Joe Biden expressed hopefulness about the economy following a dismal GDP report on Thursday, but Wall Street executives are preparing for the worst, according to Politico.
The U.S. economy’s annual growth rate slowed more than expected to 1.1% in the first quarter of 2023, according to GDP statistics released by the Bureau of Economic Analysis (BEA) on Thursday morning. The vast majority of the financial sector agrees the economy will continue facing difficulties this year as over a dozen large banks predicted poor growth or a recession, according to Politico.
“The U.S. economy is unwell, and it’s starting to show,” Chief Economist at EY-Parthenon Gregory Daco tweetedThursday morning.
Growth was 2.6% in the fourth quarter of 2022, and economists had expected 2% growth for the first quarter of 2023, according to The Wall Street Journal. “Today, we learned that the American economy remains strong, as it transitions to steady and stable growth,” Biden said in a statement on the GDP.
“We continue to expect economic growth to slow, and we are preparing for a range of scenarios,” Wells Fargo CEO Charlie Scharf said on a first-quarter earnings call on April 14.
Other financial executives are making comparable remarks during earnings calls as well, although few are forecasting a major economic downturn, according to Politico.
“Our research team continues to predict a shallow recession that will occur beginning in the quarter three of 2023,” Bank of America CEO Brian Moynihan said on a first-quarter earnings call on April 18.
Consumers experienced continuing inflation and rising interest rates, contributing to a decline in retail spending in February and March, according to the WSJ. Home sales and manufacturing output also decreased in March.
The Federal Reserve has been hiking interest rates in an effort to lower inflation and has raised them to a target range of 4.75-5%.
“I’ve never been more optimistic about America’s future,” Biden has repeatedly stated.
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Independent Journalism Is Dying
Ever since President Trump’s miraculous victory, we’ve heard an incessant drumbeat about how legacy media is dying. This is true. The people have awakened to the reality that they’re being lied to by the self-proclaimed “Arbiters of Truth” for the sake of political expediency, corporate self-protection, and globalist ambitions.
But even as independent journalism rises to fill the void left by legacy media, there is still a huge challenge. Those at the top of independent media like Joe Rogan, Dan Bongino, and Tucker Carlson are thriving and rightly so. They have earned their audience and the financial rewards that come from it. They’ve taken risks and worked hard to get to where they are.
For “the rest of us,” legacy media and their proxies are making it exceptionally difficult to survive, let alone thrive. They still have a stranglehold over the “fact checkers” who have a dramatic impact on readership and viewership. YouTube, Facebook, and Google still stifle us. The freer speech platforms like Rumble and 𝕏 can only reward so many of their popular content creators. For independent journalists on the outside looking in, our only recourse is to rely on affiliates and sponsors.
But even as it seems nearly impossible to make a living, there are blessings that should not be disregarded. By highlighting strong sponsors who share our America First worldview, we have been able to make lifelong connections and even a bit of revenue to help us along. This is why we enjoy symbiotic relationships with companies like MyPillow, Jase Medical, and Promised Grounds. We help them with our recommendations and they reward us with money when our audience buys from them.
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Even our faith-driven precious metals sponsor helps us tremendously while also helping Americans protect their life’s savings. We are blessed to work with them.
Independent media is the future. In many ways, that future is already here. While the phrase, “the more the merrier,” does not apply to this business because there are still some bad actors in the independent media field, there are many great ones that do not get nearly enough attention. We hope to change that one content creator at a time.
Thank you and God Bless,
JD Rucker
