The United States is headed for a recession during President Barack Obama’s second term, renowned financial guru Steve Forbes predicted Wednesday.
"We won’t get a depression, thankfully. This is still a very resilient economy, but we will have a recession," Forbes, chairman and editor-in-chief of Forbes Media, told Newsmax.TV in an exclusive interview.
"Raising taxes on capital, raising taxes on small businesses, which we will likely get now, particularly since the Republicans did so badly in the Senate races, that is going to pose a real burden.
"We have Europe doing the same thing: piling on new taxes, Japan piling on new taxes. The Federal Reserve is going to continue to undermine the dollar, which is going to hurt small and medium-size business. It’s going to be very tough sledding next year."
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