The news on the economy is not good.
Economists who had predicted about one-percent growth in the GDP were surprised by the economy shrinking by 1.4 percent instead in the first quarter of the year.
Thursday’s release also showed that “[p]rices increased sharply during the quarter, with the GDP price index deflator rising 8%,” as CNBC explains, echoing the four-decade highs measured by the Consumer Price Index.
CNBC’s Joe Kernan said that added to the spiraling inflation, and brings up the horrible “S” word — stagflation.
CNBC’s Joe Kernen: “There’s lots of one-offs & distortions. But it doesn’t matter. When you…heard people start to talk about recession fears & then…a negative print on GDP, you add into that pretty serious inflation…and then you’re immediately going to hear…stagflation” pic.twitter.com/Yn9uGfvHou
— Curtis Houck (@CurtisHouck) April 28, 2022
Rick Santelli confirmed how the pandemic spending by the Biden team kicked off the inflation in 2021, and led us to where we are now.
CNBC’s Rick Santelli: “I thought the Fed was making a mistake & everybody thought I was crazy….Good-bye to all the pandemic spending, all the mountains of money that boosted not only inflation…but all the other growth metrics, GDP metrics. That parade is over” pic.twitter.com/4l6Hel8pKK
— Curtis Houck (@CurtisHouck) April 28, 2022
But just as Biden did with inflation, he’s now refusing delivery on economic reality.
According to Biden, things are just going swimmingly.
Biden: “I’m not concerned about a recession."
He said the same thing about inflation… pic.twitter.com/VSlVWNbdj8
— RNC Research (@RNCResearch) April 28, 2022
He’s not concerned about a recession, just like he wasn’t previously concerned about inflation. Because he seems to have no understanding of economics and his brain is Swiss cheese — full of holes.
Today Biden said he’s “not concerned about a recession.”
He said the SAME THING about inflation last year. WATCH ⬇️ pic.twitter.com/tNthCAm7BO
— RNC Research (@RNCResearch) April 28, 2022
Biden then went on to argue that the country was seeing “enormous economic growth” — despite the new numbers. Now, shrinkage is growth, in Joe Biden’s mind.
Biden: "I think we're – what you're seeing is enormous growth in the country."
The economy SHRANK 1.4% in the first quarter. pic.twitter.com/Cp5xWqeVq0
— RNC Research (@RNCResearch) April 28, 2022
“I think we’re—what you’re seeing is enormous growth in the country that was affected by everything from COVID and the COVID blockages that occurred along the way,” Biden said. “Now, you always have to be, take a look and, no one is predicting a recession now.” That of course is untrue, as many are talking about the possibility of it coming now. When pressed, Biden said he was concerned that it might happen next year.
Here’s Biden’s labor secretary saying it’s a very real possibility. Has Biden talked to him lately? Biden is the one who doesn’t seem to understand the question.
Biden Labor Secretary Marty Walsh:
"It is a real likelihood" that we are headed for a recession.
— Benny Johnson (@bennyjohnson) April 27, 2022
Of course, I’m not sure what Biden understands anymore, beyond the script that they push in front of him to read. But having someone who doesn’t get it and seems like a retread of Jimmy Carter is bad. Indeed, he’s worse, because at least Carter seemed to care and have a conscience about it. He had no idea what he was doing, but at least he felt bad about it. Biden is trying to gaslight everyone into thinking things are just great — as he continues the policies that have got us into trouble in the first place.
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