Bidenflation leads to Biden's recession?

This morning, Joe Biden and the Democrats got a major gut-punch when it was announced that the U.S. economy shrunk by an annualized rate of 1.4% in the first quarter. The Dow Jones estimate was for annualized growth of 1%. The Q4 GDP, by comparison, showed 6.9% annualized growth.

This exposes the Biden economic plan as a failure. Going from 6.9% annualized growth to a 1.4% annualized decline in 3 months is a political and an economic disaster. There's no way to spin these numbers. Factor in rising inflation and it's clear that Biden's plan is either ideologically driven, stupid or is proof that socialism doesn't work.

Waging jihad against the U.S. fossil fuel industry was Biden's first economic mistake. That's what pandering to the greenies will get you. It was Biden's mistake but it's the American people who will pay for Biden's mistake. Biden's Commerce Department reported the drop in GDP this morning. Rick Santelli made the announcement on CNBC:

Gross domestic product unexpectedly declined at a 1.4% annualized pace in the first quarter, marking an abrupt reversal for an economy coming off its best performance since 1984, the Commerce Department reported Thursday.

The negative growth rate missed even the subdued Dow Jones estimate of a 1% gain for the quarter. GDP measures the output of goods and services in the U.S. for the three-month period.

A plethora of factors conspired to weigh against growth during the first three months of 2022, which fell off a cliff following the 6.9% gain to close out last year.

Democrats face a major predicament. They're already fighting inflation, which is stripping families' purchasing power. Now they'll have to figure out a way to convince families that negative economic growth is nothing to worry about. Finally, Democrats will have to figure out a way to convince people to stay-the-course with a plan that they've already rejected. Good luck pulling off that trifecta.

Consumer spending held up fairly well for the quarter, rising 2.7% as inflation kept pressure on prices. However, a burgeoning trade deficit helped shave 3.2 percentage points off growth as imports outweighed exports.

Comments

Post a Comment

Popular posts from this blog

Is Joe Biden our Grifter-in-Chief?

Image
Apparently, Joe Biden doesn't care about the law or Supreme Court rulings. When asked about the ruling on his student loan bailout, Biden said that the Supreme Court misinterpreted the Constitution. He knows they didn't. That's just what he said to preserve the opportunity to introduce his next unconstitutional plan that will get rejected by the Supreme Court. This isn't about whether it's constitutional. It's about whether he can con enough young people into voting for him in 2024. Biden must've anticipated this ruling. Within an hour of the ruling, the Administration was out with this detailed fact sheet to replace the plan that he knew would fail. It opens with the same partisan attack as Democrats have mouthed. The fact sheet opens by saying "No President has fought harder for student debt relief than President Biden, and he’s not done yet. President Biden and Vice President Harris will not let Republican elected officials succeed in denying hard
Read more

Tim Walz's Confederate Flag Fiasco

Image
After Minnesota's Democrats shoved the most controversial progressive legislation down Minnesotans' throats, gossip started popping up about Gov. Walz being interested in running for president . That's died off but Gov. Walz is still making headlines, this time for all the wrong reasons. First, Gov. Walz isn't the brightest bulb in the chandelier. Still, Gov. Walz is fighting against Minnesota's history. This Alpha News article quotes David Hann, the chairman of Minnesota's Republican Party, as saying " The flag the DFL has eliminated was a version of the historic flag our regiments fought under during the Civil War. Minnesota was the first state to offer troops to the Union cause in 1861 , beginning a long tradition of leading the nation in confronting injustice. The DFL quest to erase our history is repugnant and should be rejected." Gov. Walz, though, sees things differently. He's quoted as saying "Minnesota is a diverse state, it continue
Read more

Maria Bartiromo's interrogation of Gov. Ron DeSantis

Image
Yesterday, Maria Bartiromo interrogated Gov. Ron DeSantis on Sunday Morning Futures. The first half of the interview, Bartiromo asked policy questions. Gov. DeSantis showed his understanding of the issues and presented his solutions on everything from China, inflation and growing the economy. The first reply he had was to cut spending. His next reply was to open energy production. Third, he talked about the importance of increasing productivity, which he correctly said is the best way to eliminate inflation. A little over half the way through the interview, though, it turned into an attack. Bartiromo asked "I'm wondering what's going on with your campaign. There was a lot of optimism about you running for president earlier in the year but here's this weekend's headline from the Politico Playbook: Failure to launch. Gov. Ron DeSantis's campaign to topple Donald Trump has stalled. We are way behind says a top DeSantis PAC official. What happened? Despite that bad
Read more