In the history of mankind, many republics have risen, have flourished for a less or greater time, and then have fallen because their citizens lost the power of governing themselves and thereby of governing their state. TR

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Economic contraction is particularly bad news for Biden and the Democrats

That’s because they’ve been trying to combat the bad PR on high inflation by saying the economy is great.

And now, it’s not so great.

According to Fox News:

The latest Gross Domestic Product numbers out Thursday are poised to hamper Democrats’ key argument heading into the midterm elections, that the U.S. economy has rebounded from the dark days of the coronavirus pandemic.

Rising gas prices and overall inflation had already been overshadowing positive economic statistics the White House touts of low unemployment and the record creation of 7.9 million jobs in the first 14 months of any presidency.

But the economic picture got gloomier on Thursday when the Commerce Department announced that the U.S. economy shrank 1.4% at the beginning of 2022 — marking the worst quarter in two years.

1 thought on “Economic contraction is particularly bad news for Biden and the Democrats”

  1. Biden inherited an economy that was quickly and strongly recovering from the Covid shutdowns and he’s destroying it. He had the nerve today to continue blaming everyone and everything else but his own terrible policies:

    “President Joe Biden has blamed ‘technical factors’ after the U.S. economy shrank last quarter for the first time since the pandemic recession struck two years ago, marking an abrupt reversal from a period of roaring growth.

    Speaking to reporters, Biden touted strong consumer spending and low unemployment numbers, and argued that the contraction was but a blip after a period of the strongest growth since 1984.

    ‘What you’re seeing is enormous growth in the country, that was affected by everything from COVID, and the COVID blockages that occurred along the way,’ Biden said.

    ‘No one is predicting a recession now, they are, some are predicting a recession in 2023. I’m concerned about it,’ he added.

    ‘But I know one thing, if our Republican friends are really interested in doing something about dealing with economic growth, they should help us continue to lower the deficit,’ Biden continued, calling for ‘a tax code that is actually one that works.’

    In an earlier statement responding to the concerning new data, Biden insisted that the US economy ‘continues to be resilient in the face of historic challenges.’

    ‘While last quarter’s growth estimate was affected by technical factors, the United States confronts the challenges of COVID-19 around the world, Putin’s unprovoked invasion of Ukraine, and global inflation from a position of strength,’ the president said.

    Biden did not elaborate on what ‘technical factors’ he blamed for shrinking growth, but the Commerce Department said that a growing trade deficit and lower business spending on inventories were key factors.

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