IMF Calls For Fiscal Responsibility. Is the Fed listening? Is Biden?

 A darkening world economic outlook, indeed. IMF downgrades world growth projections with the rising risks of worldwide recession.  

It would seem the IMF is worried about inflation. I wonder if these folks and the Fed get their haircuts at the shop? 

UPI breaks the news: https://www.msn.com/en-us/money/markets/imf-presents-darkening-outlook-for-global-economy/ar-AA12FT6x

For reference, in case you were wondering, check out the last 20 years of USA GDP growth. 

U.S. GDP Growth Rate - Historical Data
Year	GDP Growth (%)	Annual Change
2021	5.67%	9.08%
2020	-3.40%	-5.69%
2019	2.29%	-0.63%
2018	2.92%	0.66%
2017	2.26%	0.59%
2016	1.67%	-1.04%
2015	2.71%	0.42%
2014	2.29%	0.45%
2013	1.84%	-0.44%
2012	2.28%	0.73%
2011	1.55%	-1.16%
2010	2.71%	5.31%
2009	-2.60%	-2.72%
2008	0.12%	-1.89%
2007	2.01%	-0.77%
2006	2.78%	-0.70%
2005	3.48%	-0.37%
2004	3.85%	1.06%
2003	2.80%	1.10%
2002	1.70%	0.74%

Drill, Baby, Drill is out, No More Offshore Drilling is In. Gas Crisis Ahead.

Has the Biden Administration gone completely into the rabbit hole? Gas prices are rising all over the country. And now the Biden Administration wants to shut down offshore drilling leases. 

They have already drawn down the strategic petroleum reserve about as far as they can without totally emptying the tank. Shutting down offshore leases will reduce the USA GDP, cause the loss of thousands of jobs, reduce domestic production and cause gas prices to rise. 

What are they thinking?

Here's the take from Fox Business: Biden admin weighs complete block on offshore oil drilling as gas prices keep rising | Fox Business

Biden's Recession is here! 2022 Q2 and Q3 GDP drops and inflation is raging at 9%

Well, that didn't take too long. 

Almost to the day, 18 months after Joe Biden took office the USA has officially entered into a recession. Two sequential quarters of economic data reported a declining Gross Domestic Product (GDP).

And don't let anyone fool you! This is the definition of a recession. They may try to call it by another name or even deny it. Every possible distraction will be announced and pronounced, proclaimed and exclaimed.  

Economy shrinks for second consecutive quarter as Biden mocks recession 'chatter' - Washington Times

A Recession Before the Midterms: History is Not on Biden's Side (msn.com)

Biden: Economy slowing down but not in recession (usatoday.com)

Egan Jones Downgrades US Credit Rating AGAIN

Another Credit Agency Downgrades US
by William Bigelow
Credit rating agency Egan Jones downgraded the United States Thursday on concern over the sustainability of public debt. Egan Jones is one of the most important ratings firms in the world; they lowered our credit level from AA+ to AA. The firm reduced America from AAA to AA+ in July 2011, just before Standard & Poor's did the same.

Egan Jones warned. "Without some structural changes soon, restoring credit quality will become increasingly difficult . . . without some structural changes soon, restoring credit quality will become increasingly difficult." They added that there was a 1.2% probability of U.S  default in the next 12 months.  The company cited the fact that the US’s total debt, which now equals its total GDP, is rising and soon will eclipse the national GDP; the company sees the debt rising to 112% of the GDP by 2014.

Read more: http://nation.foxnews.com/us-credit-rating-downgrade/2012/04/06/egan-jones-downgrades-us-credit-rating#ixzz1rYEP32Ql