#Bidenomics Update: Or 'How to Crash a Soft Landing'
Beege Welborn
Did y'all hear that boom in the distance this morning?
Schmaybe get a foul whiff of something burning in the air?
Perhaps saw a pale wisp of smoke on the horizon and wonder, "What now?"
It was only the economy tanking. No bigs.
The big babies on Wall Street swooned. I wonder if Biden's gonna chew them out now, too.
Stocks tumbled Thursday after the latest U.S. economic data showed a sharp slowdown in growth and pointed to persistent inflation.
The Dow Jones Industrial Average slid 493 points, or 1.3%, weighed down by steep declines in Caterpillar and IBM. The S&P 500 dropped 0.9%, and the Nasdaq Composite lost 1.3%.
U.S. gross domestic product expanded 1.6% in the first quarter, the Bureau of Economic Analysis said. Economists polled by Dow Jones forecast GDP growth would come in at 2.4%.
Along with the downbeat growth rate for the quarter, the report showed consumer prices increased at a 3.4% pace, well above the previous quarter’s 1.8% advance. This raised concern over persistent inflation and put into question whether the Federal Reserve will be able to cut rates anytime soon.Well, huh. So we were right about what things cost again. Man, for dumb clucks, we sure are smart.
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https://hotair.com/tree-hugging-sister/2024/04/25/bidenomics-update-or-how-to-crash-a-soft-landing-n3787215
