We're now two-thirds of the way to stagflation: US GDP decreases by 1.4% in Q1 2022

[54212 432]

You're doing great, comrades. Now let's get Built Back Better passed, pass a wealth tax, and make tax payers foot the bill for middle and upper class student loan dept. Let's get this economy really singing. 🤑

 

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US economy unexpectedly shrinks 1.4% in first quarter of 2022: Is a recession looming?

 

Real gross domestic product (GDP) decreased at an annual rate of 1.4%, according to the BEA's advance estimate. This is down significantly from the 6.9% GDP growth rate seen in the fourth quarter of 2021, marking the steepest drop since the spring of 2020. The drop was led by a fall in private inventory investments, exports, federal government spending and state and local government spending. Simultaneously, imports — which are a subtraction from the GDP — increased.

 

https://www.foxbusiness.com/personal-finance/gdp-shrinks-first-quarter

 

 

[Twinblade★ 3,892]

Remember when we had a booming economy, the border was secure, we were energy independent, the world was peaceful & stable, our rivals feared us, and the average American wasn't being crushed by high gas prices and inflation? Its sad how much a country can devolve under poor leadership in little more than a year.

[jehurey 3,227]

4 hours ago, Twinblade said:

Remember when we had a booming economy, the border was secure, we were energy independent, the world was peaceful & stable, our rivals feared us, and the average American wasn't being crushed by high gas prices and inflation? Its sad how much a country can devolve under poor leadership in little more than a year.

If we were "energy dependent" then how were our energy prices affected along with everybody else's?

 

Do you usually lie to yourself, or were you just repeating somebody else typing that sentence?