BIDEN ECONOMY: It's Official - US GDP Shrank by 1.6% in First Quarter

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.

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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.

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This is not good for America, especially with gas and food and energy costs skyrocketing.

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