Economist Orphe Divounguy pointed to a sharp dip in residential investment as a factor that helped propel GDP downward. “Builder confidence has been declining rapidly,” he said.
“Over the last 18 months, Congress, President Biden, and the Federal Reserve set our nation up for disaster,” said E.J. Antoni, an economist at the Heritage Foundation.
“The consequence is that we are now in a recession. The current economic situation is the consequence of profligate federal spending financed by printed money. Now, instead of acknowledging responsibility for their failed policies, the Biden administration chooses to play word games, just like they did with inflation,” he said.