The American economy was weaker during the first half of 2022 than originally thought, according to a new report.
The Commerce Department revealed on Thursday that the gross domestic product shrank by 1.6% in the first quarter and .6% during the second quarter.
With Biden (and his leftist puppeteers) at the helm, it would be more surprising if it didn’t suck!
]👉🏻 Surprise! The Economy Is Even Worse Than You Thought https://t.co/qp9nYlpvpK
— Junkyard Dogs (@baileyjer) September 30, 2022
Worse than expected
“On Thursday, the Commerce Department released revisions to its estimates of GDP and GDI. The GDP estimates were unchanged but the GDI estimates for the first half of this year were marked down sharply. First quarter GDI grew at a 0.8 percent annual rate and second quarter GDI growth was a mere 0.1 percent,” Breitbart News reported.
“Many economists look to the average of GDI and GDP as a signal for the health of the economy. Before the revisions, that average appeared to imply that the U.S. economy was growing in the first half of the year, supporting the claim that the U.S. economy was not in a recession,” it added.
A Commerce Department report due Friday on consumer spending in late summer will show how Americans are coping with high inflation and higher borrowing costs https://t.co/HJAD2m8WZC
— Real Time Economics (@WSJecon) September 30, 2022
“The U.S. Commerce Department is expected to report housing starts fell to 1.445 million units in AUG from 1.446 million units in JUL,” CB3 Live reported.
“Permits for future homebuilding fell to a rate of 1.610 million units in AUG from 1.685 million units in JUL. To me, the bottom is forming,” it added, noting the impact on new construction.
The U.S. Commerce Department is expected to report housing starts fell to 1.445 million units in AUG from 1.446 million units in JUL. Permits for future homebuilding fell to a rate of 1.610 million units in AUG from 1.685 million units in JUL. To me, the bottom is forming. pic.twitter.com/5O9PVDsTEz
— CB3 LIVE! (@CB3_LIVE) September 28, 2022
The new information shows that the economy is in recession in less than two years after President Joe Biden became president.
The reports ahead of the midterms may also be a concern for the left as Americans rank inflation their top concern.
Biden’s plan to unite America continues to crumble as his policies instead erode the economy and hurt the nation’s families.