(TownHall) In 2022, Americans did not see much, if any, relief from the economic pain inflicted by the Biden administration in 2021.
In fact, things got much worse in several areas. Gas prices hit their all-time highs over the summer as Americans struggled to make ends meet while inflation’s lasting effects drained savings, drove up debt balances, and workers’ real wages remained negative. Biden’s chronically underwater approval — and even worse rating on handling the economy — reflects how unhappy Americans are with Biden’s tenure in the Oval Office.
For those who may have hoped that things may turn around — a pivot toward the positive that Biden already claims has happened — a new report from the Congressional Budget Office has bad news, especially as Biden has pledged that he’s not going to do anything differently despite Republicans narrowly retaking control of the House of Representatives.
The CBO’s top line conclusion of the U.S. economy for 2023 and 2024 is…bleak:
That is, in terms of good economic news as we look to the new year, there is no good news — at least according to the Congressional Budget Office.
Within the six page forecast for the U.S. economy and its impacts on the federal budget over the next two years are some scary-looking numbers.
Among them, a projection that we could see Real GDP growth sink to -2.0 percent in 2023, which House Budget Committee Republicans noted would be a 200 percent reduction from the CBO’s estimate for next year when Biden first took office.
They also noted that the CBO’s forecast for inflation could go as high as double what the congressional scorekeeper previously projected — a fearsome reality for Americans that would likely in turn trigger even more aggressive interest rate hikes from the Federal Reserve.