An economic index measuring the U.S. economy revealed troubling signs that Biden’s leadership may be dooming the American economy – and a recession is just around the corner.
The index, which measures U.S. business cycles, revealed that the leading economic index fell 0.3 percent to 119.6 in January, according to data from The Conference Board.
This marks the first decline in almost a year despite experts assuring everyone the indicator would be unchanged from the previous month.
The Conference Board’s Leading Economic Index is a weighted measure comprised of 10 indicators, including jobless claims, new orders from U.S. factories, building permits, stock prices, and consumer sentiment. It is considered a gauge of business cycle peaks and valleys.
“The U.S. LEI posted a small decline in January, as the Omicron wave, rising prices, and supply chain disruptions took their toll,” said Ataman Ozyildirim, Senior Director of Economic Research at The Conference Board.
“Initial claims for unemployment insurance, consumers’ outlook and declines in stock prices, and the average work week in manufacturing all contributed to the decline—the first since February 2021.”
Other economic indicators revealed that growth is stalling in the American economy, compared to the rapid pace it was enjoying last year, before Biden passed his exorbitant spending bill.
Potentially even more troubling for the economy, is the fact that President Biden and his fellow Democrats have essentially ignored the out-of-control inflation which has reached the highest rate in nearly four decades.
Republican Rep. Jim Banks warned that Biden will have a “come-to-Jesus” moment regarding inflation on Election Day this November.
Banks, who is the chairman of the Republican Study Committee (RSC), pointed out that inflation “has been an issue now for almost a year” and that currently most American families “are saddled with the higher cost of everything that’s related to inflation.”
“What’s most notable throughout all of this is that Joe Biden, at this point, seems fully willing to ignore inflation,” Banks said. “First he talked about it not being real, then he talked about it being transitory or temporary.”
“All the while, we’ve yet to hear any plan from Joe Biden or any Democrat on Capitol Hill about what they’re going to do about it,” the congressman continued. “And the American people see that for what it is, and that’s why they blame Joe Biden and the Democrats for what inflation is doing to so greatly affect and devastate the livelihoods of so many Americans.”
Banks, posted the prediction that, “Election Day is the come-to-Jesus moment for Democrats.”
“From inflation to the border crisis, embarrassing America on the world stage, crime wave, drug epidemic, they ignore it all,” Banks said. “They really, truly ignore all of it, and the come-to-Jesus moment is going to happen in November.”
The congressman noted that many of his constituents, as well as countless Americans across the country, are being affected by the compounding inflation – pointing out that these detached from reality Democrats have “no idea what inflation is doing to regular, working men and women.”
“They’ve become so disassociated with working class Americans that they really have no idea.”
“I think that’s very telling, and that’s going to have as much of a political consequence on this election as it does, I believe, for a turning point or a paradigm shift in American politics for a generation to come where the Republican Party will continue to see itself as the party of the working class because of it.”