Now that s not a big deal at all.ea now here s how bidenl at respond when he was asked about either being in recessionwa orsi the looming recession. hmm. i think we r what you re a seeing is enormous growthn in the country that was affected by everything from kuvin aff covid blockages that occurred along the way. the noww you always have to be take a look and no one to predict a recession. now they re predicting some are predicting may a recessionss in twenty twenty three . okay, biden just said we re in a period of enormous growth when we ve had a contraction ofh the u.s. economy and he said that what recession not here now, but it could be in 2020 three. thisscussed this . this is is coming right off the top of his head. how many of you believe that we are in a period of economic growth? raise your hands rais. growth, growth.
Everything from groceries to gas to cars to travel and unemployment is at 50-year lows with plenty of jobs available. still, the economy actually shrank 1.4% in the first three months of the year the president insists the january omicron surge played a big role. what you re seeing is enormous growth in the country that was affected by everything from covid and the covid blockages that we incurred along the way. reporter: analysts say the economy unexpectedly contracted because the government cut back on pandemic-related spending and the u.s. imported more goods than it exported america buying more than it sells overseas meanwhile, the war in ukraine and china s new covid lockdowns are worsening the global supply chain crisis in south carolina, nephron pharmaceuticals is now building its own production plants since it can t get enough supplies from overseas it also has hundreds of job openings but must offer high wages and very flexible
Additional debt forgiveness and i ll have an answer on the next couple weeks. carley: democrats are urging biden to cancel up to $50,000 in federal student loan debt per borrower. tom cotton asked, why should those who didn t go to college or paid, be responsible for $13,000 in new debt. great question. todd: it is a great question, the president makes promises to use your tack payer dollars to wipe out student death. on shaky ground with gdp falling in the first quarter. but joe biden says things are going great. president biden: i m not concerned about recession, you are always concerned about a recession, what you are seeing is enormous growth in the country is affected by everything from covid and the covid blockages that occurred along the way.
The country that was affected from everything from covid and covid blockages that occurred along the way. carley: the negative rate coming as a shock to wall street experts who are predicting a positive peer of the gdp dropped them it s the worst inflation since the early 80s. todd: larry kudlow said the u.s. is heading right into a recession. the big problem and you saw it in the numbers today is although jobs are rising, wages are rising but inflation is rising faster. so, real wages after tax, it is called real disposable income, it keeps falling. this is the biggest problem because of the inflation. and incidentally, the federal reserve is going to have to take away the punch bowl. that is why i fear there will not be a soft landing. there will be a hard landing. we are in the front end of a inflation, stagnation first.
At adp, we use data-driven insights to design hr solutions to help you engage and retain top performers today, so you can have more success tomorrow. one thing leads to another, yeah, yeah about a recession given the g.d.p. report today show that in fact 1.4% [inaudible] well, i m not concerned about it a recession. i mean, you are always concerned about recession. i think we re what you are seeing is enormous growth in the country that was affected by covid and the covid blockages