CNN’s Chris Cillizza isn’t particularly concerned with the problems for average Americans, it’s more about concern for Democrats retaining power
Today is a disastrous day for Democrats’ 2022 chances
The news that the US economy unexpectedly shrank over the first quarter of the year is an absolute body blow to Democrats already reeling amid growing economic concerns ahead of the 2022 midterm election.
The country’s gross domestic product fell at an annualized rate of 1.4% between January and March — a stunning reversal from the 6.9% GDP growth that the US recorded in the final quarter of 2021. (The GDP is seen as a broad guide to the overall health of a nation’s economy.)
And in a decidedly ill omen, the GDP shrinkage was the worst performance of the measure since the economy went into recession amid the shutting down of the country in the spring of 2020.
Addressing recession fears on Thursday, President Joe Biden said: “Well, I’m not concerned about recession. I mean, you’re always concerned about recession, but the GDP, you know, fell to 1.4%.”
On one hand, it’s expected that presidents stay positive, as going negative can cause bad reactions in the economy. On the other hand, Biden’s not worried because it won’t effect him, nor the big shots who donate.
The GDP news comes on the heels of newly released polling data from Gallup that suggested that economy confidence is extremely low among the American public.
More than four in ten (42%) of Americans said that economic conditions in America were “poor,” while another 38% said that they were only “fair” in Gallup’s April survey. Just 2% said economic conditions were “excellent,” while 18% said they were “good.”)
More than three in four — 76% — of Americans said that the economy was getting worse, compared to 20% who said it was improving.
Considering you’d be hard pressed to find a realistic article showing that the economy is getting better, those 76% are correct, especially as they see it in their own lives.
Is there a heavy cream shortage that I am unaware of? I need it for a recipe and I’ve been to 6 stores so far lol
— Laura W. (@BumpstockBarbie) April 28, 2022
The 7th store was the charm. A couple weeks ago I had to hit 3 Lowe’s grocery stores to try and find the Lipton decaf tea mix I like (I mostly avoid caffeine, gives me migraines, don’t need caffeine, and do not like to be that jacked up at night), ended up 25 minutes from home.
The economy — as you might expect from those desultory numbers — is a top-of-mind issue for many Americans. Around four in 10 Americans told Gallup that economic issues were the biggest problem facing the country, with inflation topping that list. (The Consumer Price Index hit 8.5% in March, the highest that number has been in 40 years.)
Add all of those factors up, and you get an absolutely toxic political environment facing Biden and Democrats as they prepare to defend their House and Senate majorities in November.
See? It’s all about how bad it is for Biden and the Democrats, not that you’re paying a lot more for food, energy, having a tough time finding products.
Any word on what the three people watching CNN felt about this?
How does Mr Proton stay so positive?
Thank you so much for buying Liptons
They have won many awards for their sustainability efforts including from both Greenpeace and the Rainforest Alliance.
A car salesman who doesn’t drink coffee? How does that work?
Along with the 8.5% year-over-year March inflation rate was the 6.0% year-over-year March average wage increase. That means, on average, Americans are 2.5% poorer, in real terms, than they were a year ago.
The left will want to blame this on Vladimir Putin, but inflation was already high before the invasion of Ukraine. It was 7.9% in February, and while the invasion began in February, the data were collected prior to the invasion. It was 7.5% in January, and 7.0% in December.
The ‘experts’ are saying that the unexpected 1.4% decline first quarter doesn’t really matter, that the second quarter number should be in positive territory again, but if they didn’t anticipate the first quarter numbers, why should we trust that they’ll have gotten it right for the second quarter?