles the recession debate right away, stating, “My guess is we are entering a recession right this minute. It will probably get dated to start in August.”
The jobs report released last week indicated movement toward a recession with the unemployment rate growing by almost a full percentage point over the last year. Real wages have also declined all four years of the Biden administration meaning Americans have less money in their pockets.
“Unless your salary is, say, 40% higher than it was when Joe Biden took office then you’re probably feeling like you’re worse off,” said Hassett. “Your salary would have to be 20-40% higher, depending on how much you borrow and interest affects you and so on, in order to be just treading water, and I don’t think most people have that kind of salary increase, and that’s why people are so upset about the economy.”
Hassett notes that though the situation is ugly now, there is hope for the economy to turn the corner in the future. Under president Trump, Hassett contributed to policies that created 3% growth when common thinking insisted growth beyond 1% was impossible. Hassett is confident, that given the opportunity, President Trump and his economic advisors can do it again.
Watch the full conversation on CPAC+.
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