by Jim Hoft, The Gateway Pundit:
The Biden economy declined 1.5% in the first quarter of 2022. This is worse than originally reported and the worst quarter since Dr. Fauci and Dr. Birx shut down the economy in 2020.
The experts originally reported in April that the economy had declined 1.4%.
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The Gateway Pundit reported in April that the US economy was contracting and in the early stages of a recession. Current numbers show the last GDP high was in October 2021.
The U.S. economic contraction to start the year was worse than expected as weak business and private investment failed to offset strong consumer spending, the Commerce Department reported Thursday.
First-quarter GDP declined at a 1.5% annual pace, according to the second estimate from the Bureau of Economic Analysis. That was worse than the 1.3% Dow Jones estimate and a writedown from the initially reported 1.4%.
Downward revisions for both private inventory and residential investment offset an upward change in consumer spending. A swelling trade deficit also subtracted from the GDP total.
The pullback in GDP represented the worst quarter since the pandemic-scarred Q2 of 2020 in which the U.S. fell into a recession spurred by a government-imposed economic shutdown to battle Covid-19. GDP plummeted 31.2% in that quarter.