The economic problems are piling up with no end in sight for Joe Biden.
He’s terrified of one economic catastrophe.
And Joe Biden turned as pale as a ghost after a leading economist made this shocking prediction.
After inheriting an economy quickly recovering from COVID lockdowns from former President Donald Trump, President Joe Biden has proceeded to run America’s economy into the ground.
President Biden is presiding over one of the worst economies in at least a generation, and every indication is it’s only getting even worse.
Economist Nouriel Roubini was one of the few experts to correctly predict the 2008 financial crisis.
Roubini, a former Senior Economist in the Clinton administration, earned himself the nickname “Dr. Doom” after he sounded the alarm on the troubles with the housing market in 2007 and 2008.
And his latest prediction about where the Biden economy is headed offered grim more news for the beleaguered President.
In an interview with Bloomberg, Roubini said a “long and ugly” recession was coming at the end of the year, and that stocks could plummet as much as 40%.
He predicted that the devastating recession would last all of 2023.
“Even in a plain vanilla recession, the S&P 500 can fall by 30%,” Roubini said.
Under the worst-case scenario that he expects, which he described as “a real hard landing,” the S&P would fall by 40%.
Roubini explained that the Federal Reserve’s supposed mission to bring inflation down by just 2% without a “hard landing,” which would involve literally crashing the economy to tame inflation, would be “mission impossible.”
The economic consequences of a hard landing would be devastating for the United States, particularly working class Americans.
“It’s not going to be a short and shallow recession, it’s going to be severe, long and ugly,” Roubini explained.
Once the world economy is in a severe recession, years of reckless spending will come back to haunt governments – especially one with $31 trillion in debt, like the U.S.
Such high levels of government debt would take economic stimulus off the table.
Governments are “running out of fiscal bullets” and soaring inflation would cause stimulus to make the problem worse because “if you do fiscal stimulus, you’re overheating the aggregate demand,” according to Roubini.
“[M]any zombie institutions, zombie households, corporates, banks, shadow banks and zombie countries are going to die” from the rising cost of debt from interest rate hikes, Roubini said. “So we’ll see who’s swimming naked.”
Roubini is the latest economic prophet who predicted the 2008 crash to sound the alarm on the Biden economy.
Michael Burry, who was featured in the movie The Big Short, said the economy is headed for the “mother of all crashes.”
Joe Biden’s economic problems could be just beginning if Roubini’s prediction rings true.
Stay tuned to Conservative Underground News for any updates to this ongoing story.