“Recession fears are back in full force: 97% of CFOs said that an economic downturn has already begun or will begin in 2020—up from 88% who said the same thing last year, according to Deloitte’s latest CFO Signals Survey.”

This statement is from Forbes magazine; and it is frightening for the super-rich and corporations. Your life and mine will not change drastically unless the “job creators” decide to begin mass layoffs. The truth is Trump’s trade war and his failed economic policies have already added one-trillion dollars to America’s debt. Trump’s only successful policy is to continue tax cuts for the wealthy and corporations. He has failed most of our nation’s 330 million people.

Here are some of the factors which will result in a recession, and maybe a depression according to Forbes.

“Many on Wall Street primarily use CFO sentiment as an indicator of the business environment, but deteriorating forecasts can sometimes help warn of looming market downturns, historical data shows.

“Going into 2019, for example, just 28% of CFOs said they expected the North American economy to improve—half the number it was a year earlier, in 2018. That statistic fell to 24% in the following quarter, right before the S&P 500 dropped almost 7% in May and again by nearly 6% from mid-July to August. Business optimism also notably declined before the big December 2018 market sell-off, when the S&P 500 shed over 9%: Over two thirds of CFOs warned that the U.S. market was overvalued, and a metric of their forward-looking optimism hit a two-year low.

“Business optimism also notably declined before the big December 2018 market sell-off, when the S&P 500 shed over 9%: Over two thirds of CFOs warned that the U.S. market was overvalued, and a metric of their forward-looking optimism hit a two-year low.

“Before the market lost almost 10% in the third quarter of 2015, some CFO growth expectations hit their lowest levels in five years, reflecting rising concern ahead of the sell-off. The S&P 500 also fell by 5% in the first month of 2016—in Deloitte’s prior outlooks, CFO optimism had been steadily on the decline.

“Going further back, CFO sentiment was also relatively accurate in warning of the 2008 financial crisis: According to Duke’s CFO Global Business Outlook, optimism had plunged to a record low by September 2017—with pessimistic CFOs outnumbering optimists by around four to one.”

Although the mainstream media has covered up the truth, I have written dozens of times about the falsehood of a ‘great economy.’ It is only ‘great’ if you are one of 704 billionaires or 18.6 million millionaires. For the working class it is not so ‘great.’

No ‘good paying jobs’ have been created; quite the opposite. Trump’s failing policies removed thousands of good-paying jobs in the area of green energy. The minimal tax cuts for the middle class have expired. Tax cuts for the wealthy are permanent. In 2020 middle class families will experience fewer deductions and will pay more taxes. They are paying for part of the lost revenue created by Trump’s gifts to the super-rich and the bloated salaries of CEO’s and Boards of Directors of major corporations.

Finally, the truth; (sorry my Republican friends). Every positive aspect of our current economy is the result of policies implemented by the Obama administration. Every failure is based on uninformed decisions by the worst president in America’s nearly 244-year history.

“The Truth Lives Here”

Op-ed by James Turnage

SOURCE

Image courtesy of Ted McGrath

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