Stagflation is here: Economy declined first quarter of 2022

Joe Biden has never been the most cerebral of persons, but still, to be a successful president, you would think that he would not want to repeat one of the failures of the Jimmy Carter presidency. That is, bringing back simultaneous inflation and economic contraction, better known as stagflation. 

But he's doing just that.

From CNBC:

Gross domestic product unexpectedly declined at a 1.4% annualized pace in the first quarter, marking an abrupt reversal for an economy coming off its best performance since 1984, the Commerce Department reported Thursday.

The negative growth rate missed even the subdued Dow Jones estimate of a 1% gain for the quarter. GDP measures the output of goods and services in the U.S. for the three-month period.

A plethora of factors conspired to weigh against growth during the first three months of 2022, which fell off a cliff following the 6.9% gain to close out last year.

Look for Jen Psaki and her ilk to blame, again, Vladimir Putin for this downward turn.