Kamala Harris got all the breaks after she entered the race.
Her streak of good luck is about to run out.
And Kamala Harris’ political career flashed before her eyes after this horrible news.
Investment research analyst warns a recession is coming
The economy has been shaking ground after the Biden-Harris administration came to power in 2021.
Inflation took off after the $2 trillion American Rescue Plan was passed with a tie-breaking vote by Vice President Kamala Harris in the 50-50 Senate in March 2021.
The Federal Reserve hiked interest rates to slow down the economy to combat inflation.
For the past three years, the sluggish Biden-Harris economy has been teetering on the brink.
Americans are exhausting their savings and credit card debt is at record highs.
BCA Research chief strategist of global asset allocation Garry Evans said that the economy was on the brink of a recession during an appearance on CNBC’s Squawk Box Asia.
“Every single one of us now believes there’s a recession, and that’s exactly the opposite of what the market believes,” Evans explained.
Evans said there were signs that the economy is slowing down.
The American labor market is “deteriorating,” and the manufacturing gauge hit an eight-month low.
“There’s things that are breaking down quite rapidly now,” Evans said.
Rate cuts won’t stop what’s coming
Federal Reserve Chair Jerome Powell strongly suggested that a rate cut is coming in September for the first time since 2020.
Investors are expecting three rate cuts before the year is out.
Evans predicted that rate cuts wouldn’t be enough to stop a recession.
“A few rate cuts are not going to prevent a recession,” Evans stated. “Average recession is 10 months… It takes something like a year before Fed cuts actually start to give a boost to the economy.”
“The market believes that the fed fund rate at the end of next year will be 3%. It’s currently at 5.3%. That will not happen unless there is a recession,” Evans continued.
The Biden-Harris recession is already here in some sectors of the economy.
“Within the agriculture sector, we’re in a recession right now,” Iowa Farm Bureau President Brent Johnson told Fox News Digital. “We’ve seen a lot of job losses. We’re seeing negative balance sheets. It’s become very challenging.”
Diesel, fertilizer, seed, and labor costs have all spiked during the Biden-Harris administration.
Iowa borders the swing state of Wisconsin which has a large agriculture industry.
The Rust Belt swing states of Wisconsin, Michigan, and Pennsylvania are crucial to both former President Donald Trump and Kamala’s path to 270 Electoral Voters.
And the manufacturing sector could already be in a recession.
Hidden with the Bureau of Labor Statistics downward revision of 818,000 jobs for the 12 months ending in March 2024 were 115,000 manufacturing jobs gone.
The Institute of Supply Management (ISM) manufacturing survey is down 21 of the last 22 months.
A weak economy or an outright recession could prove fatal to Kamala Harris’ campaign.
