Sacks predicted that the U.S. would enter a major, second‑leg (“double‑dip”) recession in 2023 caused by the cumulative effect of Federal Reserve rate hikes.

By standard macroeconomic and official U.S. definitions, that did not happen:

• Real U.S. GDP grew in 2023 rather than contracted. Estimates show full‑year real GDP growth around 2.8–2.9% in 2023, similar to or slightly above 2022, not a large downturn. (tradingeconomics.com)
• IMF data likewise report positive real GDP growth for 2023 and a low unemployment rate (around 3.7% in Q4 2023), consistent with continued expansion, not a deep recession. (imf.org)

On the recession / double‑dip point:

• The official arbiter of U.S. recessions, the NBER Business Cycle Dating Committee, dates the most recent recession as the short COVID downturn from February–April 2020 and shows no subsequent peaks/troughs indicating another recession through and beyond 2023. (nber.org)
• NBER‑based recession indicator series (quarterly) are 0 for all quarters of 2022 and 2023, confirming that—under NBER’s definition—the economy was in expansion, not recession, throughout 2023. (ycharts.com)

On the mechanism he cited (Fed hikes): the Fed did raise the federal funds rate aggressively from near zero in early 2022 to about 5.25–5.50% by mid‑2023, one of its fastest tightening cycles. (federalreserve.gov) However, Congressional Research Service analysis notes that, as of late 2023, this tightening had so far produced falling inflation without a decline in employment or overall economic activity, i.e., a prospective soft landing rather than a hard‑landing recession. (congress.gov)

Because 2023 saw continued expansion, low unemployment, and no NBER‑defined recession, there was neither a “huge recession” nor a second (“double‑dip”) recession leg that year. The prediction, as stated, is therefore wrong.