Based on new information released by the Bureau of Economic Analysis (BEA), the American economic landscape is looking increasingly sluggish. On Thursday, the agency revealed that the gross domestic product (GDP) shrank by 1.4 percent in the first quarter of 2022.
The drop is the first time the economy has shrank since the pandemic.
Furthermore, according to a Fox News report from earlier this month, the Consumer Price Index (CPI) rose 8.5 percent since Joe Biden took office.
Although Biden has only been in office for just over a year, the economy has taken a severe nosedive, with inflation peaking at an all-time 40-year high in March – and it’s not slowing down.
By contrast, after one year of President Trump’s administration, the CPI report in 2018 indicated an all-price increase of just 1.9 percent before seasonal adjustment, preceding a 0.1 percent decline in December 2018.
Additionally, Congress passed the Bipartisan Infrastructure Law during Biden’s first year in office, which was signed into law in November 2021.
The bill allocates more than $1 trillion in funding for infrastructure projects and Democrat agenda items like climate policy, according to a report from CNBC. The problem, of course, is that the dire state of American economics seems to loom over the issue of funding the bill itself.
Unlike Biden, who has increased the deficit by signing the infrastructure package into law, Trump established the Tax Cuts and Jobs Act before Christmas during his first year in office. Rasmussen Reports shared that it was the first U.S. tax code overhaul in 31 years, and in response, businesses around the country raised wages and increased billions of dollars in investments.
Joe Biden has also pushed fiercely for federal vaccine mandates in the workplace, leading to rising unemployment in fields ranging from the healthcare setting to the U.S. military.
Conversely, President Trump has stated that he is “proud to be the anti-mandate president.” He even repealed the individual mandate within Obamacare during his first year in office, “weakening” the power of the Internal Revenue Service (IRS).
As it stands in 2022, Joe Biden’s America is groaning beneath the weight of inflation as retailers, grocery stores, and restaurants report food and supply shortages nationwide. In 2018, President Trump oversaw the Dow Jones Industrial Average as it hit record highs almost 70 times in 2017 alone.
Under President Trump, the American economy was not only growing, but it was making a soaring and successful comeback.