The Biden economy is a nightmare. The big question is – Is Biden destroying the economy on purpose or is he that dumb that he thinks what he is doing is right?
We reported a month ago on the Biden economy and how a recession was near because US GDP was down six months in a row.
But last month’s GDP results from IHS Markit showed April’s GDP increasing over March but still below the last GDP high from October 2021.
Today IHS Markit released their May 2022 GDP numbers. GDP went down from April’s numbers and a month ago, IHS showed April with a significant GDP increase. That turned into a contraction and was adjusted since last month. IHS also had to write down March to reflect the government’s downward 1st Quarter of 2022 adjustment last week.
IHS says that the economy, at $19.646T in May 2022 expressed in 2012 dollars), was 1.0 percent smaller than it was in Oct. 2021 ($19.851T).
IHS Markit shares this about projected second-quarter results:
Averaged over April and May, monthly GDP was 1.4% below the first-quarter average at an annual rate. Implicit in our latest estimate of a 1.5% annualized decline of GDP in the second quarter is roughly no change in monthly GDP in June.
The US will be lucky if June is flat. With bad economic news continuing to pour in, the better bet is that June will also be negative, and that, counting from Oct. 2021, it will really be the eighth month of contraction.