The economy has been President Biden’s Achille’s heel. The country was slowly recovering from lockdowns in 2021. But Joe took steps to derail that recovery, triggering inflation and hampering most industries.
Today, Americans can’t even afford cheeseburgers and struggle to put gas in their cars.
Despite this, Biden and his supporters continue to claim that the economy is “strong.” They cite carefully worded stats and ignore the pain the average American is going through. But now, a new report is going to make it hard for Democrats to continue saying this.
From Daily Caller:
The U.S. economy grew at a rate of 1.6% in the first quarter of 2024, according to gross domestic product (GDP) statistics released by the Bureau of Economic Analysis (BEA) on Thursday…Prices increased at a rate of 3.5% year-over-year in March, far faster than the Federal Reserve’s target range of 2%, and have not declined below 3% since peaking at 9% in June 2022…
The federal government has also continued to pile on debt, which currently totals nearly $34.6 trillion and contributes to GDP, according to data from the Treasury Department.
Next time Powell & Co. try telling you that inflation is going away, remember that the monetary base is almost twice the pre-pandemic level…
…and it's still trending upward: pic.twitter.com/jiNjE802kj— E.J. Antoni, Ph.D. (@RealEJAntoni) April 24, 2024
The economy’s growth slowed down dramatically in the first quarter of 2024. It only expanded by a rate of 1.6%, well below experts’ predictions. This follows the ongoing scourge of inflation, which, despite Biden’s claims, has continued to rise over his presidency.
Biden and his team have claimed prices have “gone down” since the peak of June 2022. In reality, prices have only continued to climb, just at a slower rate than in that month.
According to nearly every metric, prices for all goods continue to climb. Rent is getting exorbitant for most Americans. Food and basic needs costs are putting the pinch on working families.
Biden’s Fed keeps jacking up interest rates, which is only making things harder for Americans trying to make ends meet. Meanwhile, Congress has not taken its foot off the spending peddle, ensuring nothing will get better any time soon.
Despite this, Biden continues to ignore the reasons the economy is suffering, which are mostly his policies. He has let in over 7 million migrants, who are competing for jobs and housing. Energy prices remain high, putting a strain on every industry. Biden has no intentions, it seems, to do anything about this.
Key Takeaways:
- The economy’s growth slowed dramatically to 1.6% in the first quarter of 2024.
- Inflation has remained high over the last four years, despite what Biden has claimed.
- The White House has routinely ignored signs of a bad economy, claiming the opposite.
Source: Daily Caller
