The U.S. economy unexpectedly contracted in the first three months of 2022 as the economy was battered by a surge in Covid-19 cases from the Omicron variant, ongoing supply chain problems, surging fuel prices, and a flood of imports.
The Burea of Economic Analysis said on Thursday that Gross Domestic Product decreased at an annual rate of 1.4 percent in the first quarter of 2022. Economists had expected the economy to grow 1.1 percent.
Private inventory investment, exports, and government spending fell in the first quarter. Imports, which are a subtraction from GDP, surged.
Personal consumption expenditures and real estate spending increased, suggesting that despite the slowdown in growth there was no let-up in inflationary pressures. That raises the danger that the economy is heading toward stagflation, where growth lags below trend and inflation remains above trend.
Inflation ran hot in the first quarter. The Personal Consumption Expenditure price index, which is the Federal Reserve’s preferred gauge of price stability, rose 7.0 percent, up from 6.4 percent in the fourth quarter of last year. Excluding the volatile categories of food and energy, prices were up 5.2 percent, up from 5.0 percent at the end of 2021.
Income lagged inflation. Real disposable income fell two percent in the quarter. The personal saving rate fell to 6.6 percent, down from 7.7 percent at the end of last quarter.
Launch Liberty adds:
The reality of our economic situation continues to become abundantly clear under the Biden regime. Just like it was under Obama, manufactured crises are making life more expensive for Americans.
During the Trump Administration, Americans enjoyed lower prices at the pump than they had in years. Oil actually became so abundant during the pandemic that there was ZERO storage left around the entire world.
The Biden regime, and the world Government lurking behind their each and every decision, have both decided to declare war on conventional, effective energy.
The very first thing Joe Biden did was to halt all fossil fuel production on federal lands via Executive order.
Prices at the grocery store continue to soar, as everyday items such as milk are at higher prices than they have ever been.
Meanwhile, the government continues to print more money than ever before. 80% of the money that has ever been printed in this country was printed within the last two years.
Our dollar is losing its value. Our Country is losing its way. Congress has nothing to say, and our dementia-ridden President seems to deteriorate further every single day.
Biden should be impeached, now. The GOP has showed itself to be a toothless, worthless fundraising mechanism. They have not called for the impeachment of Joe Biden, with exception to Marjorie Taylor Greene, once.
They sit back, collecting their checks, as our Country goes to hell.
Luckily, the spirit of this country is held within the people. The PEOPLE of this nation have always been the lifeblood of this nation.
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