Joe Biden has only been president for a little over six months and he is already proving that he is not good for the economy.
Inflation is rising, everything from food to gas costs more, unemployment is still higher than it was under Trump and Democrats are spending like there’s no tomorrow.
The latest bad economic news is that GDP growth failed to meet expectations in the second quarter.
U.S. GDP rose 6.5% last quarter, well below expectations
The U.S. economy rose at a disappointing rate in the second quarter, the Commerce Department reported Thursday in a sign that the U.S. has escaped the shackles of the Covid-19 pandemic but still has more work to do.
Gross domestic product, a measure of all goods and services produced during the April-to-June period, accelerated 6.5% on an annualized basis. That was slightly better than the 6.3% gain in the first quarter, which was revised down narrowly.
While that would have been strong prior to the pandemic, the gain was considerably less than the 8.4% Dow Jones estimate.
Gross private domestic investment fell 3.5% as declines in private inventory and residential investment held back gains. Rising imports and a 5% decline in the rate of federal government spending, despite the ballooning budget deficit, also were factors, the Bureau of Economic Analysis report said.
The overall increase came thanks to increasing personal expenditures, which rose 11.8% as consumers accounted for 69% of all activity. Nonresidential fixed investment, exports and state and local government spending also helped boost output.
This is not good.
"This is a huge disappointment. We were looking for a number that’d be closer to 8.5%." CNBC's Rick Santelli on the disappointing Q2 GDP report. pic.twitter.com/os9pzDdAJZ
— House Republicans (@HouseGOP) July 29, 2021
The Biden economy is tanking fast and things are only going to get worse because of the RISING INFLATION his leftwing policies are causing.
CNBC: U.S. GDP increased at 6.5% pace in the second quarter, well below expectationshttps://t.co/XhBGPgKim8
— Donald Trump Jr. (@DonaldJTrumpJr) July 29, 2021
Trump made it look easy, but this is proof that the Democrats just don’t get it.
What is the economy going to look like a year from now?