‘Another Brutal Week’: CNN Runs Down List of Biden’s No Good, Very Bad Economic Problems

A down market, record inflation, record debt, consumer anxiety — in just a minute and a half on Saturday, CNN’s Matt Egan ran through a litany of issues that made it another “brutal week” for the economy under President Joe Biden.

“This was another brutal week for the American economy. Stocks are down, inflation and borrowing costs are up. All of this is causing real economic anxiety for families,” said Egan in the report.

That anxiety has been showing up in polls, including a Fox poll out this week with only 18% of respondents viewing the economy as excellent or even just good.

Inflation has reached several new record highs this year and May’s increase in prices hit 8.6% — a 40-year-high.

Egan pointed out that “the jobs market is still pretty strong, and that there’s “historically low unemployment,” but for workers the huge spike in prices overall, and particularly fuel costs, are acting like a pay cut; without a pay increase most consumers see their purchasing power going down and down.

“The bad news is even the White House concedes that the jobs market needs to slow down to get inflation under control,” said Egan. “Inflation is so high that the Federal Reserve is resorting to the most aggressive interest rate hike since 1994. The goal is to slow the economy just enough that prices chill out but not so much that it causes a recession. That’s not going to be easy.”

The Federal Reserve hiked its rate target by 0.75 this week, which is the largest rate hike since the early 1990’s, as Egan noted.

“In the meantime, borrowing costs are surging, especially in the housing market,” Egan continued. “Mortgage rates are spiking at the fastest pace since 1987. The average 30-year fixed rate mortgage is now 5.8%. That’s almost twice as high as a year ago.”

“Business leaders and investors are getting nervous,” said Egan of the Biden economy. “Sixty percent of global CEOs and executives expect a recession by the end of next year. Fifteen percent say we’re already in a recession.”

Just the fact that people are saying recession seriously is a very bad sign.

Watch the clip above, via CNN.