According to the White House, the American economy has performed better under Joe Biden than under any of his predecessors during the past 50 years. They insist that Joe Biden is a miracle man, an economic rainmaker.
Apparently, we’re supposed to be impressed with the natural results of opening up the economy after the COVID-19 shutdowns and give Biden all the credit for it.
Well, good luck to the White House in its effort to spin the latest economic report, which says that the U.S. economic contraction in the first quarter of 2022 was even worse than expected.
“First-quarter GDP declined at a 1.5% annual pace, according to the second estimate from the Bureau of Economic Analysis. That was worse than the 1.3% Dow Jones estimate and a writedown from the initially reported 1.4%,” reports CNBC. “Downward revisions for both private inventory and residential investment offset an upward change in consumer spending. A swelling trade deficit also subtracted from the GDP total.”
According to CNBC, the first quarter of 2022 is now the worst quarter since Q2 of 2020, when the economy shut down because of the pandemic.
Congrats, Joe! Have another ice cream cone. You deserve it.
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