U.S. House of Representatives Committee on Ways and Means

06/14/2022 | News release | Distributed by Public on 06/14/2022 15:47

STUDY: Top Job Creators Believe Recession is Unavoidable

STUDY: Top Job Creators Believe Recession is Unavoidable

With inflation accelerating to 8.6 percent, the majority of top job creators believe recession is unavoidable, according to a new CNBC surveyof chief financial officers (CFOs). This comes after another pollfound that 85 percent of Americans believe the U.S. will be in recession in the next year.

The survey includes responses from 22 CFOs, which also found:

  • Inflation remains the top concern: More than 40 percent of CFOs believe inflation is the top external risk to their business.
  • U.S. economy is on the brink of recession: Not a single CFO believes a recession is unavoidable, with nearly 70 percent of CFOs believing a recession will occur during the first half of 2023.

CLICK HEREto view the poll.

KEY TAKEAWAYS:

Americans Are Bracing for More Economic Pain.

  • More than 60 percentof Main Street job creators fear Biden-Flation will close down their business.
  • Since President Biden took office, workers' wages have droppednearly four percent. Now three in four Americansare cutting back on common household expenditures, including dining out and entertainment.
  • A majority of Americansreport feeling "uneasy about the state of the country," say things in America are "going badly," and feel that the economy is "bad."

READ: POLL: As Biden-Flation Accelerates, Majority of Americans Are Bracing for Even Higher Prices Ahead

READ: Accelerating Inflation Hits Americans: "I'm More Concerned With Feeding My Family"

Democrats Have Pushed the Economy to the Brink of Recession - and Are Promising to Make Matters Worse.

  • President Biden and congressional Democrats' $2 trillion so-called COVID stimulus fueled this inflation fire, with former Obama-Biden White House economic advisor Jason Furman attributingat least 2.5 percent of current inflationary pressure to the massive bill.
  • President Biden's tax plan would slash family wagesacross all income levels, while more than 60 percentof Americans' paychecks are unable to keep up with rising prices.
  • Even economists who have been cited as favorable toward President Biden's policies have criticized his agendaand warned about worsening inflation.

READ: Fact Check: Americans Need Solutions to Inflation, Not Higher Taxes

READ: No, Mr. President Your Policies Have Not "Helped" The Economy

President Biden Doesn't Have a Plan to Fight Inflation.

READ: Biden Policies: Impoverish Americans & Tell Them to Stop Being Poor

READ: One-Pager: Steps to Fight Biden-flation

SUBCOMMITTEE: Full Committee