The latest financial numbers released on Thursday reveal the failures of President Joe Biden’s economic policies, despite his claims of historic success.
The new gross domestic product report showed a 1.4% decrease for the first quarter of 2022, according to the Bureau of Economic Analysis.
— The Hill (@thehill) April 28, 2022
“The headline GDP figure is not really a good representation of what’s going on under the hood,” said Andrew Hunter, senior economist at research firm Capital Economics.
This is a good thread for a breakdown of the latest GDP numbers and what sectors are growing/declining. When headlines and sound bites give a surface level number, it’s valuable to have an idea what’s under the surface. https://t.co/yKOCxzH8Se
— Alan Wessman (@AlanWessman) April 28, 2022
“The reason growth was actually negative was almost entirely due to a surge in imports,” which the Bureau of Economic Analysis subtracts from GDP figures, “and that partly reflects the strength of domestic demand.”
The numbers add to shrinking confidence among Americans regarding the nation’s economy.
— Fulcrum Macro Advisors LLC (@MacroFulcrum) April 28, 2022
The most recent Gallop poll showed yet another drop in economic confidence in its most recent number that was taken before the new GDP information was released.
The latest Gross Domestic Product (GDP) numbers out Thursday are poised to hamper Democrats’ key argument heading into the midterm elections that the U.S. economy has rebounded from the dark days of the coro… https://t.co/kCoS12qArm
— SkyNet Platforms: #TheBrain (@SkyNetPlatform) April 28, 2022
The reality stands in stark contrast with Biden’s claims of economic recovery coming out of the pandemic.
The numbers could also continue to hurt his party’s chances ahead of the nation’s midterms, signaling a disaster for Democrats in November.