{"id":1949533,"date":"2023-06-16T17:52:02","date_gmt":"2023-06-16T21:52:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-election-disaster-banking-giant-warns-of-2024-devastation-americans-excess-savings-mostly-spent-by-oct\/"},"modified":"2023-06-16T17:53:34","modified_gmt":"2023-06-16T21:53:34","slug":"biden-election-disaster-banking-giant-warns-of-2024-devastation-americans-excess-savings-mostly-spent-by-oct","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-election-disaster-banking-giant-warns-of-2024-devastation-americans-excess-savings-mostly-spent-by-oct\/","title":{"rendered":"Banking Giant Predicts 2024 Catastrophe: Americans to Exhaust Savings by October."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/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%2Fbiden-election-disaster-banking-giant-warns-of-2024-devastation-americans-excess-savings-mostly-spent-by-oct%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=1949533&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--><h2>Major Bank Economist Predicts Recession as Cash Runs Out<\/h2>\n<p>According to a leading economist at a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/major-banks-on-u-s-default-america-cannot-default-on-the-debt\/\" title=\"Major banks on U.S. default: America cannot default on the debt\">major bank<\/a>, the economy is likely to sputter its way into <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/holding-ground-losing-war\/\" title=\"Holding Ground, Losing War\">hard economic times<\/a> as consumers run out of cash. David Folkerts-Landau, Deutsche Bank\u2019s chief economist, predicts a 100 percent chance of a recession, stating that the U.S. is heading for its first <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-election-disaster-banking-giant-warns-of-2024-devastation-americans-excess-savings-mostly-spent-by-oct\/\" title=\"Banking Giant Predicts 2024 Catastrophe: Americans to Exhaust Savings by October.\">genuine policy-led boom-bust cycle<\/a> in at least four decades. He emphasizes that avoiding a hard landing would be historically unprecedented.<\/p>\n<p>Folkerts-Landau points out that the Federal Reserve&#8217;s efforts to reduce inflation without causing a free fall in the economy have not been fully successful. While inflation is decreasing, unemployment is rising, and it is predicted to jump from 3.7 percent in May to 4.5 percent in the first three months of 2024, a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/kamala-who-has-not-ruled-out-packing-supreme-court-tells-conference-an-independent-judiciary-is-critical-to-a-healthy-democracy\/\" title=\"Kamala, Who Has Not Ruled Out Packing Supreme Court, Tells Conference: \u2018An Independent Judiciary Is Critical To A Healthy Democracy\u2019\">presidential election year<\/a>.<\/p>\n<p>Furthermore, Folkerts-Landau predicts that by October, the excess savings that many Americans built up during the pandemic will be gone, leading to a retrenchment in consumer spending.<\/p>\n<blockquote>\n<p>\u201cDeep recession \u2026 massive electoral chaos. Very difficult for Joe Biden to win. His approval numbers are already low in the 37% to 40% range. With a deep recession, his numbers will get worse.\u201d &#8211; Wall Street Silver<\/p>\n<\/blockquote>\n<p>Folkerts-Landau is not the only one forecasting dark times ahead. Darrel Cronk, president of Wells Fargo Investment Institute, also believes that a recession is imminent, stating that much of the manufacturing sector of the economy is already in recessionary territory. Justyna Zabinska-La Monica, senior manager of Business Cycle Indicators at The Conference Board, agrees, pointing to recent data that indicate a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/delta-warns-of-rising-costs-after-missing-earnings-estimates\/\" title=\"Delta warns of rising costs after missing earnings estimates\">worsening economic outlook<\/a>.<\/p>\n<p>Republican Rep. Jason Smith of Missouri blames President Biden&#8217;s economic policies for the nation&#8217;s economic malaise, stating that they have put the Federal Reserve in a difficult position.<\/p>\n<p>A recent CNBC\/Morning Consult survey shows that many consumers are already cutting back due to higher prices. The survey reveals that 92 percent of Americans with incomes between $50,000 and $100,000 a year are either &#8220;somewhat&#8221; or &#8220;very&#8221; worried about higher prices.<\/p>\n<h3>Has Biden wrecked the U.S. economy?<\/h3>\n<div id=\"firefly-poll-container\" class=\"one-half\">\n<div class=\"firefly-poll-question\">Has Biden wrecked the U.S. economy?<\/div>\n<div id=\"pollFormBox\" style=\"display: none\">\n\t\t<label>Yes<\/label><br \/>\n\t\t<label>No<\/label><br \/>\n\t\t<\/p>\n<div class=\"firefly-poll-disclaimer\">\n\t\tCompleting this poll entitles you to The Western Journal news updates free of charge. You may opt out at anytime. You also agree to our <a href=\"https:\/\/www.westernjournal.com\/about\/privacy-policy\/\">Privacy Policy<\/a> and <a href=\"https:\/\/www.westernjournal.com\/about\/terms-service\/\">Terms of Use<\/a>.\t\t<\/div>\n<\/p><\/div>\n<div id=\"firefly-poll-results\" style=\"display: none\">\n<div id=\"firefly-poll-results-yes\" style=\"width: 100%\">\n\t\t\tYes: 100% (7 Votes)\n\t\t<\/div>\n<div id=\"firefly-poll-results-no\" style=\"width: 0%\">\n\t\t\tNo: 0% (0 Votes)\n\t\t<\/div>\n<\/p><\/div>\n<\/div>\n<p>According to the CNBC\/Morning Consult survey, 80 percent of respondents have cut back on non-essential items, and about two-thirds are reducing costs for essentials by seeking cheaper alternatives to their usual brands. Looking ahead, 77 percent of shoppers plan to further trim their spending on non-discretionary items.<\/p>\n<p>Clothing tops the list of non-essential items where shoppers are spending less, with 63 percent buying less since the start of the year. The survey, conducted earlier this month, included more than 4,400 adults.<\/p>\n<p>Source: <a href=\"https:\/\/www.westernjournal.com\/biden-election-disaster-banking-giant-warns-2024-devastation-americans-excess-savings-mostly-spent-oct\/\">The Western Journal<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As cash dwindles for consumers, the economy is expected to stumble into tough times, warns a top economist at a major bank. David Folkerts-Landau, chief economist at Deutsche Bank, predicts a 100% chance of a recession, stating that the US is on track for its initial policy-driven boom-bust cycle in at least<\/p>\n","protected":false},"author":661,"featured_media":1949534,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[548],"tags":[4506,3884,14689,16564,18684,7039,11378,5713,9894],"class_list":["post-1949533","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily","tag-4506","tag-americans","tag-banking","tag-catastrophe","tag-exhaust","tag-giant","tag-october","tag-predicts","tag-savings"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1949533","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\/661"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1949533"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1949533\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1949534"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1949533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1949533"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1949533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}