Story by Charlie Bradley
The US economy is headed for a difficult period with inflation, debt and global turbulence contributing to the financial woes, it has been warned.
A number of business leaders in the US have explained why the country could be facing an economic crisis in the months and years to come.
Citigroup CEO Jane Fraser has said this week that a recession is on the way as “persistent inflation in services, rising debt [levels], a slowdown in global growth and two major conflicts in Europe and the Middle East” wreak havoc.
Meanwhile, JPMorgan Chase CEO Jamie Dimon has also warned: “A lot of things out there are dangerous and inflationary. Be prepared. Interest rates may go up and that might lead to recession.”
Bank of America CEO Brian Moynihan has said that “the way consumers are spending money is leveling out”.
In an interview with CNBC, he added: “But all in all [consumers are in] pretty decent shape.”
Last week, NBC News reported that US President Joe Biden has ditched the phrase ‘Bidenomics’ in his speeches.
In a report, the outlet said: “Since June, President Joe Biden had been freely peppering the word ‘Bidenomics’ into his speeches and remarks mentioning the economy – 101 times.
“In doing so, he was attaching his name to a set of administration policies that most Americans don’t believe have worked, according to recent polling.”
This could be due to polling that suggests Americans are not impressed by Biden’s economic policy.
A Fox News poll from mid-November found 78 percent of voters rate the economy negatively.
Only 29 percent of respondents approve of Mr Biden’s handling of inflation, the poll found.
Presidential historian Douglas Brinkley told NBC News: “It’s a little bit like Gerald Ford’s ‘Whip Inflation Now’ buttons. Nobody wants to be waving banners that say, ‘I love Bidenomics.’
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“So it’s probably a healthy sign that they’re retooling a campaign slogan to showcase what they feel are their administration accomplishments.”
Meanwhile, an anonymous Democrat strategist told NBC News: “Whoever came up with the slogan Bidenomics should be fired.
“It’s probably the worst messaging you could ever imagine.”