We were told to lower our expectations by The Washington Post, and that’s certainly the story of the latest GDP numbers.
The expectations were shattered by 25 percent as the figure for the third quarter showed only 2.0% growth, despite what was supposed to be an organic rebound. That’s down a whopping 70 percent from the 6.7 percent the country saw in the second quarter. Consider this another “let them eat ice cream” moment for the Biden administration.
JUST IN – U.S. GDP at disappointing 2.0% in Q3 vs 6.7% in prior Q2, missing the estimate of 2.7% by 0.7%.
— Disclose.tv (@disclosetv) October 28, 2021
It follows a series of poor economic news including the current supply chain crisis, which only serves to increase the problems with inflation that are affecting middle-class families. RedState reported that inflation reached 5.4% last month year-over-year, a new 13 year high. Consumption of high volume items like gasoline and meat products led to rising prices. These factors put pressure on national budgets. Recently, the jobs market also fell apart with many expectations not being met.
What’s so infuriating about all this is how preventable it was. Had the president not kneecapped the energy sector and supported job-crushing “reforms” like AB5 (something Biden now wants at the federal level), which has California’s port industry melting down, the recovery would be moving apace. It hasn’t helped that the COVID-19 hype is so exaggerated. Florida’s ports are booming without major delays, because they did things differently on both fronts.
It is possible to solve the supply chain problem. It is possible to solve the energy crisis. There is a way to end the job crisis. It would require a president with the mental capacity to solve the jobs crisis.
In response, you are starting to see concern from even Biden’s biggest allies. CNN expressed concern about this morning’s stagnating economy.
WATCH: CNN’s shock at Joe Biden’s “sharp decline” in economic growth. pic.twitter.com/ElqcROUNm3
— RNC Research (@RNCResearch) October 28, 2021
They shouldn’t be shocked. People who took the time to notice this were able to predict it all. The government is often too busy to make economies grow. But Biden wanted to be FDR and “fundamentally” change how our economy works. Here’s a hint of what it looks like. I can’t imagine any of it is playing well with voters.
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