As Biden celebrates election results, corporate America lays off workers with recession looming
Job cuts announced by U.S.-based employers increased 13% to 33,843 in October, the highest since February 2021, according to a recent report by the firm Challenger, Gray & Christmas.
Meanwhile, forecasts of a recession next year have become increasingly common — in many cases a matter of when, not if, due to the highest levels of inflation in four decades.
"I think it's quite likely the U.S. has a mild recession next year," former Boston Federal Reserve President Eric Rosengren told CNBC on Tuesday. He explained the Federal Reserve may need to increase interest rates to more than 5% in an effort to combat inflation, which could push the economy into a downturn next year.
Biden Delivers Clueless Response to Voters and Midterm Results
Notice how suddenly there doesn’t seem to be a threat to “democracy” anymore? Funny how that works.
As noted above, we don’t know yet for certain, but it looks like the Republicans could win both the House and the Senate. You can see the predictions at the bottom of the chyron with 51 in the Senate and 218 in the House. We’ll have to see how it continues to shake out.
So did Biden take away anything to learn? A reporter asked him about the one thing everyone seemed to agree on: the wrong direction of the country under him. Biden’s response showed he wasn’t even pretending to have learned anything.