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.

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