“Disaster” is the word I would use to describe the first quarter report as well. Spencer wrote up the first economic report card last week, and only a senile old man and his friends would consider it a good indicator of anything. And yes, inflation is still high, which means this hidden tax increase continues to cripple working families:
According to the BEA's release, real GDP "increased at an annual rate of 1.1 percent in the first quarter of 2023," lower than the 2.0 percent expected in a significant slowdown from the fourth quarter of 2022 in which real GDP had increased 2.6 percent.
The U.S. government attributed the economic deceleration to "a downturn in private inventory investment and a slowdown in nonresidential fixed investment" which were "partly offset by an acceleration in consumer spending, an upturn in exports, and a smaller decrease in residential fixed investment" while imports "turned up."
As the economy showed signs of tipping into a worsening recession, the BEA's measure of inflation showed price increases accelerating upwards. In the first quarter of 2023, the price index for gross domestic product increased 3.8 percent, more than the 3.6 percent increase in the fourth quarter of 2022.
The PCE price index — known as the Federal Reserve's preferred inflation gauge — made an even more dramatic jump, increasing 4.2 percent in the first quarter of 2023 after increasing 3.7 percent at the end of last year.
If Trump were still in office, this would be covered from end-to-end on the networks, peppered with segments about the economic Armageddon that awaits us. But Joe Biden is president, so you know the drill: they ignore it. Hence, why most Americans probably haven’t heard of the ongoing troubles with the economy (via Newsbusters):
While millions of Americans were struggling to afford basic necessities due to sky-high inflation, and living in constant fear of losing their jobs, ABC's World News Tonight, CBS Evening News, and NBC Nightly News, all wasted time on local weather reports, and news that anti-American athlete Brittney Griner held a press conference to discuss her experience in a Russian prison after breaking the law by bringing illegal drugs into a foreign country.
In contrast, Fox News Channel's Special Report reported on the anemic GDP numbers when noting Biden's cratering approval numbers on the economy. "Fox News polls show voter concerns about the economy are more pervasive. 78 percent rating the economy negatively after today's GDP report came in below expectations with sluggish growth at an annual rate of 1.1 percent for the first quarter," Fox News White House correspondent Jacqui Heinrich reported.
She then read Biden's out-of-touch statement on the economic figures: "We learned that the American economy remains strong as it transitions to steady and stable growth." These comments from Biden, according to Heinrich are "out of sync with how many really feel."
American Action Forum economist Douglas Holtz-Eakin noted during the Special Report segment that "one of the great misperceptions about the Biden record is that somehow he inherited a struggling economy. We were growing 6.5 percent. And all those massive stimulus bills did was ingendering inflation that we haven't seen in 40 years."
Of course, the big three refused to do their jobs. Joe Biden had just announced his 2024 re-election bid via video. This man voiced his optimism about America’s future, which is heading toward a neo-Hooverville era if this economic track continues. Maybe they will have a few segments on it in the coming days, but if they even produce it—don’t expect it to be more than a few seconds.
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