{"id":1456802,"date":"2022-04-28T12:44:57","date_gmt":"2022-04-28T16:44:57","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1456802"},"modified":"2022-04-28T12:45:13","modified_gmt":"2022-04-28T16:45:13","slug":"biden-blames-technical-factors-for-economic-contraction","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-blames-technical-factors-for-economic-contraction\/","title":{"rendered":"Biden Blames \u2018Technical Factors\u2019 For Economic Contraction"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-blames-technical-factors-for-economic-contraction%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1456802&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>President Joe Biden blamed the economic contraction in the first quarter of 2022 on \u201ctechnical factors\u201d Thursday.<\/p>\n<p>\u201cWhile last quarter\u2019s growth estimate was affected by technical factors, the United States confronts the challenges of COVID-19 around the world, Putin\u2019s unprovoked invasion of Ukraine, and global inflation from a position of strength,\u201d Biden said in a <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/04\/28\/statement-by-president-joe-biden-on-gross-domestic-product\/\" target=\"_blank\" rel=\"noopener noreferrer\">statement<\/a>.<\/p>\n<p>The national gross domestic product (GDP) fell at an unexpected annualized <a href=\"https:\/\/dailycaller.com\/2022\/04\/28\/gdp-growth-joe-biden-covid-stagflation\/\" target=\"_blank\" rel=\"noopener noreferrer\">rate<\/a> of 1.4% in the first quarter between January and March. In the fourth quarter of 2021, the GDP <a href=\"https:\/\/www.wsj.com\/articles\/us-economy-gdp-growth-q1-11651108351\" target=\"_blank\" rel=\"noopener noreferrer\">grew<\/a> by 6.9%.<\/p>\n<p>A Wednesday Gallup <a href=\"https:\/\/news.gallup.com\/poll\/392159\/inflation-concerns-fueling-low-economic-confidence.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">poll<\/a> showed that 38% of adults rate the economy as fair, and 42% rate it as poor. Seventy-six percent of Americans said the economy was getting worse.<\/p>\n<p>Nearly 40% of respondents in the poll said economic issues are the most important current problem in the U.S. Republicans were more likely than Democrats to cite economic issues as the top problem the country is facing, with 42% compared to 33%. <strong><a href=\"https:\/\/dailycaller.com\/2022\/04\/20\/record-inflation-biden-economy-unprecedented-conditions-retirees\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED: <span class=\"il\">Inflation<\/span> Is Getting So Bad Retirees Might Have To Cut Back Spending Even More)<\/a><\/strong><\/p>\n<p>The poll was conducted by telephone interviews between April 1-19, had 1,018 adult respondents and a margin of error of +\/- 4%.<\/p>\n<p>Biden claimed the U.S. economy \u201ccontinues to be resilient in the face of historic challenges\u201d and mentioned that \u201clast quarter, consumer spending, business investment, and residential investment increased at strong rates.\u201d<\/p>\n<div id=\"attachment_7419408\" class=\"wp-caption alignnone\">\n<p id=\"caption-attachment-7419408\" class=\"wp-caption-text\">US President Joe Biden speaks on lowering costs for consumers at Green River College in Auburn, Washington on April 22, 2022. \u2013 The President is reiterating the need to lower costs for families amid rising inflation. (Photo by MANDEL NGAN \/ AFP) (Photo by MANDEL NGAN\/AFP via Getty Images)<\/p>\n<\/div>\n<p>He said the solution to growing the economy is to \u201cbolster our supply chains and make more in America,\u201d and asked Congress to pass legislation to do so.<\/p>\n<p>\u201cCongress should send to my desk a bipartisan innovation bill to bolster our supply chains and make more in America. And Congress needs to pass legislation to lower costs and lower the deficit, reducing families\u2019 prescription drug and utility bills and restoring fairness to our tax code \u2014 without raising taxes on anyone making less than $400,000 per year. That\u2019s how we grow our economy and strengthen the middle class,\u201d Biden said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden blamed the economic contraction in the first quarter of 2022 on \u201ctechnical factors\u201d Thursday.\u201cWhile last quarter\u2019s growth estimate was affected by technical factors, the United States confronts<\/p>\n","protected":false},"author":488,"featured_media":1480856,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1456802","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1456802","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/488"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1456802"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1456802\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1480856"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1456802"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1456802"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1456802"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}