There is more bad news on the way for Joe Biden.
Biden’s latest setback is inevitable.
And that’s because Elon Musk dropped the hammer on Joe Biden with this devastating prediction.
At the Qatar Economic Forum, Bloomberg News Editor-in-Chief John Micklethwait asked Elon Musk to respond to Joe Biden’s comments that a recession was not inevitable.
“Joe Biden has just come out and said that a recession in America is not inevitable. How do you feel about the economy?” Micklethwait asked the Tesla CEO.
Musk responded by saying that at some point in the future the American economy would sink into a recession, but that the downturn was more likely than not to hit in the near term.
“A recession is inevitable at some point,” Musk responded. “As to whether there is a recession in the near term, that is more likely than not.”
This question came after a bizarre meltdown Biden experienced over the weekend.
Biden blew his stack when a reporter asked him if a recession was inevitable to which Biden first responded by accusing the reporter of echoing Republican talking points.
WATCH: Biden snaps at a reporter for asking about economists warning of a recession.
“C’mon, don’t make things up” pic.twitter.com/eqEh2f9fEh
— RNC Research (@RNCResearch) June 20, 2022
“Not the majority of them aren’t saying that, c’mon, don’t make things up, ok?” Biden fumed. “Now you sound like a Republican politician.”
Biden then claimed a recession was not inevitable based on his conversation that morning with former Obama economic advisor Larry Summers.
“All kidding aside, I don’t think it is, I was talking to Larry Summers this morning,” Biden added. “There’s nothing inevitable about a recession.”
But a recent poll found 60 percent of CEOs – like Elon Musk – believe the American economy is about to crash into a recession.
There is plenty of data to back up those fears.
Inflation surged to a 40-year high of 8.6 percent in May.
The June Consumer Confidence Report showed the lowest number on record.
America’s economy already contracted by -1.5 percent in the first quarter of 2022.
And the Atlanta Fed projects 0 percent GDP growth for quarter two.
That puts it well within the realm of possibility that the economy will contract for two consecutive quarters.
Two consecutive quarters of negative economic growth is the dictionary definition of a recession.
The economy looks to enter even more troubled waters in the near future.
Federal Reserve Chairman Jerome Powell announced a .75 percent hike in interest rates this month.
Another half-point rate hike is expected next month.
Interest rate hikes make obtaining loans more expensive and thus contracts economic growth.
Joe Biden may want to wish away recession fears because an economic downturn would be the final nail in his administration’s coffin.
But all the data and economic indicators point to Elon Musk being correct and that America’s economy is about to nosedive into a recession.
American Patriot Daily will keep you up to date on any new developments in this ongoing story and the rest of the breaking news in politics, please bookmark our site, consider making us your homepage and forward our content with your friends on social media and email.