Thanks to Joe Biden, the US economy is shrinking.
It’s official this morning. The US GDP shrank by 1.6% in the first quarter of 2022 and the second quarter doesn’t look any better.
Market Watch reported moments ago:
The numbers: The first quarter is in the books: The economy shrank at a 1.6% annual pace, the government’s final appraisal shows. And the second quarter isn’t looking all that great, either.
The contraction in gross domestic product — the official scorecard for the economy — was the first since the onset of the pandemic in early 2020. Previously the government put the decline at 1.5%.
The drop in the headline number was somewhat misleading. A record surge in the U.S. trade deficit was largely responsible for the decline in first-quarter GDP.
Consumer spending and business investment, the two biggest pillars of the economy, both rose in the first quarter and indicated the U.S. was still expanding at a modest pace.
Consumer spending wasn’t nearly as strong in the first quarter as it previously looked, though.
As we reported previously, the US GDP is on a downturn and has been down with the last all-time high being in October of 2021. That is now more than six months ago.
This is not good for America, especially with gas and food and energy costs skyrocketing.
The post BIDEN ECONOMY: It’s Official – US GDP Shrank by 1.6% in First Quarter – 2nd Quarter Doesn’t Look Any Better appeared first on The Gateway Pundit.
