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Rep. Elise Stefanik, Chairwoman
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Press Releases

U.S. Economy Shrinks 1.4% In The First Quarter As Biden’s Economic Crisis Continues

Washington, DC, April 28, 2022
Joe Biden and House Democrats' radical Far-Left policies and out-of-control government spending are driving the American economy off the cliff as proven by the real gross domestic product (GDP) rate for the first quarter of 2022. According to the Bureau of Economic Analysis, America's GDP decreased at an annual rate of 1.4% in the first quarter of 2022. This is the weakest showing since the pandemic recovery began nearly two years ago and falls well below economists' expectations. MAKE NO MISTAKE: President Biden and House Democrats’ policies have created skyrocketing inflation rates and now, a shrinking economy. BIDEN’S ECONOMIC CRISIS BY THE NUMBERS: 
  • America’s GDP decreased at an annual rate of 1.4% in the first quarter of 2022,
    • This is the weakest showing since the pandemic recovery began.
  • Three major banks have officially forecasted a recession: Deutsche Bank, Bank of America, and Fannie Mae.
    • 81% of people are worried about a recession.
  • At the same time, China's economic growth rose by 4.8% in the first quarter of 2022, topping expectations.
  • Inflation is a tax on ALL Americans.
  • Inflation has increased every month of Joe Biden’s presidency.
  • In March, the CPI increased by 1.2%. to an annual rate of 8.5%.
  • Inflation will now cost the average American household over $5,000 this year.
    • Inflation is already costing the average American family an extra $327 a month.
  • March was the largest 12-month increase since the period ending December 1981.
  • Inflation has risen dramatically since Biden took office.
  • This massive level of inflation is not the result of a so-called “Putin price hike,” but the failed policies of President Biden and House Democrats.
  • Due to a 41 year high level of inflation, some economists estimate that the probability of a recession in the next 12 months is as high as 70%.
  • Real wages have decreased under Biden 9 out of the 13 months since his first full month in office.
  • Real average hourly earnings decreased 2.7%, seasonally adjusted, from March 2021 to March 2022.
  • Since Biden came into office, real wages have declined by over 3%.
  • Earnings are not keeping up with inflation.
  • Americans are paying more for just about everything because of inflation.
  • 2021 went down as the worst year for inflation since 1981.