Joe Biden’s economic policies already have triggered massive inflation – the highest in some 40 years – with the most recent assessment at 8.3%.
That’s actually less than the wholesale inflation which was estimated recently at around 10%.
Then there’s the cost of gasoline – up not by pennies or nickels per gallon – but by dollars.
Food, too, is a problem, with some products on shelves now with prices 20%, 30% and more higher that just last year.
Now Fox Business has confirmed the U.S. economy contracted 1.5% on an annualized basis in the first quarter of 2022.
That’s according to data from the Bureau of Labor Statistics, and it’s worse than the 1.3% that had been expected by economists.
“The contraction was partially attributed to the nation spending more on imports from other countries than it did on U.S. exports,” the report said. “The trade gap slashed first-quarter GDP by 3.2 percentage points. Also contributing to the weakness was a slower restocking of goods in stores and warehouses, which had built up their inventories in the previous quarter for the 2021 holiday shopping season, knocking nearly 1.1 percentage points off the January-March GDP.”
The report cited inflation under Biden’s actions at “near a 40-year high,” as well as the 8.3% inflation, meaning American workers, unless they are getting raises of 8.3%, are actually able to buy less than just months ago.
“Prices jumped 0.3% in the one-month period from March. On a monthly basis, average hourly earnings dropped 0.1% in March, when accounting for the inflation spike. On an annual basis, real earnings dropped 2.6% in April,” the report explained.
Economists recently told the Federal Reserve Bank in Philadelphia they now think the GDP will grow 2.5% for all of 2022, but that’s down from the 4.2% estimates from just months ago.
And, the report said, the Congressional Budget Office is warning consumers inflation will stay high, at least for the next year or longer.
Economists are warning that Biden’s policies are likely to lead to a recession.
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