• Lakshman Achuthan and Anirvan Banerji, cofounders of the Economic Cycle Research Institute, warn that a recession is on the horizon
  • They write in an op-ed for CNN that the US economy is following a similar trajectory to the months leading up to the Great Recession
  • They also say the Biden administration’s efforts to quash an economic downturn came too late
  • It spells bad news for the president, who has tried to downplay the risks of a recession 

Leading economists are warning that a recession is coming in the near future, despite the Biden administration’s attempts to downplay the risks.

Lakshman Achuthan and Anirvan Banerji, cofounders of the Economic Cycle Research Institute — which determines recession dates for 22 global economies — say the United States is on track to face another recession like the one in 2008.

They said in an op-ed for CNN that the Biden administration’s efforts to quash an impending economic downturn have come too late.

And even though the GDP grew in the last quarter of 2022 and the economy added more jobs, Achuthan and Banerji say that will soon change.

The Economic Cycle Research Institute has been predicting a recession since last spring, and Achuthan and Banerji say that prediction has not changed despite the Federal Reserves’ efforts to raise interest rates.

They explain: ‘By the time the Fed began hiking rates, the economy was already slowing, making recession more likely.’