Shrinking paychecks and a shrinking economy go along with his shrinking poll numbers.
WASHINGTON, D.C. (Texas Insider Report) — “With inflation continuing to rage, President Biden can now boast shrinking paychecks and a shrinking economy to go along with his shrinking poll numbers,” said Ways & Means Republican Leader Rep. Kevin Brady (R-TX) after the Federal Reserve Bank’s preferred measurement for inflation showed prices increasing by 6.6% – the highest since 1982, while real Disposable Personal Income dropped again by 0.4%.
Brady also notedthat the Bureau of Economic Analysis Report for gross domestic product showed a disappointing and negative rate of growth of -1.4% for the January to March first quarter of the year.
“This devastating report of negative economic growth is a clear signal of America heading towards recession. Under President Biden’s leadership, America’s economic performance has fallen short of projections four of the last five quarters, and our economy is now shrinking.
"Accelerating inflation, a worker crisis, and the growing risk of a significant recession are the signature economic failures of the Biden Administration -- and will likely get worse.
"This is what happens when a President treasures his unpopular socialist agenda over the needs of American workers, families, and Main Street businesses.”