the news continues, cnn with jake tapper starts now. welcome to cnn tonight i m jake tapper. tonight the economic alarms are blurring, and i don t mean one of those vaguely known but soft alarms on your smartphone. [noise] no, i mean one of those really have noxious alarms that you might hear if you are he s back on the turn that off. but you cannot turn this alarm off. and as much as you want to wish it away, it is clear that with less than three weeks after the midterm elections, the forecast is doom and gloom. that is why president biden today today gave not one but two speeches on the economy. families are hurting, you have heard me say it before, but i get it. it has been a rough for five years for the country. but a lot of folks here are still struggling, but there are bright spots. i get it, folks are still struggling, but one word that you did not hear from president biden today? the word recession. but he did admit a recession was a possibility during o
gerald ford, tried to come up with a slogan, with wig inflation now, in part of the wind campaign, these shiny red buttons. inspire americans to spend less, conserve energy, a spoiler alert? it did not work. the campaign was marked as one of the biggest government public relations wonders ever. so forward, loss and economic hard times continued, and three short years president jimmy carter called for some american sacrifice to combat a natural gas shortage, all wall dressed like mr. rogers. all of us must learn to waste less energy. simply by keeping our thermostats, for instance, at 65 degrees in the daytime, and 55 degrees at night. 55 at night! good luck. i don t control the thermostat in my house. but i digress. a few
through the recession. yes, the recession is real. we haven t even begun to find feel the beginning of it. i can explain if you really want to. 23, 24, 25, that is when things are going to get really tight. we re still gonna have high wages, still gonna have high energy costs, fuel costs, gas costs. this is also going to be elevated under this democrat it administration. there s a tough storm to be weathered here, for sure. what do you mean? what do you think is going to happen, and why? everyone talks about the five trillion dollars into the economy that has driven inflation. that s absolutely true. what people don t realize is, governors and a few of us who are in charge of allocating those dollars and spending, them on the fraction has been spent. it has all been allocated, but the actual number of checks cut is very minimal. the funds are designed infrastructure, all designed to be spent into 24, 25, and 26. so inflation is going to be very exacerbated for the next
it s about the cost of living, fuel, putting food on the table. those things are very we ll real. you have to go forward with buying back those assets, pull money out of the economy. it s the only way to get inflation under control. unfortunately these rates are going to have to stay high for a decent amount of time, which is why i get upset with secretary yellen. she knew what she was doing. she knew that at the end of the day the roosters, the chickens had to come home to roost, so to say, in interest rates would have to outpace inflation to get this thing under control. and then understand that making sure that the dollars that have been allocated are really going to one-time spending, not increasing the size of government. a lot of states iffy bigger government programs. that s the absolute wrong thing to do. because you are increasing your long term liabilities on your tax payers. we don t have sales tax here. we don t have income tax. getting rid of our dividend tax and all o
here s jamie diamond, ceo of jpmorgan chase. europe is already in recession. they re likely to put the u.s. in some conversation six or nine months from now. here s david salman, the ceo of goldman sachs. with a chance we could have a recession. i think you have to expect that there s more volatility on the horizon. to which one of the wealthiest man in the world, amazon founder jeff bezos responded it is time to batten down the hutches. actors. even more important than the recession fears of those sitting at the boardroom tables are the worries of those just trying to put food on their kitchen tables, who were already struggling given how inflation has been gobbling up bank accounts nationwide ahead of thanksgiving. the average cost of groceries is up 13% since last september. eggs, up more than 30%. serial, 16%. milk and cheese, 15% with gas prices hovering at just about $4 per gallon on average. and they could soon rise again. look, there are a lot of reasons for inflation,