Biden’s Economic Crisis Is Worse Than We Thought As U.S. Economy Shrinks 1.6% In Revised First Quarter Report

President Biden’s economy is worse than we thought. The real gross domestic product (GDP) decreased at an annual rate of 1.6% in the first quarter of 2022, according to a twice-revised estimate released by the Bureau of Economic Analysis. This comes at a time when the second quarter GDP is on track to grow less than 1%, according to the latest Wall Street estimates.

BIDEN’S ECONOMIC CRISIS BY THE NUMBERS: 

  • This Fourth of July, American families can expect to pay $76.94 for the average cookout, which is $11.48 higher than the cost of an average BBQ in 2021. If you’re planning on buying fireworks this year, those will run you 25–30% more.
  • Inflation is a tax on ALL Americans.
  • Only 27% of Americans approve of Biden’s handling of the economy – a new low.
  • American families can expect to pay $76.94 for the average cookout, which is $11.48 or 17% higher than the cost of an average BBQ in 2021.
  • In May, the CPI increased 8.6% for the 12 month period ending in May, the largest 12-month increase since the period ending in December 1981.
  • Wages are not keeping up with inflation, and have actually DECREASED, while prices for goods have risen.
    • Real wages are down nearly 4% from the beginning of the Biden Administration.
    • Real average hourly earnings decreased 3.0%, seasonally adjusted, from May 2021 to May 2022.
    • Real wages have decreased under Biden 10 out of the last 12 months.
  • Inflation will cost Americans an extra $460 a month and about $5,520 a year.
  • Americans are paying more for just about everything because of inflation.
  • Most Americans expect inflation to get worse in the next year and are adjusting their spending habits in response to rising prices.
    • U.S. consumer sentiment plunged in early June to the lowest on record as soaring inflation continued to batter household finances.
  • As of the last week of May, over 70% of the nation’s baby formula is out of stock due to the Biden administration’s failed leadership and supply chain crisis, hurting low-income families the most.
    • Joe Biden owns America’s baby formula crisis.
    • House Republicans sounded the alarm in February, and the Biden administration refused to act swiftly. We HAVE a solution, and will continue to hold this administration accountable for their failure.

IT’S SIMPLE: Instead of addressing the root cause of inflation, out-of-control government spending, Joe Biden and House Democrats continue to push their Far-Left Socialist agenda, which will only exacerbate America’s economic crisis.