By Joe Hoft
The Gateway Pundit Published February 3, 2021 at 12:20pm
China’s Yangtze River News reported yesterday that the US has officially announced a recession only eight days after Biden coming to power.
The China Media Outlet went on and shared (based on translation using Google translate):
On January 20, local time, Biden formally took office as President of the United States. However, on the eighth day after Biden took office, news of the Great Recession came out in the United States. According to a report from China Central Broadcasting Corporation on January 29, the first estimated data released by the U.S. Department of Commerce on the 28th showed that due to the impact of the new crown pneumonia outbreak on business activities and causing millions of people to lose their jobs, the actual GDP of the United States in 2020 (GDP) shrank by 3.5% annually. This is also the first full-year contraction of the US economy since the 2008 international financial crisis, the worst performance since 1946. The data shows that from April to June 2020, during the “stay at home” period in the United States, the U.S. economy contracted by 31.4%, which was the largest quarterly contraction since 1947 when comparable data were available. From October to December 2020, the real gross domestic product (GDP) of the United States increased by only 4.0% annually, a sharp slowdown from the 33.4% growth rate in the previous quarter.
The article went on to suggest that China’s economy was growing which is suspect as most all the numbers coming from China are. What we do know is that Democrat governors took the China coronavirus shut downs to such an extent in their attempts to negatively impact the Trump economy that they likely hurt their state’s economies permanently. This is why the states like California took action immediately after Biden’s inauguration to drop their insane rulings and open their economies:
Biden to date has only harmed the economy as well. Which is why he has warned about the economy himself:
The long term prospects for the US with economic killing policies from Biden are not good – even China knows this.