Elon Musk is not buying the Federal Reserve’s handling of the economy nor their latest prediction.
The Federal Reserve on Wednesday said that the United States will likely enter a “mild” recession later this year.
BREAKING: Fed staff projected a mild recession starting later in 2023.
— unusual_whales (@unusual_whales) April 12, 2023
However, they are playing down the potential severity by claiming the economy will recover quickly over the next two years.
These are the same people who claimed over and over again two year ago that inflation was “transitory” and would soon decline. Their inaction back then combined with Joe Biden’s reckless spending policies are the reasons for the current economic crisis.
The Gateway Pundit has consistently reported on the awful state of the economy. Joe Hoft revealed on Monday that the real estate market has completely collapsed with some of the best properties selling at a 36% discount.
American credit card debt has also surpassed $1 trillion for the fist time in history. This means Americans are having to risk ruining their credit scores in order to afford basic items.
It’s no wonder why Elon Musk thinks the Fed is once again downplaying the awful economy. He issued a warning that all Americans should pay attention to.
Tough sledding until spring next year is my best guess
— Elon Musk (@elonmusk) April 12, 2023
America might be in an actual depression by then should this prediction come to fruition.
No one should be surprised Musk thinks the Fed is full of BS. Earlier this week, he mocked them by claiming a World of Warcraft economy would be better than the current financial system.
Their technology is so ancient. World of Warcraft economy is lightyears better (actually).
— Elon Musk (@elonmusk) April 10, 2023
Musk has been a vocal critic of the rapid interest rate hikes the Fed has undertaken over the past year and has advocated for a different course.
On March 20, Musk called on the Fed to abandon its laser-like focus on fighting inflation and start slashing interest rates in order to avert a recession.
Fed needs to drop the rate by at least 50bps on Wednesday
— Elon Musk (@elonmusk) March 21, 2023
The Fed did not listen and instead hiked interest rates two days later by a quarter percentage point.
Perhaps everyone should start listening to Musk instead of the Fed. One prominent investor has noted that betting against Musk is like betting against the late Steve Jobs at the peak of Apple.
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