The U.S. economy shrank in the first three months of this year, and it happened “unexpectedly” according to Bloomberg Business:
— Bloomberg (@business) April 28, 2022
“The surprise contraction“:
The U.S. economy shrank for the first time since 2020, reflecting an import surge tied to robust consumer demand.
While the surprise contraction adds to political headaches for President Joe Biden, it’s unlikely to dissuade the Federal Reserve from hiking interest rates aggressively to combat inflation.
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 excuses from the Biden administration are sure to be doozies.
I can’t even wrap my mind around this: GDP growth just went from +6.9 percent last quarter to – 1.4 percent this quarter. That’s worse than the swing from the last quarter of 2019 to the first quarter of 2020 (+1.9 percent to -5.1). Absolute disaster.
— Kyle Smith (@rkylesmith) April 28, 2022
It might be an “absolute disaster,” but the Biden White House knows they’ll get some help explaining why people shouldn’t blame their lying eyes and ears. NPR had something to add after reporting how much the economy shrank:
JUST IN: The U.S. economy shrank in the first 3 months of the year, with the GDP falling at an annual rate of 1.4%. Here's why analysts say the numbers may not be as worrisome as they appear.https://t.co/PpzcaGYvNt
— NPR (@NPR) April 28, 2022
“The numbers may not be as worrisome as they appear.” It’s good to be a Democrat administration because you get so much spin assistance from the media.
Took NPR nanoseconds to defend the abysmal GDP…
“The numbers may not be as worrisome as they appear”
JFC! They would’ve crucified DT for this but are giving Joe a reach around. https://t.co/Qik8Zon2N8
— ShredderGirl (@ShredderBabe) April 28, 2022
CNN also did its part:
CNN reporter dismisses the bad GDP report showing a contraction of the economy as "quirky" and "weird": "We've had a lot of weird economic numbers and we just got another one…We shouldn't panic about these numbers b/c the weakness has been driven by some quirky components." pic.twitter.com/bracZXaudF
— Curtis Houck (@CurtisHouck) April 28, 2022
The New York Times was spotted doing to pre-spinning before the numbers were even released:
The GDP report isn't out and the New York Times is already spinning for the administration. pic.twitter.com/XY0YNRf3se
— Jay Caruso (@JayCaruso) April 28, 2022
And we already know who the Biden White House will blame:
The U.S. GDP shrank 1.4% in first quarter 2022, putting us on the brink of recession.
Inflation is at a 40-year record high.
Clearly, this is Putin’s fault.
— Razor (@hale_razor) April 28, 2022
Media: Hey, inflation may be be sky high, the GDP may be down the drain, but the economy is doing great!
“But I’m paying sky high prices at the pump, in grocery, and everywhere else?!”
Media: Oh, that’s Putin’s fault!
— Reagan Battalion (@ReaganBattalion) April 28, 2022
Putin will certainly get much of the blame, with some being reserved for Covid and, of course, Donald Trump.