AT&T CEO John Stankey sounded the alarm bells on the economy, telling a finance reporter that the U.S. is potentially entering a “stagflation environment” as high inflation and rising food prices continue to squeeze American households.
"When you see the numbers coming in on inflation, it's hard to believe it's not going to have an impact at some point,” Stankey said at the Sept. 12 Goldman Sachs Technology Conference in San Francisco. He continued:
And even if we miss a full-on recession, the question is – is the growth strong enough to really supplant the high levels of inflation? – And we kind of see more of a stagflation environment. But I think we're going to have to wade into the fourth quarter, first quarter of next year, to really see what the outcome of that game is. [Emphasis added].
Stankey also noted that consumers are “a little more strapped and living paycheck to paycheck.”
Someone should call CNN CEO Chris Licht and tell him that his boss, Stankey, seems to have little confidence in the economy under President Joe Biden. AT&T is the parent company of CNN, according to Adweek. But instead of aligning with Stankey on the economy, CNN argued in July that America isn’t officially in a recession because eight “white economists” didn’t say so. Yes, really.
Despite Biden’s absurd claims that Americans should not worry about recession, AT&T’s stock portfolio tells a different story. AT&T’s stock crashed 7 percent after the company revealed in its second-quarter earnings that “customers were paying their bills about two days later compared to trends seen in the previous year,” according to Yahoo! Finance.
But nothing to see here, right, Biden?
If even the CEO of AT&T — a company that is by no means a conservative bastion — is speaking out about recession and stagflation, then maybe the economy is actually in a major slump, despite recent media gaslighting to the contrary.
Conservatives are under attack. Contact ABC News at 818-460-7477, CBS News at 212-975-3247 and NBC News at 212-664-6192 and tell them to report honestly on Biden steering the economy into an inflationary, recessionary and stagflationary mess.