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schumer. cnn will bring you the president s remarks when they begin. let s start with the new gdp report. with me is matt egan. walk us through the report, the numbers, what you see. so broadly consumers were still spending. it is a slowdown for sure but overall that was a positive contributor to gdp. on the other hand, government spending slowed down. when we look at where consumers are spending, it s an acceleration of what we ve seen. we spent less on physical items. services, however, think airfare, which is why airports are so busy these days, hotels and restaurants, that really accelerated. business spending declined and inventories, which we have been hearing from a lot of retailers for sure but also other companies they are trying to move out their inventory, there has been a mismatch of what they have. that was reflected here, too. i think to put it simply, it is clearly showing a slowdown. matt, this is you ve written a lot about this. this is one of the ....
in addition, it also changes the circumstance for people on medicare by putting a cap of a maximum $2,000 a year no matter how many prescriptions they have. which is especially important for people with cancer and long-term diseases. it s a god send. it will be a god send for many families. second, the bill locks in place lower health care premiums for the next three years for millions of families that get coverage under the affordable care act. they will meet an average savings of $800 a year for 13 million people. third, it invests $369 billion, granted i called for $500 plus, but it invests $369 billion to secure our energy future and address the climate crisis, bringing down family energy bills by hundreds of dollars, but providing working families tax credits. it gives folks rebates to buy new and efficient appliances, to weather rise their homes and tax credits for heat pumps and rooftops solar. it also to buy any electric vehicle or fuel cell vehicle. new or used ....
matt, this is you ve written a lot about this. this is one of the big indicators that people look to in determining whether or not the economy is in a recession. the federal reserve chairman yesterday said he did not believe the u.s. economy is in a recession right now. so now what? clearly we are dealing with a slowdown at a minimum, after blockbuster growth last year. what s crazy is every single time since 1948 that you have back-to-back quarters of negative growth, you ve had a recession every time. but that may not necessarily be the case this time. it probably premature to say it is the case. the first quarter was an anomaly. there were all these quirky reasons the gdp has been negative. it s been whacky since the pandemic. it s very hard to measure because we re in this very ....
See a dip. so what does it mean? the president is insisting and quoting jerome powell this is not a recession. i think at a minimum, this is an economy that s clearly losing altitude. blockbuster growth last year, 6%. but lock at this. two quarters in a row, the latest numbers out this morning, nearly a 1% decline in gdp at an annual rate. a big dropoff from the end of last year. why is it negative? cob assumer spending lowed down. because people are getting hit by high inflation. the housing market stumbled. government spending declined. the big one is this inventory glut. target and walmart, think stocked up on too much stuff trying to get ahead of the supply chain crisis. shifts in consumer spending has caused a massive hangover. so you put all that together, and you have a negative number when it comes to gdp. ....