Just in case you thought that the news on the economic front couldn't take a turn for the worse, the new GDP report is out and it shows that over the last quarter, the Biden economy has contracted and not grown.
Shot and chaser:
This is not good, folks.
But don't worry, the corporate media (who are totally not the enemy of the people) are letting all of us lowly rubes know that it is not time to panic.
It's just "quirky" and "weird." That's all.
Isn't that quirky? So strange that an anti-business president is causing the economy to shrink.
We shouldn't panic about these numbers, because the weakness has been driven by some quirky components, here.
First of all, there's the fact that Covid was erupting again in the first quarter of this year, we had omicron causing all these disruptions.
We also had the lapsing of some of the pandemic assistance...
The trade deficit blew out because the domestic economy couldn't produce enough goods to keep up with all the demand right now.
All of these "quirks" are caused by government error. We should never have shuttered the economy for Covid, and of course, mild-as-heck Omicron shouldn't have had any impact at all.
By the way, the "experts" all failed once again. Massively.
The pandemic assistance programs should never have been a crutch on which the economy relied.
Years of bad policy that shipped production overseas led to a domestic supply economy being unable to keep up with domestic demand.
These aren't quirks.
It's bad policy.
Other left-wing outlets are labeling this as a "surprise." There's no way, they thought, that Biden could mess things up this bad. This must be an anomaly.
From Bloomberg:
Gross domestic product fell at a 1.4% annualized rate in the first quarter following a 6.9% pace at the end of last year, the Commerce Department's preliminary estimate showed Thursday. The median projection in a Bloomberg survey of economists called for a 1% increase.
The report is more an illustration of how GDP calculations tend to be volatile from quarter to quarter, not necessarily indicating weakness in the economy or a sign of recession. The contraction was due to a jump in imports and a drop in exports, coupled with a slower buildup of businesses' stockpiles. On a year-over-year basis, the economy grew 3.6%.
These things are just "volatile," you see? It's hard to predict.
When your family is standing in the bread lines of the impending recession, just ask yourself: What's the difference between 1% growth and 1.4% decline anyway??
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