David Rosenberg warns US economy is a ‘dead man’

The economy has yet to feel the full impact of the tightening, said David Rosenberg. Photo by Getty Images

• David Rosenberg offered some of his most pessimistic warnings about the US economy yet.
• “Don’t believe the hype! This economy is a dead man,” the top economist tweeted.
• The head of Rosenberg Research said the US faces a “hard landing” later this year.

David Rosenberg has just become even more pessimistic about the US economy.

“Don’t believe the hype! This economy is a dead man,” the head of Rosenberg Research said in a tweet on Thursday, which also referenced an interview he gave to Wealthion.

“If you look at the United States, it seems to me that we’re still in the transition from expansion to recession,” Rosenberg said.

“I know it sounds extremely controversial to talk about the US going into recession just because the lagging and concurring indicators are telling you that we are bracing for something brand new in terms of a no-landing or a soft landing . We’re going to have a hard landing in the second half of the year,” he said.

That strengthens the case for a global recession, Rosenberg added.

Economist David Rosenberg. CNBC

The veteran economist also slammed the Federal Reserve, saying it is “picking” a preferred measure of inflation and could do significant harm to the US economy if it continues to aggressively hike interest rates.

Rosenberg reiterated his deflationary fears, adding that the Fed has already met its 2% inflation target using measures other than CPI.

“They just refuse to believe it out of hubris,” he said of the central bank. “They will destroy the economy – we haven’t seen the full impact of the tightening yet,” he argued.

Rosenberg has been vocal about recession concerns in the US, saying an economic downturn has arrived but nobody has noticed it yet.

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