Recession is looming, if it hasn't started already: Jackie DeAngelis on 'Fox & Friends'
Biden White House under fire for rampant inflation as gas prices surge through record highs
{{#rendered}} {{/rendered}}FOX Business correspondent Jackie DeAngelis warned a recession is likely looming, if it has not started already, as Americans grapple with sky-high prices at the gas pump and grocery store. DeAngelis joined "Fox & Friends" to discuss how rampant inflation will ultimately lead to an economic recession if consumer spending dwindles.
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JACKIE DEANGELIS: And so essentially, no matter how you slice it and fortunately the news is that I think we will be headed into some sort of recession if we're not there already. So if the Fed raises rates and tries to whack down inflation, all of a sudden that will have an impact, and Jerome Powell knows that. If inflation stays this high and the consumer pulls back and stop spending and only is putting essentials on credit cards, for example, remember that the consumers, two-thirds of the US economy, when it pulls back recession follows.
{{#rendered}} {{/rendered}}WATCH THE INTERVIEW FROM "FOX & FRIENDS" BELOW: