According to a survey of 400 leaders of large US companies by consulting firm KPMG, a whopping 91% are predicting a recession in the next 12 months. What’s more, the survey, released Tuesday, found that only 34% of these CEOs think the recession will be mild and short.
“Tere has been tremendous uncertainty over the past two and a half years,” said Paul Knopp, chairman and CEO of KPMG US, referring to the Covid-19 pandemic and worries about inflation. “Now, we have another looming recession.”
Now it is one thing for an economists to make predictions, especially liberal academic media pundits who pose as economists. They don't need to be right. In fact, if you are Paul Krugman you can be right about once every ten predictions or so and keep your job. The only thing that matters there is to always predict good things under Democrats and bad things under Republicans.
But if you run a company and need to make money to keep your job, well then you cannot afford to be wrong about these things. So I tend to trust it more when 91% of CEOs believe that we are heading for a recession than the silly liberal pundits tell us we will see a "soft landing" or that Bidenomics is just ready to take off!
