Biden Pegs U.S. Economic Contraction on ‘Technical Factors’
- GDP fell at a 1.4% annualized rate in the first quarter
- Report adds to economic headwinds for Biden, Democrats
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President Joe Biden blamed the first contraction of the U.S. economy since 2020 on “technical factors,” saying that employment, consumer spending and investment all remain strong.
“The American economy -- powered by working families -- continues to be resilient in the face of historic challenges,” Biden said in a statement. “While last quarter’s growth estimate was affected by technical factors, the United States confronts the challenges of COVID-19 around the world, Putin’s unprovoked invasion of Ukraine, and global inflation from a position of strength.”