Since We're Already in One, I'd Say The Odds Are Pretty Good

The Detroit Free Press, ever covering for the Democrats had the following article: What are the odds of a U.S. recession in 2023?

Since we're already in one I'd say the odds are pretty much 100%.

Indeed, now Federal Reserve Chairman Powell is backing away from his statement of just 11 days ago that higher rates likely won't cause a deep recession, it doesn't look good.

Fox Business: Fed's Powell abandons promise of 'soft landing' amid inflation fight

Given Powell's previous wrong statements that inflation frrm his and Biden's monetary policies would be merely tranistory, and that he;s now abandoning his promise that he can controlinflation while creating a "soft landing", I'd say that economic reality that their actions are goign to cvause a deep recession is pretty much spot on.

Inflation and flooding the economy with dollars may make you feel pretty good initially, and Biden is trying to keep the bender going by continuing spending under the "Inflation Reduction Act" that will actually increase inflation, and spending over half a trillion in forgiving his supporters' student loans.  

But, the hangover is going to suck - and its going to hurt those of us who weren't even drinking the Democrat's Modern Monetary Theory Kool-Aid.

Well, That's Very Reassuring

The Detroit News: Powell: Higher rates won’t likely cause deep US recession

This statement is not reassuring, at all.

Remember, this is the same Powell that stated  in the not-so-distant past that the "Recent Rise in Inflation Is ‘Transitory - as inflation that proved it was not transitory at all.

Turns out it is not, in fact, transitory and it is still very much continuing.

You know, the same transitory inflation that he later admitted he was wrong about and has now been raising interest rates to try to beat down, even as the Biden administration continues to flood the economy with more government spending and more dollars into circulation?

Yes, him.

His current statement that raising rates now won't likely cause a deep US recession needs to be taken with a large block of salt, not to mention an expectation that we're about to hit a deep US recession considering his prognostication accuracy to date.