Did you know? The Patriot Post is funded 100% by its readers. Help us stay front and center in the fight for Liberty and support the 2022 Independence Day Campaign.

Nate Jackson / April 28, 2022

Biden’s Economy Stumbles

GDP in the first quarter dropped 1.4%, revealing that the economy isn’t as strong as experts thought.

“G.D.P. Report Shows the U.S. Economy Shrank, Masking a Broader Recovery” — that’s how the Democrat propagandists at The New York Times spun the shocking-but-not-so-shocking news that U.S. gross domestic product actually fell at a 1.4% annualized rate in the first quarter. The “experts” expected a gain of 1%. Oops!

“The decline was mostly a result of the two most volatile components of the quarterly reports: inventories and international trade,” says the Times, which almost humorously adds, “Lower government spending was also a drag on growth.”

Technically speaking, if the government purchased X number of goods in 2021 and reduced that so far in 2022, that would be a drag on growth. But from a macro standpoint, the truth is the exact opposite of the Times’s claim. Rampant and uncontrolled government spending is why inflation took off in 2021, primarily because income redistribution in the form of “stimulus” payments goosed demand without boosting supply. Ultimately, government spending is why GDP fell, and even more government spending wouldn’t have stopped it from falling.

But the Times is hardly alone in explaining away Joe Biden’s dismal record, all while pretending to be mystified that Americans just don’t see his supposedly excellent economic stewardship, not to mention “the modern Democratic Party’s preference for technocratically elegant and often invisible policies.”

Whew! These NY Times comedy sketches really get us laughing!

Other recent media headlines include:

“Our economy is doing well — but many Americans refuse to believe it.”

“The economy is strong but voters aren’t feeling it. That’s a problem for Biden.”

“5 Reasons Voters Underrate the Biden Economy.”

“Biden gets little credit for COVID recovery.”

We hate to play the role of Debbie Downer, but GDP contracted 1.4% in the first quarter. There’s no room for blaming Americans (well, except those 81 million Biden voters). There’s no room for blaming Donald Trump, either. Biden’s been at the helm since January 2021, and the first quarter covers months 13-15 of his only term. To whatever degree presidents actually are responsible for economic numbers, the first-quarter slump is on Biden.

The simple reality is that the economy is perhaps stronger than the GDP dip indicates, but it’s also not nearly as strong as it should be. Unemployment is historically low and wages are up, which are both positives, but inflation is stealing all those wage gains and then some. Inflation is driven largely by Biden’s American Rescue Plan, which the media told us last year was “set to turbocharge the U.S. economy.” Turbocharge inflation is more like it. High gas prices aren’t driven by Biden’s spending but by his restrictive energy policies.

Last year, GDP grew by 5.7% — the fastest since Ronald Reagan’s “Morning in America” in 1984 — including 6.9% in the fourth quarter. But that growth was largely spurred by recovering from a crushing year in 2020 thanks to pandemic shutdowns. Particularly in the latter half of the year, it was driven by inventory restocking. According to CNBC, “An inventory rebuild from the depleted pandemic levels accounted for almost all the growth in the final two quarters of the year.”

All things considered, a “V”-shaped recovery last year was predictable and expected. Now that Biden’s policies have had a year in place, however, voters can perfectly well see the results.


Update: Biden says he’s “not concerned” about recession and blamed “technical factors” for the GDP drop, though he never actually said anything about GDP other than mentioning “last quarter’s growth estimate.” Yeah, um, that’s “growth estimate” was a contraction, and it’s largely on Biden.

Start a conversation using these share links:

Who We Are

The Patriot Post is a highly acclaimed weekday digest of news analysis, policy and opinion written from the heartland — as opposed to the MSM’s ubiquitous Beltway echo chambers — for grassroots leaders nationwide. More

What We Offer

On the Web

We provide solid conservative perspective on the most important issues, including analysis, opinion columns, headline summaries, memes, cartoons and much more.

Via Email

Choose our full-length Digest or our quick-reading Snapshot for a summary of important news. We also offer Cartoons & Memes on Monday and Alexander’s column on Wednesday.

Our Mission

The Patriot Post is steadfast in our mission to extend the endowment of Liberty to the next generation by advocating for individual rights and responsibilities, supporting the restoration of constitutional limits on government and the judiciary, and promoting free enterprise, national defense and traditional American values. We are a rock-solid conservative touchstone for the expanding ranks of grassroots Americans Patriots from all walks of life. Our mission and operation budgets are not financed by any political or special interest groups, and to protect our editorial integrity, we accept no advertising. We are sustained solely by you. Please support The Patriot Fund today!

★ PUBLIUS ★

“Our cause is noble; it is the cause of mankind!” —George Washington

The Patriot Post is protected speech, as enumerated in the First Amendment and enforced by the Second Amendment of the Constitution of the United States of America, in accordance with the endowed and unalienable Rights of All Mankind.

Copyright © 2022 The Patriot Post. All Rights Reserved.

The Patriot Post does not support Internet Explorer. We recommend installing the latest version of Microsoft Edge, Mozilla Firefox, or Google Chrome.