Patronis: “Major banks are beginning to think that a recession is a real possibility”

by | Apr 12, 2022


State Chief Financial Officer Jimmy Patronis blasted President Joe Biden on Tuesday over the latest inflation numbers, showing the highest rate of inflation in over four decades at 8.5 percent, outpacing the expectation that economists held.

The largest cost increases across March occurred in the indexes for gasoline, shelter, and food. Gasoline in particular saw skyrocketing prices, rising by as much as 18.9 percent in the span of a month and bringing the year-over-year price increase upwards of 48 percent.

“March inflation numbers announced this morning are alarming – setting a new 40-year record high at 8.5 percent and driving up the cost of goods and services for every American. Unfortunately, with food costs up nearly 9 percent and energy costs up over 30 percent, there is no end in sight and still no plan from Washington and the Biden Administration,” said Patronis. “With gas tax cuts and our home hardening initiative, Governor Ron DeSantis and the Florida Legislature have done more to fight increasing costs on households than anything Washington has done.”

Now, Patronis shares a worry that major banks similarly hold over the likelihood of a new recession in the near future.

“As the Fed is expected to increase interest rates, major banks are also beginning to think that a recession is a real possibility,” said Patronis. “I have always believed in hoping for the best while preparing for the worst, and if our country is about to enter a recession, Florida needs to be prepared to weather this storm. As the budget has yet to be sent to the Governor, his veto pen will be an important tool in protecting critical services for hard times – and I hope he uses it.”

Patronis has long been a critic of Biden’s handling of the ongoing inflation crisis, recently penning an article for Newsmax where he explains how unbridled inflation is affecting everyday Floridians.

“These families are dropping their kids off at school, going to work, buying groceries, and under the Biden economy, their savings are dwindling. That’s how inflation works: it’s a redistribution of income from the low-and-mid level income earners to the rich,” wrote Patronis. “Inflation also impacts the nearly 6 million Floridians, over age 60, who live on a fixed income. They saved up to live on a certain budget, and now their money just isn’t going as far. They’re having serious conversations about the things they need to cut to pay the bills.”

The state has taken several measures in the proposed state budget, of which DeSantis has yet to sign, to combat inflation, including a gas tax holiday and various cost-control measures.


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