The US economy on Joe Biden’s watch has just shrunk for the first time since the pandemic began.
The Gross Domestic Product has fallen by 1.4% for the first three months of 2022:
FOX BUSINESS – The U.S. economy cooled markedly in the first three months of the year, as snarled supply chains, record-high inflation and labor shortages weighed on growth and slowed the pandemic recovery.
Gross domestic product, the broadest measure of goods and services produced across the economy, shrank by 1.4% on an annualized basis in the three-month period from January through March, the Commerce Department said in its first reading of the data on Thursday.
Refinitiv economists expected the report to show the economy had expanded by 1.1%.
I see in other articles that economists are adamant that we’re not heading for a recession. But truthfully, all we need is one more quarter like this and we’re officially in one.
Economists didn’t expect the economy during first three months of this year to shrink. They didn’t see it coming. So I almost expect the 2nd quarter to repeat this same result and for economists to tell us how unexpected this all was when it does.
They way I see it there isn’t much good about this economy under Biden. They keep telling us how low unemployment is but we all see businesses changing their hours because they’re having trouble hiring the people they need to run their business.
Not to mention gas prices surging and inflation continuing to break records. Why wouldn’t we be on pace to enter a recession?