Figuring that right after Donald Trump leaves the stage?
(Trump wants MORE tax cuts which would cut even MORE incoming revenue for Social Security and Medicare?)
The same thing that greeted Joe Biden’s boss President Obama? when Bush II left
The US Economy landing in Biden’s lap….
An economy going in the toilet…
The Federal Reserve HAS been forecasting this for months….
Donald Trump is scared shitless of it…
Three of the nation’s biggest banks revealed Tuesday that they had set aside billions of dollars to cover potential losses on loans, signaling that they don’t expect consumers and corporations to be able to pay their debts in the coming months as the pandemic continues to gut employment and commerce.
Collectively, JPMorgan Chase, Citigroup and Wells Fargo have put aside $25 billion during the second quarter, they said. As a result, their quarterly profits plunged. It was Wells Fargo’s first quarterly loss since 2008.
Bank executives said government aid had so far cushioned the economic fallout from the coronavirus pandemic, which sent millions of workers home beginning in March as cities and states began to shut down. These federal programs, meant to help tide Americans over the worst of the crisis, include a $600 weekly supplement to unemployment benefits. But as the programs begin to expire in the coming months, banks expect their loan losses to mount because defaults will probably rise.
“We’ll expect to gain more visibility on the damage that we’re dealing with over the coming months,” Jennifer Piepszak, JPMorgan’s chief financial officer, said on a conference call with journalists on Tuesday.
Banks, especially the nation’s largest, have a view into almost every aspect of the economy, thanks to their businesses making home and auto loans, issuing credit cards and lending to small and medium-size businesses, as well as their Wall Street operations. Their forecasts use insights gleaned from these activities and take into account data from the Federal Reserve, so their actions can be an important gauge of the overall financial health of individuals and businesses.
“The banks are pessimistic about the course of the recovery,” said Gabriel Chodorow-Reich, associate professor of economics at Harvard University. “The banks don’t see a rapid recovery over the next six months — they see a protracted recession.”….
Some Republicans probably see the worsening economy as a possible hope for the 2024 Mideterm elections for them against Biden and the Democrats?