Top news right now, the U.S. Bureau of Economic Analysis has released its advance estimate for the first quarter of 2023, and the economy is showing signs of a significant slowdown. Real GDP increased at an annual rate of just 1.1 percent, significantly lower than the 2.0 percent expected. The deceleration is attributed to a downturn in private inventory investment and nonresidential fixed investment, while inflation showed a dramatic jump. Core PCE inflation surged to a 4.9 percent increase, after rising 4.4 percent in the fourth quarter of 2022. Americans seeking relief from rising prices and as President Joe Biden now tries to build a case for his reelection after his broken 2020 promise to build America back better.
“The problem is that Joe isn’t finished.”