Warning Signs Indicate a Great Depression May Be Coming
By Matt Margolis 5:03 PM on January 30, 2023
Joe Biden was quick to pat himself on the back after the latest numbers from the Bureau of Economic Analysis showed that the U.S. economy grew by 2.9% in the fourth quarter of 2022 and 2.1% for the entire year.
“Last quarter, our economy grew at a 2.9% annual pace – solid growth, even as we continue to bring inflation down,” Biden tweeted. “Our economic plan worked. And it still is.”
But according to the Heritage Foundation, the latest report “should have alarm bells ringing, not trumpets sounding.”
“That’s because economic growth is slowing down,” explains research fellow EJ Antoni. “Even the areas which contributed positively to gross domestic product (GDP) are not necessarily signs of prosperity. For example, business investment grew at only 1.4 percent in the fourth quarter, but that was almost entirely inventory growth. Nonresidential investment, a key driver of future economic growth, was up just 0.7 percent.”
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https://pjmedia.com/news-and-politics/matt-margolis/2023/01/30/warning-signs-indicate-a-great-depression-may-be-coming-n1666367
