The U.S. economy shrank in the first three months of this year, and it happened “unexpectedly” according to Bloomberg Business:

“The surprise contraction“:

The U.S. economy shrank for the first time since 2020, reflecting an import surge tied to robust consumer demand.

While the surprise contraction adds to political headaches for President Joe Biden, it’s unlikely to dissuade the Federal Reserve from hiking interest rates aggressively to combat inflation.

Gross domestic product fell at a 1.4% annualized rate in the first quarter following a 6.9% pace at the end of last year, the Commerce Department’s preliminary estimate showed Thursday. The median projection in a Bloomberg survey of economists called for a 1% increase.

The excuses from the Biden administration are sure to be doozies.

It might be an “absolute disaster,” but the Biden White House knows they’ll get some help explaining why people shouldn’t blame their lying eyes and ears. NPR had something to add after reporting how much the economy shrank:

“The numbers may not be as worrisome as they appear.” It’s good to be a Democrat administration because you get so much spin assistance from the media.

CNN also did its part:

The New York Times was spotted doing to pre-spinning before the numbers were even released:

And we already know who the Biden White House will blame:

Putin will certainly get much of the blame, with some being reserved for Covid and, of course, Donald Trump.

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