Sacks @ 00:35:46Wrong
economy
The economic blowback from cutting Russia off from the global economy will cause a severe negative impact (“economic tsunami”) on the US economy within the subsequent year (by around March 2023).
there is an economic tsunami headed for our own economy as a result of the blowback from basically severing 144 million Russians from the global economy.View on YouTube
Explanation
Within the year after the March 19, 2022 podcast (i.e., by roughly March 2023), the U.S. did not experience an “economic tsunami” or severe macroeconomic downturn, even though sanctions and the war clearly imposed notable costs.
What actually happened:
- Growth: Real U.S. GDP still grew in 2022 by about 2.1% and then by 2.5% in 2023, indicating continued expansion rather than collapse. (bea.gov) Quarterly data show solid growth into late 2022 (e.g., Q4 2022 at a 2.9% annual rate). (apps.bea.gov)
- Jobs: Unemployment in March 2023 was about 3.5–3.6%, near 50‑year lows and far from crisis levels, with employment and labor-force participation continuing to improve through 2022–23. (bts.gov)
- Inflation shock (real but not a collapse): CPI inflation did spike to 9.1% year‑over‑year in June 2022 and was still 5.0% by March 2023, a significant cost‑of‑living hit. (bls.gov) Analyses attribute a substantial portion of that elevated U.S. inflation specifically to the invasion of Ukraine and associated energy/commodity effects from the conflict and sanctions (e.g., Moody’s Mark Zandi estimated several percentage points of U.S. inflation were due to the war/sanctions channel). (en.wikipedia.org)
- Overall assessment: Major institutions and analysts later characterized the U.S. economy in 2023 as resilient, with recession fears proving overblown and inflation easing while growth and employment remained strong. (cbpp.org)
So while sanctions and the war clearly produced meaningful negative effects for the U.S. (notably higher inflation and tighter monetary policy), the predicted severe blowback—an “economic tsunami” causing a major U.S. economic breakdown within a year—did not materialize. Overall, the prediction is best classified as wrong in its core claim about the magnitude of the damage to the U.S. economy.