{"id":1476557,"date":"2022-05-16T11:30:09","date_gmt":"2022-05-16T15:30:09","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1476557"},"modified":"2022-05-16T11:30:11","modified_gmt":"2022-05-16T15:30:11","slug":"bidenomics-goldman-sachs-chairman-warns-recession-risk-very-very-high","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidenomics-goldman-sachs-chairman-warns-recession-risk-very-very-high\/","title":{"rendered":"Bidenomics: Goldman Sachs Chairman Warns Recession Risk \u201cVery, Very High\u201d"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbidenomics-goldman-sachs-chairman-warns-recession-risk-very-very-high%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1476557&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/dw-wp-production.imgix.net\/2022\/05\/GettyImages-1056133268.jpg?w=1200&#038;h=800&#038;ixlib=react-9.3.0\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p>The risk of the U.S. falling into a <a href=\"https:\/\/www.dailywire.com\/topic\/recession\">recession<\/a> is \u201cvery, very high,\u201d Goldman Sachs Chairman Lloyd Blankfein warned Sunday, saying citizens and corporations alike must prepare for the worst.<\/p>\n<p>Blankfein, the investment bank\u2019s former chief executive and current senior chairman, issued the grim warning on the CBS program \u201cFace the Nation.\u201d It comes as <a href=\"https:\/\/www.dailywire.com\/topic\/inflation\">inflation<\/a> is tracking at 8.3 percent over this time last year, economic growth fell into negative numbers for the first quarter of the year, and the national debt has topped $30 trillion.<\/p>\n<p>\u201cIf I were running a big company, I would be very prepared for it,\u201d Blankfein said. \u201cIf I was a consumer, I\u2019d be prepared for it.\u201d<\/p>\n<div id=\"sda-INARTICLE\">\n<p>The <a href=\"https:\/\/www.dailywire.com\/topic\/federal-reserve\">Federal Reserve<\/a> raised its benchmark interest rate by a half-point <a href=\"https:\/\/www.dailywire.com\/news\/the-fed-jacks-key-rate-up-half-point-as-inflation-surges\">earlier this month<\/a>, in a strong, but expected move to slow <a href=\"https:\/\/www.dailywire.com\/news\/the-feds-favorite-inflation-measure-hits-four-decade-high\">surging inflation<\/a> amid the negative economic growth. The central bank is expected to continue raising the rate through the end of the year after holding it at or near zero for several years. It normally raises or lowers the rate in quarter-point increments, and the half-point increase, which followed a quarter-point boost in March, was the biggest jump since May, 2000. The current federal funds target rate is between .75% and 1%.<\/p>\n<p>A recession is defined as two straight quarters of negative economic growth. A recession coupled with surging inflation is dubbed \u201cstagflation\u201d by economists.<\/p>\n<p>Blankfein said a recession is \u201cnot baked in the cake\u201d and claimed the Federal Reserve has been \u201cresponding well\u201d to the threat.<\/p>\n<p>Blankfein\u2019s warning came as Goldman\u2019s economists cut their forecasts for U.S. economic growth this year and next. It now expects GDP to expand 2.4% this year, down from 2.6%. It cut its 2023 estimate to 1.6% from 2.2%.<\/p>\n<p>Last month,\u00a0<a href=\"https:\/\/www.dailywire.com\/news\/economist-warns-that-world-is-in-early-stages-of-very-significant-recession\">a top economist warned<\/a> that the entire globe is already in the early stages of a \u201cvery significant\u201d recession.<\/p>\n<p>\u201cIt\u2019s going to be a global recession pulling down [the] Euro zone in particular,\u201d Piper Sandler Chief Global Economist Nancy Lazar\u00a0told <a href=\"https:\/\/www.foxbusiness.com\/economy\/world-in-early-stages-of-very-significant-recession-economist-nancy-lazar\">Fox Business<\/a> anchor Maria Bartiromo, noting that \u201cit looks like China GDP in the second quarter could also be negative.\u201d<\/p>\n<p>The doom and gloom comes as Americans grapple with surging gasoline, food, and housing prices, as well as a\u00a0shortage of baby formula. U.S. consumer sentiment plunged in early May to the lowest level since 2011.<\/p>\n<p><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">\u201cJoe Biden inherited a robust economy from President Trump and has managed to fully squander it \u2014 leading Americans into <\/span><span class=\"css-901oao css-16my406 r-poiln3 r-b88u0q r-bcqeeo r-qvutc0\">stagflation,\u201d the Republican National Committee tweeted earlier this month.<\/span><\/p>\n<p>Last week, the Senate voted 80-19 to confirm Federal Reserve Chair\u00a0<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/jerome-powell-renominated-second-term-biden\/\" target=\"_blank\" rel=\"noopener\" data-invalid-url-rewritten-http=\"\">Jerome Powell<\/a><\/span> to a second term, despite the roaring inflation, which he last year dismissed as \u201ctransitory.\u201d<\/p>\n<p>After raising the Fed rate earlier this month, Powell\u00a0told reporters he believes the Fed can lower inflation without triggering a recession.<\/p>\n<p>\u201cWe have a good chance to have a soft or softish landing,\u201d he said. \u201cThe economy is strong and is well-positioned to handle tighter monetary policy.\u201d<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The risk of the U.S. falling into a recession is \u201cvery, very high,\u201d Goldman Sachs Chairman Lloyd Blankfein warned Sunday, saying citizens and corporations alike must prepare for the worst.Blankfein,<\/p>\n","protected":false},"author":498,"featured_media":2315279,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1476557","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1476557","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/498"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1476557"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1476557\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1476557"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1476557"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1476557"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}