You may have noticed that the American economy hasn't exactly been “built back better” in the past few years. A recent economic report showed that US growth has slowed to just 1.1% annually in the first quarter of 2023. While there was natural economic growth as a result of the economy reopening, the growth has been offset by the increased cost of goods and services thanks to outrageous inflation.
Of course, if you ask Democrats, then they would say the American economy is strong and we're rebounding on a global scale. This couldn't be further from the truth. As a result of sending billions of dollars in aid to Ukraine and sending every American multiple stimulus checks, we've hamstrung our economy to the point where our growth is negligible.
Across the board our economic indicators are showing that we're stagnating as a country. We've experienced supply chain shortagees, goods and services are more expensive, and the purchasing power of everyday Americans has plummeted. Do those sound like good economic indicators to you?
I'm sure you're familiar with the experience of going to the grocery store or the gas pump and being shocked at the prices. If Democrats are ever going to change our economic outlook, they should start by admitting that we have a serious problem as a country. Until Biden admits that we're in an economic jam, we can't do anything to address the issue. If you'd like to read more about Biden's failed economy, please read this article from The Daily Wire. An excerpt of the article has been copied below:
The rise in real gross domestic product reflected increases in consumer spending, exports, nonresidential investment, and government spending, according to an advance estimate released on Thursday by the Bureau of Economic Analysis. Growth was offset by decreases in private inventory investment and residential investment, as well as imports, which are subtractions in the calculation of gross domestic product.
The 1.1% growth rate in the first quarter of 2023 marks a decline from the 2.6% growth rate in the fourth quarter of 2022, as well as the 3.2% growth rate in the third quarter of 2022.
The economic data comes as inflationary pressures, largely induced by the supply chain bottlenecks and labor shortages which continue to follow the lockdown-induced recession, raise expenses, and diminish purchasing power for American consumers and businesses. Inflation reached 5.0% last month, according to data from the Bureau of Labor Statistics, marking relative relief from the 9.1% rate witnessed last summer even as prices for many items remain elevated and wage increases fail to keep pace with price levels.