Joe Biden just received some bad news from the last place he ever expected

Joe Biden’s failed Presidency is circling the drain.

Even Democrats are starting to realize how big of a disaster he’s been.

And Joe Biden just received some bad news from the last place he ever expected.

When he took office, Joe Biden inherited an economy on the way to recovery from the pandemic thanks to President Trump.

In less than a year, Biden managed to ruin it through his incompetence and socialist policies.

Now the economy is plagued by a never-ending series of crises not seen since the Jimmy Carter era.

Inflation is at 40-year highs, store shelves are empty, and the stock market had its worst month since the financial crisis.

But the Biden economy hasn’t hit rock bottom yet.

A Harvard economist is predicting that the worst is yet to come.

In an appearance on Fox Business, Harvard professor Kenneth Rogoff made a grim economic prediction.

Host Maria Bartiromo asked, “are we going to see a recession?”

Rogoff replied, “I think the chances are at least 50/50 that we’ll see a recession over the next year.”

“What I feel really worried about is, I don’t see how the Fed will both bring inflation down to say 2.5 to 3 percent and not have a massive recession,” Rogoff added.

“I think to do that, they’d have to hike rates 4, 5 percent at least, and, over the next year and a half, I don’t think they are going to do that. I suspect we’re going to end up with still high inflation, and, maybe even still a recession,” he concluded.

The Biden economy has seen just about every piece of bad economic news but a recession.

Now a professor from usually Biden-friendly Harvard is saying it’s “at least 50/50” that a recession is coming in the next year.

He points out how the Federal Reserve is trapped between a rock and a hard place on fighting inflation.

To bring down inflation, the Fed needs to massively hike interest rates.

But quickly raising interest rates could grind a sluggish economy to a halt, as the cost of borrowing money skyrockets.

The Fed is trapped with no easy answers to the inflation crisis.

Rogoff’s prediction came on the heels of catastrophically bad first quarter GDP numbers.

The GDP dropped 1.4% for the first quarter of the year.

Two consecutive quarters of negative GDP growth is the technical definition of a recession.

The Biden recession could already be here when quarter two’s GDP numbers are released.

Rogoff joins a growing chorus of economic experts to predict that a recession is coming.

Deutsche Bank became the first major bank to predict a “major recession” is on the way.

Bank of America Chief Investment Strategist Michael Hartnett warned clients that high inflation signaled a “recession shock” was around the corner.

With the odds of recession increasing, the Biden regime could be staring into economic and political doom.

Renewed Right will keep you up-to-date on any new developments in this ongoing story.