Recession is almost a given, and Biden's team 'don't know what they are talking about' as they play down the risk, Santa Lucia investment chief says

• Americans should brace for an almost certain recession this year, according to the CIO of Santa Lucia Asset Management. 
• "The Biden team needs to look at the numbers because they honestly don't know what they're talking about," James Morton told CNBC. 
• White House officials recently suggested the economy is on a path of "stable" growth with no signs of an imminent recession.

Americans should brace themselves for the near certainty of a recession this year, but how severe it will be remains a matter of debate, according to the investment chief at Santa Lucia Asset Management.