The race for the White House is on. But the Left was never expecting this to happen.
And the White House is in flames over this death blow to Biden’s campaign.
Everyone has their own pet projects and particular policy positions that they want to highlight.
It could be cultural issues like abortion, gender transitions for minors, or surrogacy.
It could be geopolitical ones like how we’re going to take on Russia or China on the world stage or how we should help our allies (if at all).
And, of course, there are domestic ones like illegal immigration and the economy.
But one thing is crystal clear, for the average American the domestic issues are the most important – it’s the stuff that actually affects their day to day.
What good does knowing we sent a bunch of artillery shells to Ukraine do when groceries are getting more expensive, people aren’t getting raises, and the barbarians are at the gates down south?
No, Americans want tangible results. But, unfortunately for Biden, he’s delivered next to nothing. And a shocking report shows this more than ever before.
The economy increased at a seasonally adjusted annual rate of 1.6% in the first quarter of this year, a significant deceleration in growth that startled investors.
The new data, which was corrected for inflation, was released Thursday by the Bureau of Economic Analysis in its GDP report. Economists projected GDP growth to expand by 2.5%, therefore the reading is lower than predicted.
Thursday’s analysis is the first of three estimates that experts will release in the following months as they gain a clearer understanding of how the economy performed in the third quarter.
The new first-quarter results indicate a severe slowdown.
The fourth quarter of 2023 had GDP growth of 3.4% on a seasonally adjusted yearly basis. In addition, the economy expanded at a respectable 2.5% throughout 2023.
Republicans will surely use the worse-than-expected GDP report to attack President Joe Biden and Democrats.
Alfredo Ortiz, CEO of the Job Creators Network, took advantage of the opportunity to criticize the president over the GDP data.
“Slow economic growth is a direct result of bad Democratic policies that have caused stubbornly high inflation, overregulation, and a credit crunch,” he added.
“Potential Democrat tax increases would grind even this slow growth to a halt. Voters who want a return to a robust economy should remember this on Election Day.”
The reduced growth in the first quarter was due in part to lower consumer expenditure.
This could be in response to the Federal Reserve’s efforts to maintain interest rates higher for longer periods of time in order to reduce inflation.
Stay tuned to the DC Daily Journal.
