Survey: 91 Percent of American CEOs Believe Recession Looming

U.S. President Joe Biden pauses while delivering remarks on the economy in the East Room o
Drew Angerer/Getty Images
Amy Furr

American CEO’s do not have a positive outlook on the economy, according to a recent KPMG survey.

“Ninety-one percent of CEOs surveyed believe there will be a recession in the next 12 months. Only one-third of those CEOs believe it will be a short and mild recession. Some CEOs are considering workforce reductions, roughly half of the CEOs are thinking about whether they need to reduce workforce,” KPMG CEO Paul Knopp said during an interview with Fox Business.

When speaking of the 400 business leaders surveyed, he noted they were paying attention “to what the Fed is saying around the kind of weakness or sustained weakness they need to create, the cooling they need to create in the economy to beat the corrosive effects of inflation, which can really, in the long term, damage the economy significantly.”

On Friday, CNBC International Financial Journalist Arabile Gumede explained revised GDP numbers show Americans are experiencing a recession per the technical definition and as prices rose, “things are certainly looking a whole lot more negative.”

A recent Axios-Ipsos poll found American citizens fear costs will continue to get more unbearable if Democrats retain control of Congress after the upcoming midterm elections.

Breitbart News continued:

Experts project inflation will cost American families $5,520 in 2022. Since the Democrats assumed control of the legislative and executive branches of government, Americans have lost $4,200 in annual income, a recent Heritage Foundation study shows. Sixty-one percent of general election voters believe the economy is in a recession.

According to the Ipsos poll, 43 percent of Americans fear that inflation will continue to soar under Democrat rule if the party remains in power on Capitol Hill. Only 24 percent say the same of Republicans.

Meanwhile, the White House on Monday posted a photo of President Joe Biden (D) sitting in a corvette to promote a “better America.”

However, the image received heavy criticism from voters upset about high gas prices, a falling stock market, rising inflation, and more issues burdening Americans in the midst of Biden’s presidency, according to Breitbart News.

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