March 1, 2022, Fairfax, Va.—Americans for Limited Government President Rick Manning today issued the following statement reacting to the Atlanta Federal Reserve’s GDPNow projecting 0 percent growth annualized for the Gross Domestic Product in the first quarter of 2022:
“The warning lights of the U.S. economy are beginning to flash red, with 7.5 percent inflation, collapsing interest rate yield curves and the Atlanta Fed now projecting 0 percent economic growth in the first quarter of 2022. President Joe Biden’s war on energy and Congress’ massive spending surge have created an inflationary drag on the economy that predates the crisis in Europe by a year. Unfortunately, the chickens are now coming home to roost warning us that the economy is beginning to stumble badly. No amount of braggadocio about recovering jobs that had been submarined by state and federal lockdowns can hide the fact that American workers are making 2.3 percent less in real dollars than they were a year ago. In Biden’s America, wages have not kept up with prices, and the President doesn’t have a clue about what to do about it.”
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