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GDP Growth Has Stalled To Zero

If you watched the State of the Union, you’d think these were the days of wine and roses for the American economy. On Monday we noted that the latest measure for GDP so far this year was an anemic 0.6%. Sure enough on Tuesday the Federal Reserve Bank of Atlanta lowered that estimate to a big fat 0. No growth.

Meanwhile, the Biden strategy for fighting inflation is to wish it away. Joe, that isn’t working.

The Philadelphia Fed’s service sector survey has prices at new record highs. The Richmond Fed’s manufacturing survey shows wholesale inflation at 12.3% over the last year. We shouldn’t be surprised when the Fed in Washington allowed M2, the monetary base, to grow 12.6% over the same time.

Biden blames all these problems on Covid, but with the virus in retreat we should be enjoying super-charged growth, instead we’re stalling out again.

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