Trump blames Biden for shrinking economic first quarter
In a recent social media post, former President Donald Trump attributed the unexpected contraction of the U.S. economy to his successor, President Joe Biden, declaring that the current economic issues stem from Biden’s policies. Trump emphasized that his governance only inherited poor economic conditions starting January 20th and critiqued Biden’s management of the economy, stating, “This is Biden’s Stock Market, not Trump’s.”
The economic data released by the Bureau of Economic Analysis revealed a contraction at a rate of 0.3% annualized in the first quarter of 2025, marking the first decline since the COVID-19 pandemic. This follows a previous growth of 2.4% in the last quarter of the previous year. Trump voiced optimism that despite current challenges, the U.S. economy will see a resurgence due to his proposed tariffs and trade policies, dismissing the negative figures as a byproduct of Biden’s “bad numbers.”
Peter Navarro, a senior trade adviser to Trump, echoed these sentiments, blaming Biden’s economic policies for ongoing inflation issues. However, analysts suggest that American consumers may soon feel the financial pinch from rising prices as companies adjust to new trade measures. Despite economic setbacks, Trump remains confident that the U.S. will experience notable growth in the near future, urging patience as the impacts of his policies materialize.
Trump blames Biden for shrinking economy: ‘He left us with bad numbers’
In a fiery social media post, President Donald Trump blamed the economy‘s unexpected contraction on his predecessor, former President Joe Biden.
“This is Biden’s Stock Market, not Trump’s. I didn’t take over until January 20th,” Trump said Wednesday morning on Truth Social.
Data published Wednesday by the Bureau of Economic Analysis showed that the economy contracted at a 0.3% annual rate in the first quarter of 2025. In contrast, last year’s final quarter saw economic output increase by a solid 2.4%, according to the report on the GDP.
This marked the first time the economy contracted since the COVID-19 pandemic.
The report also came as businesses are trying to get ahead of Trump’s 90-day pause on his “Liberation Day” tariffs, which have upended the global financial stock market.
However, Trump has painted the tariffs as a saving grace for the shrinking economy.
“Tariffs will soon start kicking in, and companies are starting to move into the USA in record numbers. Our Country will boom, but we have to get rid of the Biden ‘Overhang.’ This will take a while, has NOTHING TO DO WITH TARIFFS, only that he left us with bad numbers, but when the boom begins, it will be like no other. BE PATIENT!!!” Trump cautioned.
Trump’s senior trade adviser, Peter Navarro, backed the president’s assertions. While talking with reporters on Wednesday, he blamed Biden and his spending bills.
“We inherited a tremendously bad set of economic policies from Joe Biden,” Navarro said. “If you look at the Biden inflation problem, it certainly hasn’t been fully cured.”
The Trump administration has touted the slogan “90 trade deals in 90 days,” with Treasury Secretary Scott Bessent saying there has been significant progress on a deal with India.
However, ahead of any new deals, Americans will likely bear the costs of increased prices that businesses are passing on.
ECONOMY SHRANK IN FIRST QUARTER, SIGNALING MAJOR WARNING
Trump said China, which still faces a 145% tariff, “probably will eat those tariffs” in an interview Tuesday night with ABC News.
Zach Halaschak contributed to this report.
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