(FreedomBeacon.com)- Another prominent businessman believes that the United States is well on its way to entering a severe recession.
On Tuesday, Jeff Bezos, the founder of Amazon and one of the wealthiest people in the world, tweeted a video clip from David Solomon, who’s the CEO of Goldman Sachs. The clip is of Solomon speaking with CNBC, and saying there’s a “good chance we could have a recession.”
Bezos then added in his own commentary to the post, writing:
“Yep, the probabilities in this economy tell you to batten down the hatches.”
Some economists are warning that a recession might come at some point next year. This week, Solomon agreed with those sentiments, following a report from Goldman Sachs that showed a slump in third-quarter profits that were smaller than they expected.
On the bright side, Solomon told Reuters during an interview that it was still possible that inflation could be brought under control without causing a great deal of economic pain. As he explained:
“There’s a reasonable chance of a recession in the U.S., but it’s not certain. I could still see a scenario with a soft landing.”
In appearing on “Squawk Box” on CNBC recently, Solomon said that investors and leaders of corporations have to understand there are increasing risks of a recession. With inflation being as high as it is, and the Federal Reserve being as aggressive as it is with interest rate bumps, everyone needs to prepare for what’s ahead.
As he explained:
“I think you have to expect that there’s more volatility on the horizon. Now, that doesn’t mean for sure that we have a really difficult economic scenario. But, on the distribution of outcomes, there’s a good chance that we have a recession in the United States.”
Other economic experts have similar feelings. Jamie Dimon, the CEO of JPMorgan Chase & Co., said he expected that not only will the U.S. but also the global economy could go into a recession by the middle of 2023.
The indicators for the potential of a recession, Dimon said, are Russia’s war with Ukraine, bumps in interest rates by the Fed and continued rising inflation. As he said during a CNBC interview:
“These are very, very serious things which I think are likely to push the U.S. and the world — I mean, Europe is already in recession — and they’re likely to put the U.S. in some kind of recession six to nine months from now.”
Somehow, despite all the input from some of the top private economists in the country, President Joe Biden is insisting that it’s possible for the country to avoid dipping into a recession. He said recently:
“I don’t think there will be a recession. If it is, it’ll be a very slight recession. That is, we’ll move down slightly.”
That sounds a lot like political speak, at a time when Democrats need to avoid as much negative publicity as they possibly can heading into the midterm elections.”