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Economist’s Warning To Senators: “Expect A Recession In 2020 Or Earlier”

Mac Slavo
January 17th, 2019
SHTFplan.com
Comments (19)
Read by 2,588 people
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An economist has warned Maryland Senators that a recession is coming and that they should begin to prepare for it. The economist said that the indicators point to the recession happening in mid-2020, perhaps sooner.

Dan White, director of government consulting and fiscal policy research for Moody’s Analytics, told members of the Senate’s Budget and Taxation Committee that there are financial indicators of an upcoming recession according to the Baltimore Sun.

“Ten years is a long time for us to go without screwing something up,” Dan White said.  When Senators in Maryland asked White how they can prepare for a recession, he said to save some money. “The simplest solution and the most effective solution seems to be to make sure you have enough in your rainy day fund to get through the next recession,” White said. He did caution the addition of new spending that will not be sustainable during a recession.

Morgan Stanley’s CEO Jamie Dimon says a possible near-term recession wouldn’t look anything like the previous financial crisis which was driven by loose underwriting and subprime mortgages, according to a report by Fox News Business. “There will be a recession one day. So when people say, ‘Is there going to be a recession?’ Yeah, I don’t know when it’s going to be, but there will be one and something will trigger it and it will be a little bit different than the last one,” he said.

This time, the recession will circle around the student loan debacle which is currently a $1.5 trillion crisis and climbing. The main concern with student loan debt is that it is largely owned by the government, not a private bank.  “The lender will not be there, so a lot of these borrowers are going to be stranded,” he said. “It won’t be anything like you saw the last time for the large banks.” In other words, Dimon says the government will not be regulating and taxing themselves out of this problem.  The government won’t be able to fix the problem they caused.  The pain and discomfort will fall on the backs of the borrowers.

The Federal Reserve estimated that the average monthly student loan payment increased from $227 in 2005 to $393 in 2016, according to statistics reported by CNBC. That payment is going to be difficult to make for some during a recession.

How Prepare For An Economic Downturn: Go Debt-Free In 2019

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Author: Mac Slavo
Views: Read by 2,588 people
Date: January 17th, 2019
Website: www.SHTFplan.com

Copyright Information: Copyright SHTFplan and Mac Slavo. This content may be freely reproduced in full or in part in digital form with full attribution to the author and a link to www.shtfplan.com. Please contact us for permission to reproduce this content in other media formats.

19 Comments...

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  1. Canned Goods says:

    Hopefully I can crack open that can of ravioli soon. Becoming increasingly eager and lonely. My wife left me because I spent our life savings on canned goods, ammunition and silver. I’ll show her though. When that recession hits she’ll be starving and I’ll be eating canned ravioli like a KING.

  2. Anonymous says:

    Over the course of my life, I’ve learned not to pay too much attention to what “economists” say.

  3. When the socialists get into power in 2020, they will pass legislation to “forgive” the debt…..it will be passed on to all the taxpayers. Don’t forget their mantra: Every child has a right to a college education.!!!

  4. rellik says:

    I fail to see how the inability to loan money to students will cause a problem.
    I can see where loans not being paid back are a problem, but that can be addressed, with a little common sense. I know common sense and government is an oxymoron.
    On my usual soapbox, I want a Depression! prices are artificially too high. Stocks should be at a P/E of 20, housing costs should be at 25% of a median monthly wage. Medical insurance should be at 5% of a median monthly wage, Taxes, all taxes should not be more than 10% of a median monthly wage.
    I could go on.

  5. Jamie Dimon is CEO of J P Morgan. Buy Silver! Crash J P Morgan!

    Whoops…that was ten years ago…and it didn’t work.

  6. Bonefortoona says:

    Haha, now its 2020!

  7. aljamo says:

    Is that why the price of silver is so low compared to the price of gold? There must be tons of silver in citizens hands and as yet unmined. I don’t really understand how silver pushed $50 an ounce not that distant ago and now flounders at this reduced price around $15.

  8. Maranatha says:

    Currency is an illusion.

    Money genuinely does not exist as it is dependent on a natural resource with unquestionable value that is somewhat stable and not subject to whim. I mean,you could make WATER that base of value? Why not?

    The only thing that ultimately has value is land ownership as you can regularly extract wealth from it to provide for your family. That is the basis for 12,000 years of human civilization up to say 1900.

  9. Bert says:

    almost as fun as passing a driverless car and then hitting the brakes

  10. Maranatha says:

    htt ps://www.fool.com/investing/2018/12/23/3-top-e-cigarette-stocks-to-buy-in-2019.aspx

    htt ps://thehill.com/policy/healthcare/426140-fda-threatens-to-pull-e-cigarettes-off-the-market-citing-possible

    Be advised the FDA is talking about pulling e cigs from the market. If so, that means that those stocks will drop and the tobacco companies stocks might increase due to renewed demand because many will just switch back.

    Also, that will likely mean some will try to quit again so any tobacco cessation products like nicotine gum will see an increase in demand.

    I would expect some to buy natural products (unadulterated tobacco iie no additives) and load up on tobacco given the DNC controls the House and therefore it’s a TARGET for yet more taxes. I don’t smoke at all, but since several preppers do and since tobacco is an aternative currency in hard times, don’t miss out on any opportunities or don’t be stunned by any changes.

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