Joe Biden is in panic mode after getting this devastating economic news

America’s economy is in shambles.

Biden and his cronies’ socialist policies have created crippling inflation and broken supply chains, and many economic experts believe the worst has yet to come. 

But now Joe Biden is in panic mode after getting this devastating economic news. 

A complete economic collapse may be right around the corner

From the moment Joe Biden took the oath of office, the United States economy has been in a steady decline. 

All it took was two years of the Democrats’ radical socialist policies to render the American dollar less valuable than at any time in 40 years and consumers are paying the price. 

Just about every single good and service is significantly more expensive than it was just two years ago, and it does not look like this will change anytime soon. 

On CNBC’s Closing Bell broadcast, these dim projections were echoed by Jason Furman who served as an economic advisor to Barack Obama and now serves as a Professor of the Practice of Economic Policy at Harvard University and the Harvard Kennedy School. 

Furman discussed America’s serious inflation problem and said, “I think there [are] four possibilities here: There’s a soft landing, I think, at best, about a 10% chance of that, really hard to bring this magnitude of inflation down without a recession. There’s the hard landing that solves it. “

He then warned, “But, yeah . . . I think there [are] two scenarios that are even more likely than either of those. One is continued overheating, the unemployment rate stays below 4.5, the inflation rate stays uncomfortably high. I think, unfortunately, the most likely scenario is we have a mild recession, it brings inflation down, but it brings it down to something like 3.5%. And so, it does not solve our problem and we need to have another go at the whole thing.”

This is not what Joe Biden wants to hear from his fellow Democrats. 

As Furman acknowledged, an economic recession is likely imminent and things will only get worse from there. 

This is more or less a worst-case scenario for the Biden administration, which has been preparing behind the scenes for an economic collapse for quite some time now. 

What can be done to prevent an economic collapse?

The truth is, an economic collapse is not guaranteed, and there are moves Joe Biden could take to prevent such a collapse. 

But given Joe Biden’s stubbornness and the radical socialists who have been advising him thus far, this seems highly unlikely. 

Joe Biden will undoubtedly keep spending like there is no tomorrow and strangling American industry in bureaucratic red tape, which will only make things much worse. 

That’s why Republicans must now use their newly acquired House majority, albeit a slim one, to stop each and every spending bill Democrats try to throw at them. 

Stopping Joe Biden and his socialist agenda must be a top priority for House Republicans or else an economic collapse will be just around the corner. 

US Political Daily will keep you up-to-date on any developments to this ongoing story.