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.
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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.