Even with crushing inflation, Joe Biden has tried to pitch the narrative that the United States economy is booming.
This is all happening with inflation that Biden himself called “transitional” toward the end of last year and in December declared that it had peaked.
His own administration struck the most staggering blow against the narrative that Biden has been pitching on Wednesday.
Slight or Modest
When the Beige Book report from the Fed came out this week, it was a significant downgrade from the April report.
Only four of the 12 districts reported by the Fed for the Beige Book report showed “moderate growth.”
The remainder posted “slight or modest” growth.
That is a massive downgrade to the economy and one that this administration can no longer deny.
In the latest report, the Fed stated, “Four districts explicitly noted that the pace of growth had slowed since the prior period.”
For those of you unfamiliar with the Beige Book, this is a report compiled by the Philadelphia Fed of anecdotal information from all 12 Federal regional banks.
The report is published eight times per year, usually just prior to the Fed’s Open Market Committee holding its meetings on monetary policy.
Two areas of significant concern are consumers balking at the high price of goods and rising mortgage rates, which are slowing down the housing market.
Businesses have reported they are still having problems finding staffers as well as the ongoing problem with supply chain issues.
Three major districts are worried about a recession: Boston, Dallas, and Philadelphia.
Joe’s own Fed is now pushing back against a narrative he has been trying to sell the American people for months.
Folks, there is a massive hit headed our way, so get ready for it.