An economist from a leading university said on CNBC Monday that inflation will stay high and “one whopper of a recession” is coming in 2023, despite the liberal media’s attempts to downplay impending economic calamity.
“[S]tarting with COVID in February of 2020, we had an unprecedented growth in the money supply in the United States, and that is why we are having inflation now,” Johns Hopkins University economics professor Steve Hanke said on CNBC’s Street Signs Asia.
Hanke’s words come as the Big Three liberal media networks have been outright denying that a recession just started in the U.S. despite evidence to the contrary, and as CNN helped President Joe Biden’s National Economic Council Director Brian Deese attempt to redefine the meaning of a recession. The U.S. inflation rate remains at a staggering 8.5 percent year-over-year.
Hanke predicted that inflation will stay at about 6-8 percent through the end of this year, dipping slightly to 5 percent at the end of 2023 and going into 2024. The U.S. will reap damages from a recent slowing in the money supply, however, as five months of “zero” growth in the money supply likely means “we’re going to have one whopper of a recession in 2023,” Hanke told Street Signs Asia, as CNBC highlighted in an article Monday.