I haven’t felt this negative about the U.S. economy and Rutgers basketball in a very long time:
Ray Dalio, the billionaire founder of the world’s largest hedge fund, Bridgewater Associates,
saidin a Sunday interview with NBC News: “Right now we are at a decision-making point and very close to a recession, and I’m worried about something worse than a recession if this isn’t handled well.”
Lawrence Summers, the former Treasury Secretary during President Bill Clinton’s term, said in a Monday
editorial podcast in The New York Times he believes it’s “six in 10 or better that a recession will start this year,” explaining: “The pause is certainly better than if we had simply charged along on the catastrophic path that we’re on, but anybody who thinks the genie is back in the bottle and that it’s all now OK should reconsider their position.”
Last week, Summers
predicted such a downturn would leave an additional 2 million Americans unemployed, a more than 28% increase from the 7.1 million unemployed Americans in March, and a $5,000 or greater decline in annual household income.
