Commentary
The following is adapted from a talk delivered on Feb. 22, 2023, at a Hillsdale College National Leadership Seminar in Indian Wells, California.
Just about everybody on Wall Street knows, despite what you read in the financial press, that the Biden administration’s economic policies are driving our economy into a recessionary ditch. In a recent Wall Street Journal survey of 23 large financial institutions that do business directly with the Federal Reserve, 16 predicted a recession in 2023 and two predicted a recession in 2024, while only five predicted that we would avoid a recession—although even those five predicted we’d have only one-half percent economic growth, well below the 2.1 percent average over the past 20 years and dangerously close to what has traditionally been considered a recession….