Twitter CEO Elon Musk responded to the Federal Reserve’s latest attempt to downplay Joe Biden’s tanking economy, warning Americans to pay attention and prepare for a possible depression.
On Wednesday, the Federal Reserve said the United States would likely enter a “mild” recession later in 2023.
However, the word “mild” is the opposite of accurately describing the severity of Biden’s economy.
Even if the Fed used the word “unprecedented,” it still wouldn’t come close to describing how bad things are.
The Biden administration repeatedly claimed inflation was “transitory” and would soon decline.
Of course, that hasn’t happened.
Combine their inaction with Biden’s reckless spending policies, including sending billions to Ukraine, and you have a severe economic crisis.
But the awful state of the economy isn’t news for people paying attention.
You only have to look at the real estate market, which has completely collapsed, with some properties being forced to reduce massive chunks of their asking price in order to sell.
Meanwhile, American credit card debt is at an all-time high, surpassing 1 trillion for the first time in history.
Americans are ruining their credit scores as they scramble to survive and afford basic items.
Elon Musk knows the Fed is downplaying the awful economy, partly to shield Biden from political repercussions, but also prevent Americans from seeing the impending depression which he has been warning about.
Musk also issued a warning to Americans.
By then, America may already be in a depression.
Earlier this week, Musk mocked the Fed by claiming a World of Warcraft economy would fare better than the current financial system.
The Twitter CEO has also been vocally critical of the Fed’s sharp interest rate hikes over the past year.
Last month, Musk called for the Fed to abandon fighting inflation and start slashing interest rates to prevent the entire economic boat from going down like the Titanic.
But the Fed refused to listen, instead hiking interest rates two days later by a quarter percentage point.
One prominent investor has noted that betting against Musk is akin to betting against the late Apple founder Steve Jobs at the peak of his career.