Joe Biden’s handling of the economy has gone from bad to worse. After the shining performance of the pre-Covid Trump years, Biden doubled down on Covid restrictions that crippled the economy, got caught in a supply chain crisis, and launched energy policies that only exacerbated economic woes and jump started inflation.
He did this all with cheering from fellow Democrats and the major media. Now the chickens are roosting and he will pay a massive price in November. Today’s dismal economic news is just another nail in his midterm coffin.
FBC: “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%. It marked the worst performance since the spring of 2020, when the U.S. economy was still deep in the throes of the COVID-induced recession.”
“Huge miss on GDP this morning, but just looking at headlines is misleading,” said Cliff Hodge, chief investment officer for Cornerstone Wealth. “We’d rate the report neutral overall. Trade, inventories and government spending all dragged.”
The Fed knows the problems are getting worse. “Our goal is to use our tools to get demand and supply back in sync, so inflation moves back into place, without a slowdown that amounts to a recession,” Fed Chief Powell said during a recent panel discussion with the IMF and the World Bank. “I don’t think you’ll hear anyone at the Fed say that’s straightforward and easy. It’s going to be challenging.”
This piece was written by David Kamioner on April 28, 2022. It originally appeared in DrewBerquist.com and is used by permission.
The post <a href=https://www.lifezette.com/2022/04/biden-economic-problems-deepen/ target=_blank >Biden Economic Problems Deepen</a> appeared first on Conservative Angle | Conservative Angle - Conservative News Clearing House
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He did this all with cheering from fellow Democrats and the major media. Now the chickens are roosting and he will pay a massive price in November. Today’s dismal economic news is just another nail in his midterm coffin.
FBC: “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%. It marked the worst performance since the spring of 2020, when the U.S. economy was still deep in the throes of the COVID-induced recession.”
“Today’s shock drop in GDP is a wake-up call that the economy isn’t as strong as we all thought,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. “It’s possible that GDP gets revised higher next month, as this is just the first release and there will be two revisions, but it is a warning sign.”
“Huge miss on GDP this morning, but just looking at headlines is misleading,” said Cliff Hodge, chief investment officer for Cornerstone Wealth. “We’d rate the report neutral overall. Trade, inventories and government spending all dragged.”
The Fed knows the problems are getting worse. “Our goal is to use our tools to get demand and supply back in sync, so inflation moves back into place, without a slowdown that amounts to a recession,” Fed Chief Powell said during a recent panel discussion with the IMF and the World Bank. “I don’t think you’ll hear anyone at the Fed say that’s straightforward and easy. It’s going to be challenging.”
This piece was written by David Kamioner on April 28, 2022. It originally appeared in DrewBerquist.com and is used by permission.
The post <a href=https://www.lifezette.com/2022/04/biden-economic-problems-deepen/ target=_blank >Biden Economic Problems Deepen</a> appeared first on Conservative Angle | Conservative Angle - Conservative News Clearing House
Continue reading...