New GDP numbers show the reality of Biden’s failing economic policies

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.

Ouch!

“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.


“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.”

Shrinking confidence

The numbers add to shrinking confidence among Americans regarding the nation’s economy.

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 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.

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