In the first minute of his conversation with Hedgeye CEO Keith McCullough, Euro Pacific Capital CEO Peter Schiff discussed the US being “halfway to a recession.” But we wanted to know what you thought.
Today’s poll question was: Is the U.S. heading into recession?
At the time of this post, 58% said YES; 42% said NO.
In a sampling of those who said YES, voters explained:
- "I actually believe we are currently in a depression but with a modest growth bubble within that (same thing happened in the 30's). At 53 years of age, I have to say that my confidence in this economy (country) is at an all-time low. Yes, lower than 2008. To fix the system the system has to be blown up, but that will take 95% of the country with it, which includes my wife and I. We can't afford to start over and neither can the majority in this country."
- "Yes eventually...but likely not in 2Q14 - the end of 2015 is likely when the trouble begins."
- "GDP contracting Q114, consumer sentiment waning, price of stuff necessary for subsistence has increased significantly, wage inflation appears to be virtually flat, ability to under-consume/save is shrinking; therefore, most having less to spend will result in continued GDP contraction."
- "Gas, food, rents & debt vs diminishing incomes are putting pressure on our consumption economy. Retailers are suffering. What happens when they have to raise prices. Seems like the economy is on the edge. Could go either way."
- "If the CPI was computed accurately Real GDP would indicate we are already in a recession."
McCullough, too, agreed that the U.S. is heading into recession: "The probability continues to rise that we are heading into a US Consumer recession - #InflationAccelerating is slowing consumption growth, fast."
However, one NO voter pointed out, “We will see less than 2% in Q2 but that is growth.”