BUCK: Uh, yeah. We are headed to recession, folks.

CLAY: We may be there already.

"Secretary Yellen…said this week that 'there is nothing to suggest a recession is in the works.' Do you agree?"

Obama Treasury Sec. Larry Summers: "No … The optimists were wrong a year ago in saying we'd have no inflation, and I think they're wrong now." pic.twitter.com/hzIKvUhe35

— RNC Research (@RNCResearch) June 12, 2022

BUCK: Welcome back to Clay and Buck. I think you could see negative growth even this quarter, which would officially, formally put us into a recession, and this is… I’ve always thought that the risk with Biden — just to give us a sense of how far this has really fallen, Clay, I thought the risk with Biden from the beginning was that he comes into office and does really bad things for the economy.

But it would be masked by the huge springboard effect of now we’re not in covid the same way we were. People have realized. We’ve reopened. He’d tried that with the “Oh, I’ve created eight million jobs,” or whatever the absurd number is. But because they spent and spent — because they put that $2 trillion package out there without a single Republican vote — nope! They’ve actually got the other problem which you can have with an economy which is overheated through monetary policy inflation now running rampant.

CLAY: Everything’s down — and I hate to mention it ’cause I know there’s so many people out there who don’t want to even look at their 401(k)s. The joke, unfortunately, is it’s rapidly advancing towards a 201(k), right? We came back out of covid — and covid still not over, by the way, which is the other springboard effect.