Syracuse University’s next CFO spent two decades as an investment banker

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SYRACUSE, N.Y. — A man who worked for two decades as an investment banker in the Midwest will become the next senior VP and CFO at Syracuse University. Syracuse Chancellor Kent Syverud on July 7 announced the appointment of Brett Padgett to the role. Padgett will direct the university’s finance and administration functions. Padgett’s appointment […]

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SYRACUSE, N.Y. — A man who worked for two decades as an investment banker in the Midwest will become the next senior VP and CFO at Syracuse University.

Syracuse Chancellor Kent Syverud on July 7 announced the appointment of Brett Padgett to the role. Padgett will direct the university’s finance and administration functions.

Padgett’s appointment will begin later this summer and was approved by the executive committee of the Syracuse University board of trustees.

He assumes the duties that Gwenn Judge has performed since becoming the acting CFO in September 2021 after the previous CFO, Amir Rahnamay-Azar, stepped down.

Padgett currently serves as the associate VP at the University of Chicago. Prior to his work at that university, Padgett was an investment banker for more than two decades, handling “complex” municipal finances throughout the Midwest region of the U.S. During that time, he worked at Citigroup and JPMorgan/Banc One Capital Markets, Syracuse University said.

In his new role, Padgett will oversee Syracuse’s finances, working with Syverud to help the university to “navigate a dynamic financial landscape, optimize resources and investments, and align the budget model” to support the university’s core academic mission, Syracuse said.

“Brett is an outstanding leader with an impressive depth and breadth of experience in finance administration,” Syverud said. “His deep understanding of fiscal management in higher education, his track record of success aligning resources with strategic priorities and his military service will serve Syracuse University well in fulfilling its mission and achieving ambitious goals in the coming years. I am looking forward to welcoming him to the Orange community.”

In his current role at the University of Chicago, Padgett is responsible for accounting and financial reporting, financial planning and analysis, payroll and human-resources services, procurement and payment services, and treasury. He also served as the University of Chicago’ interim VP and CFO from July 2021 to April of this year.

“I am excited about joining Syracuse University at a time when financial planning, resource investment and innovative thinking must be aligned to tackle the many opportunities in higher education,” Padgett said in a statement.

During the last five years at the University of Chicago, Padgett led the development of a new long-term financial forecast model for the university. He was involved in campus land-use and planning, was responsible for the university’s banking relationships, and led multiple departments with a total of more than 475 employees.

In addition to his work with the University of Chicago and in investment banking, Padgett also previously served in the U.S. Navy as a lieutenant in special operations.

A search committee selected Padgett after a national search. The committee, which Syverud chaired, included Steven Barnes, chairman emeritus of the Syracuse University board of trustees; Gretchen Ritter, vice chancellor, provost and chief academic officer; J. Michael Haynie, vice chancellor for strategic initiatives and innovation; Candace Campbell Jackson, senior VP and chief of staff; Elisabeth (Lisa) Fontenelli, a university trustee, former board of trustees finance committee chair, and chair of the Whitman Advisory Council; Edward Pettinella, board of trustees vice chair and board audit and risk committee chair; Jeffrey Scruggs, board of trustees finance committee chair and Maxwell Advisory Board member; and Professor Emily Stokes-Rees, director of the school of design in Syracuse’s College of Visual and Performing Arts.

“I want to thank fellow members of the search committee for their leadership and work in identifying an outstanding pool of candidates,” Syracuse Chancellor Kent Syverud said. “I also want to thank Gwenn Judge for serving as interim CFO since July of 2021. Gwenn has shepherded the University’s finances with great care through challenging times, and I am grateful for her service to Syracuse University.”

Judge assumed the interim role last September, following the departure of previous CFO, Rahnamay-Azar, who had joined Syracuse University in early 2017. During his time in Syracuse, Rahnamay-Azar oversaw nearly $300 million in university capital projects supporting the Campus Framework initiative. Several construction projects were completed, including the transformations of what is now the JMA Wireless Dome; Barnes Center at The Arch; the Schine Student Center; and building and opening the National Veterans Resource Center at the Daniel and Gayle D’Aniello Building.

CNY Community Foundation names two new board members, one new officer

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SYRACUSE, N.Y. — The Central New York Community Foundation board of directors recently elected two new board members and appointed one new officer The following new members were appointed to serve their first three-year term. Lisa Dunn Alford, executive director of ACR Health: Before her current post, Alford formerly served as commissioner of the Department

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Oneida County lumber business navigates pandemic to celebrate 150th year in business

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PARIS, N.Y. — Lincoln Davies Building Supply has had to adapt after 150 years in business, and the recent pandemic is just another example of how the hardware and lumber business was flexible enough to make it through. Founded by David Davies in 1872 as a general store, the business has evolved a lot over

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Founded by David Davies in 1872 as a general store, the business has evolved a lot over the years, says current owner Ed Jones, the great-great grandson of the founder. At times, the store, sold groceries, and it operated a feed mill for a while, he says, but throughout the 1970s and 1980s as dairy farms disappeared, the store evolved into the hardware and lumber store it remains today.

In that time, it grew from just two buildings into the seven that stand today — the main store, a storage building, and five buildings in the lumberyard that store materials. Lincoln Davies is located at 8689 Summit Road in the town of Paris in Oneida County.

Jones purchased the business from his parents in 2005 and things were going along just fine. That is until early 2020.

“So, the pandemic hit,” he recalls. Jones and his family had just finished up two quick trips to Florida — one for an Orgill trade show and another to Walt Disney World — when the government declared a pandemic emergency and society began to shut down.

“We basically closed the doors of the hardware store and did curbside,” Jones says. Lincoln Davies Building Supply also reduced its business hours to Monday through Friday from 7 a.m. to 4 p.m. Everyone was stuck at home, he says, so he didn’t see a need to be open on the weekends.

“Contractors didn’t start projects at residences, and that’s our bread and butter,” Jones says of the pandemic’s early days. With that in mind, he only ordered two tractor-trailer loads of inventory that spring instead of his normal seven.

Then the stimulus checks began going out and everyone started tackling projects around their home, he says. “I wish I had ordered 20 tractor-trailer loads!”

After a surprisingly good year, Jones says he tried to be more prepared heading into 2021 and spent a lot of money to have inventory on hand.

“And the next year, everybody got their freedom,” he quips. But in 2022, economic changes like higher gas prices, inflation, and interest rates have stifled some of the do-it-yourselfers, but business is steady at around the same pace it was in 2021, he says. Jones did not disclose sales figures.

Area contractors are all busy in spite of the higher interest rates, and the business is doing well, he says. “I’m happy where we’re at right now.”

The company competes with a number of local businesses as well as several big-box home-improvement stores, but Jones says there are a few things that help Lincoln Davies to stand out.

First is by having inventory in stock and easily accessible, he says. His prices are also comparable to big-box prices. “We’re known for our high-quality building materials,” Jones adds.

Finally, he says, Lincoln Davies Building Supply tries to make it really easy and efficient for customers to get what they need. They can order and pay for all the materials inside the main store and then drive through the lumber yard for loading. “You handle it once instead of twice,” Jones notes.

Looking to the future, Jones says the company will host its usual fall-festival weekends starting in September to help note the 150th anniversary. The event features a 13-acre corn maze and usually has offerings such as food, entertainment, and things like tractor shows.

The business was also recently honored by New York State Assemblyman Brian Miller by being placed on the state’s Historic Business Preservation Registry, which recognizes businesses that have been in business for at least 50 years and had a significant impact on the community.

Jones’ middle and youngest son both work in the business, and his middle son has expressed an interest in taking over eventually as the next generation.

Greek Peak adds event facility, campground

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VIRGIL, N.Y. — Greek Peak Mountain Resort has added the Lookout at Hope Lake and the Campground at Hope Lake, spending a combined total of more than $3 million on the two capital projects. Greek Peak is located in Virgil in Cortland County, south of the city of Cortland. Greek Peak’s construction crew and staff

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VIRGIL, N.Y. — Greek Peak Mountain Resort has added the Lookout at Hope Lake and the Campground at Hope Lake, spending a combined total of more than $3 million on the two capital projects.

Greek Peak is located in Virgil in Cortland County, south of the city of Cortland.

Greek Peak’s construction crew and staff handled the majority of the two projects, but a spokesman tells CNYBJ that other contractors involved included Molly Riley Interiors Inc. of Homer, which handled the design work on the Lookout project, and Haynes Backhoe Service of Cortland, which worked on the septic system for the Lookout and Campground at Hope Lake, along with the bridge to the Lookout facility. Additionally, Walsh & Sons Construction of Vestal handled the carpentry work for the Lookout, and Tim Buhl PE of Auburn handled the engineering work for both projects.

Lookout at Hope Lake

The Lookout at Hope Lake is a 4,500-square-foot wedding and corporate-event venue that entertains up to 310 guests.

“The Lookout is a multi-million-dollar project that always delivers a million-dollar view for your special event,” Wes Kryger, president of Greek Peak Mountain Resort, contended.

Kryger was “referencing firsthand experience from his daughter’s recent wedding at The Lookout and the beautiful mountain view” overlooking Hope Lake in the town of Virgil. “The completion of The Lookout falls right in line with all the amenities we offer our guests because it enhances the mountain of memories we offer year-round here at Greek Peak,” Kryger added.

The facility includes a 25-foot bar plus several portable bars to accommodate an event, along with bridal suites with a salon. A honeymoon suite and block-room accommodations also available through Hope Lake Lodge with shuttle services available, Greek Peak said.

The Campground at Hope Lake

The Campground at Hope Lake will officially open late this summer with 26 recreational vehicle (RV) sites and more than a dozen junior-RV/camper sites.

The larger RV sites are equipped with sewer, water, and electric, while the junior-RV sites have water and electric access.

The property also has a 1,500-square-foot bath house available on site with two showers, bathrooms, and laundry.

“We have invested over $500,000 toward phase one of our campground project, with phase two looking to add up to another 120 sites in the near future,” Kryger said. “We are really excited to add this destination to Greek Peak because we believe it complements many of the offerings we already have on site.”

Those interested will be able to make reservations for the Campground at Hope Lake through Greek Peak Mountain Resort’s website once an official open date is announced, “which will be coming soon,” Greek Peak said.

PTM Solar buys DeWitt building for $270,000

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DeWITT, N.Y. — PTM Solar Inc. this spring purchased a nearly 7,000-square-foot office building on Baptist Way in the town of DeWitt. PTM Solar bought the free-standing, two-story, 6,912-square-foot structure — situated on about one-third of an acre — for $270,000 from 90 Terrace Street LLC. The sale closed on April 20, according to Onondaga

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Work wraps up on Harbor View Square project in Oswego

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OSWEGO, N.Y. — It’s a project that connects Oswego’s downtown to its waterfront and is described as a “priority project” of Oswego’s Downtown Revitalization Initiative. Crews have finished work on the $26.2 million Harbor View Square, a mixed-income, mixed-use housing development in downtown Oswego. It includes 75 apartments and more than 10,000 square feet of ground-floor

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OSWEGO, N.Y. — It’s a project that connects Oswego’s downtown to its waterfront and is described as a “priority project” of Oswego’s Downtown Revitalization Initiative.

Crews have finished work on the $26.2 million Harbor View Square, a mixed-income, mixed-use housing development in downtown Oswego. It includes 75 apartments and more than 10,000 square feet of ground-floor commercial space, the office of Gov. Kathy Hochul announced July 13.

The development replaced an underutilized, city-owned brownfield site located at the convergence of the Oswego River and Lake Ontario.

The development’s location at 68 W. First St. is the former home of Flexo Wire, a nationwide wire manufacturer and distributor. The long-vacant property underwent remediation and cleanup under New York’s brownfield-cleanup program prior to construction. Syracuse–based Housing Visions is the project developer.

“Harbor View Square returned a polluted, underutilized parcel on Lake Ontario into productive use with high quality, mixed-income, mixed-use housing,” Ben Lockwood, president and CEO of Housing Visions, said.

State financing for Harbor View Square included federal low-income housing tax credits that generated $8.5 million in equity and $9.8 million in subsidies from New York State Homes and Community Renewal (HCR), according to Hochul’s office.

The successful remediation through the brownfield-cleanup program is expected to result in $4.7 million in tax credits with the project’s completion.

The development was also awarded $1.5 million from Empire State Development’s Restore NY program. The New York State Department of State awarded $740,000 from Oswego’s Downtown Revitalization Initiative, with the award administered by HCR. Additional financing was provided by the Leviticus Fund.

“It was a pleasure working with Housing Visions as this project was a key component to our downtown revitalization work by developing an underutilized brownfield site and introducing high quality and affordable housing units to the Oswego market,” Oswego Mayor William Barlow said.

The City of Oswego was awarded $10 million in 2016 through the Downtown Revitalization Initiative, a statewide strategy to boost local economies and create vibrant urban centers where people want to live and work. Harbor View Square addresses several goals identified in Oswego’s DRI plan, including creating new residential opportunities and strengthening the vitality of downtown, and connecting downtown Oswego to its waterfront.

About the project

Encompassing an entire city block, Harbor View Square includes a five-story building with 57 apartments and 18 two-story townhomes. Forty-eight apartments are affordable to households earning at or below 60 percent of the area median income (AMI).

Eighteen apartments are affordable to households earning up to 90 percent of the AMI. Nine apartments are rented at the market rate. The development also includes 11 “fully accessible, fully adapted” apartments for individuals with a physical disability or traumatic brain injury, per Hochul’s office.

Residential amenities include a fitness center, rooftop terrace, resident lounge, bike room, and conference room. Harbor View Square is within walking distance of Lake Ontario’s shorefront, downtown attractions, retail, and restaurants.

Driscoll set to begin duties as I-81 city project director

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SYRACUSE, N.Y. — Joe Driscoll, who has been serving as a Syracuse Common Councilor, is about to transition to a new role in city government. Syracuse Mayor Ben Walsh has appointed Driscoll as the city project director for the Interstate 81 viaduct-replacement project. Walsh’s office tells CNYBJ that Driscoll begins his new duties on July

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SYRACUSE, N.Y. — Joe Driscoll, who has been serving as a Syracuse Common Councilor, is about to transition to a new role in city government.

Syracuse Mayor Ben Walsh has appointed Driscoll as the city project director for the Interstate 81 viaduct-replacement project. Walsh’s office tells CNYBJ that Driscoll begins his new duties on July 26.

Driscoll will be the city’s primary liaison with the New York State Department of Transportation regarding the replacement of the Interstate 81 viaduct. He will also work closely with departments across city government to manage the impact of the massive construction project on residents and city infrastructure.

Driscoll will leave his position on the Common Council to take on the new role, Walsh’s office said.

Driscoll, three-term common councilor, has been a “strong advocate” for the community grid option to replace the current highway, Walsh’s office noted.

“Joe Driscoll knows how to get things done. He’s been a constructive voice regarding the Community Grid who helped make sure the facts about the alternatives reached more people. He is deeply knowledgeable about the 81 project and is respected across the city for his integrity. Joe is a true public servant who understands city government and our neighborhoods,” Walsh said. “By listening, building consensus and working tirelessly, he has helped Syracuse make progress on critical community issues. His leadership role in passing the historic lead ordinance demonstrates his resolve to protect the health of children and families in Syracuse. We need his approach now on the 81 project.”

Driscoll was elected 5th district Syracuse Common Councilor in 2018, representing Eastwood and a large section of the city’s east side. He’s been serving as the Council Majority Whip and currently chairs the public-works committee, which oversees city departments and services including water, roads, street lighting, sewers and sanitation.

Driscoll previously chaired the council’s transportation committee.

“This job is a calling for me. I feel like all of my experiences have led to this moment. I believe passionately in the potential of the Community Grid to positively transform Syracuse, to advance equity and make people’s lives better,” Driscoll said. “This will likely be the most transformative project to happen in Syracuse during our lifetimes…”

In 2018, Driscoll formed the “Community for the Grid” public information and advocacy program. In 2021, he worked with community stakeholders to present a recommendation to the city to hire its own urban planner and landscape design project to develop a vision master plan and advise the city as the project is implemented.

He served on the request-for-proposal (or RFP) committee, which recommended the hiring of Dover Kohl & Partners, an urban-planning firm that has begun working with the city, per Walsh’s office.

Syracuse Build’s Pathways to Apprenticeship program graduates 3rd group

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SYRACUSE — Syracuse Build’s signature program, Pathways to Apprenticeship, on July 15 held a graduation ceremony for the program’s third class. Syracuse Mayor Ben Walsh, CenterState CEO, the Central and Northern New York Building & Construction Trades Council, and other community partners acknowledged the group’s effort during the event, according to a CenterState CEO July

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SYRACUSE — Syracuse Build’s signature program, Pathways to Apprenticeship, on July 15 held a graduation ceremony for the program’s third class.

Syracuse Mayor Ben Walsh, CenterState CEO, the Central and Northern New York Building & Construction Trades Council, and other community partners acknowledged the group’s effort during the event, according to a CenterState CEO July 19 announcement.

Syracuse Build is a mayoral initiative, housed within CNY Works, supported by CenterState CEO’s Work Train. The program has helped residents get involved in pre-apprenticeship programs and work toward credentials in “high-demand” sectors, including construction; electrical mechanics; heating, ventilation, and air conditioning, or HVAC; advanced/high-tech manufacturing; commercial driving; and software development, CenterState CEO said.

All 14 graduates are currently working on union applications and testing. The 30 graduates from cohorts one and two have all been invited and/or accepted into union apprenticeship, union membership, or a union bootcamp.

The apprenticeship-readiness training program focuses on preparing women, people of color, and veterans to help them pursue involvement in the building trades’ registered apprenticeship programs.

“We know the Pathways program is directly impacting the lives of people in our community by giving them the tools they need to achieve their passion and potential,” Ebony Farrow, program manager for Pathways to Apprenticeship, said. “It is rewarding to see people connect with this program and realize there is a place for them in construction. Their skills and experience bring value and new perspectives to this industry. I encourage women, especially women of color, to apply to Pathways and see how this program can support their goals.”

Throughout the Pathways to Apprenticeship program, participants have worked to attain the physical and technical skills needed to be competitive and successfully apply for a registered union apprenticeship. Entering a union-sponsored registered apprenticeship “can be highly competitive;” throughout the program, participants had exclusive networking opportunities with local trade unions and coaching and preparation for the registered-apprenticeship application process, CenterState CEO said.

“The Central and Northern NY Building Trades Council is proud to partner with the Syracuse Build program,” Alan Marzullo, business manager and financial secretary for IBEW Local 43, said. “The foundation this program provides graduates will enable them to access well-paying union construction jobs. The skills they’ve developed will position them well as they pursue opportunities on the immediate horizon, and those well into the future.”

The Pathway to Apprenticeship program is a collaboration of the Central and Northern New York Building & Construction Trades Council (CNNYBTC) and Syracuse Build. It teaches the nationally recognized North America’s Building Trades Unions (NABTU) multi-craft core curriculum.

Fourth cohort

The program is now accepting applications for a fourth cohort, and the applications are due Aug. 31, CenterStateCEO said.

The Pathways to Apprenticeship program will notify candidates for the fourth class by Oct. 21 and the program will run between Nov. 1 and Jan. 20.

The program will begin accepting applications for the fifth cohort this October, CenterState CEO said.

Training is tuition-free and accepted participants will be paid for their time in the program. By expanding the initiative, partners hope to connect with more individuals and prepare them for the growing number of construction-job opportunities.

Acceptance into the Pathways program is “competitive,” and to meet the minimum requirements, applicants must be 18 years or older; live in the city of Syracuse; desire a career in construction; be authorized to work in the U.S.; have a high-school diploma or equivalent; be able to read, write, and speak in English for training and safety purposes; and be physically capable to do construction work.

Funding for the Pathways program comes from several community partners, including the City of Syracuse, Greater Syracuse HOPE, Empire State Poverty Reduction Initiative, North America’s Building Trade Unions, Central New York Community Foundation, United Way of Central New York, and the Alliance for Economic Inclusion.

Work is underway on Syracuse’s Lally Athletics Complex

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SYRACUSE — The first phase of construction to turn Manley Field House into the John A. Lally Athletics Complex on Syracuse University’s South campus began in March. The effort includes a new entryway and student-athlete academic-support area, Syracuse said in a July 19 announcement about its 2021-22 fundraising effort. The upcoming complex will support student

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SYRACUSE — The first phase of construction to turn Manley Field House into the John A. Lally Athletics Complex on Syracuse University’s South campus began in March.

The effort includes a new entryway and student-athlete academic-support area, Syracuse said in a July 19 announcement about its 2021-22 fundraising effort.

The upcoming complex will support student needs with private in-person meeting areas for expanded tutorial appointments and academic advising, as well as career and life-skills programming, the university said.

Available to all student-athletes, the expanded academic-support facility will house private rooms for student-athletes to use for completing assignments or studying between classes.

The ‘Cuse Athletics Fund (‘CAF) continues to fundraise for future phases of the project. Syracuse University said it will announce additional enhancements to the facility, which was known as Manley Field House for nearly 60 years, as it secures new donations.

“The Lally Athletics Complex is a game changing project for recruiting and holistically developing our student-athletes,” Syracuse Director of Athletics John Wildhack contended. “The leadership and support from Legends Society donors this past year is inspiring, and we look forward to building upon the momentum as we continue fundraising for the complex.”

Fundraising effort

Syracuse University provided the update on the construction process of the Lally Athletics Complex in a July 19 announcement detailing the school’s second-best year of fundraising.

The ‘CAF recorded its second-highest fundraising year during the 2021-22 fiscal year that concluded on June 30.

More than 9,700 donors contributed $29.1 million, which was a 52 percent increase in funds from the previous year and the second-largest number of donors to Syracuse Athletics, the school said.

This year’s total amount raised was only exceeded in 2019, when John and Laura Lally made a $25 million lead commitment to support turning Manley Field House into the new John A. Lally Athletics Complex.

Donations to the ‘CAF encompass all areas supporting Syracuse Athletics, including annual giving to the Athletics Opportunity Fund, support to individual sports teams, priority seating, and Legends Society commitments to the John A. Lally Athletics Complex.

Plenty of people and families contributed to the successful fundraising year, Syracuse said.

The ‘CAF Legends Society received more than $14 million in commitments and surpassed 125 total donors making multi-year philanthropic donations. Legends Society commitments are above and beyond seating requirements and are separate from ‘Cuse Athletics Fund (‘CAF) annual membership levels, the university noted.

The donations are used to support the construction of the John A. Lally Athletics Complex, which Syracuse believes will “enhance experiences” across all 20 sports and benefit more than 600 student-athletes.

OPINION: Inflation hits its highest level since 1981

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Imminent recession looms Consumer inflation reported by the U.S. Bureau of Labor Statistics [on July 13] ticked up to 9.1 percent the past 12 months, the highest since 1981. It has to be a crushing blow to any chances of avoiding a recession in the U.S. this year. Food prices are up 10.4 percent unadjusted

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Imminent recession looms

Consumer inflation reported by the U.S. Bureau of Labor Statistics [on July 13] ticked up to 9.1 percent the past 12 months, the highest since 1981. It has to be a crushing blow to any chances of avoiding a recession in the U.S. this year.

Food prices are up 10.4 percent unadjusted the past year. Energy has increased 41.6 percent. Gasoline is up 59.9 percent. Electricity prices have increased 13.7 percent. Piped natural-gas service is up 38.4 percent. Shelter prices have risen 5.6 percent. Transportation is up 8.8 percent. Medical-care commodities are up 3.2 percent, and medical-care services have increased 4.8 percent.

“In 2022, the story involves price increases not seen in the U.S. for more than 40 years…”

You get the picture. All of that comes in just the past year. In 2021, inflation was largely correcting from near-deflationary conditions in 2020. No longer. In 2022, the story involves price increases not seen in the U.S. for more than 40 years, coming on the heels of the continued supply crisis and food and energy shortages.

Making matters worse, producer inflation increased 11.3 percent the past year, as the increasing costs on employers will continue to weigh on labor markets that are already showing signs of contraction.

In addition, increasing interest rates are still nowhere near real inflation rates, with 10-year treasuries still at [about 3] percent. The effective federal funds rate currently is just 1.58 percent, according to the Federal Reserve Bank of New York.

As a result, interest owed on debt — a mechanism for removing dollars from the financial system — have come nowhere near close to sucking all of the additional dollars that were created by COVID-stimulus actions by Congress and the Federal Reserve.

The national debt has increased by $7.3 trillion since January 2020 to $30.5 trillion, of which the Federal Reserve monetized half, or $3.4 trillion, by increasing its share of U.S. treasuries to a record $5.7 trillion.

As a result, the M2 money supply has increased by $6.4 trillion to $21.75 trillion, a 41 percent increase. More than 90 percent of every new dollar of debt was paid for by printing it.

The inflation that has resulted is little wonder. And neither are its impacts.

The news comes as 58 percent of Americans say America is already in a recession, according to a recent Economist-YouGov poll, despite continued happy talk from the Biden administration.

Just in June, President Joe Biden was saying that a recession this year was “not inevitable.”

Adding to the misery, 44 percent of respondents are saying the prices of goods and services was the best indicator of a recession with 57 percent saying the current inflation is impacting their lives “a lot.”

All this has to also be bad news for Congressional Democrats hoping to hold onto meager majorities in the House and Senate in the November midterm election. The American people will get to register their approval or disapproval for the state of the economy. That usually impacts the incumbent party. The question is by how much. Stay tuned.

Robert Romano is the VP of public policy at Americans for Limited Government (ALG). The organization says it is a “non-partisan, nationwide network committed to advancing free-market reforms, private property rights, and core American liberties.”

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