First Time Since FDR – Biden Disaster Hits!
(ConservativeInsider.org) – While experts debate the exact definition of a recession, many classify it as an economy that experiences two consecutive quarters of negative growth of the nation’s gross domestic product (GDP). Historically, Democratic presidents have struggled to get reelected when economic stagnation occurs during their time in the White House. If this trend continues, President Joe Biden could fail to win a second term if he runs again in 2024.
While the National Bureau of Economic Research wouldn’t designate an official recession until months after it’s underway, nearly everyone acknowledges the economy is struggling.
— Chris 🇺🇸 (@Chris_1791) July 29, 2022
Following the 1949 recession, Democratic President Harry Truman lost to Republican Dwight D. Eisenhower in 1952. Similarly, Democrat Jimmy Carter lost to Republican Ronald Reagan in 1980 after overseeing the January 1980 event. The most recent Democrat to win an election in the aftermath of handling one was Franklin D. Roosevelt in 1940. With this, history gives a bleak outlook for the Democratic incumbent’s chances to win reelection, no matter who his GOP opponent might be.
Milken economist William Lee told MarketWatch that the current economic downturn is “mostly a white-collar recession,” unlike the blue-collar version of the past because physical, entry-level jobs, like Amazon warehouse workers and service-industry people, are still in high demand. Instead, advances in technology could push out entry-level office workers. Do you know any young professionals nervous about losing their job?
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