the-new-york-times” target=”_blank”>The New York Times< administration.
Gross domestic product, the broadest measure of goods and services produced across the economy, shrank by 1.4% on an annualized basis in the three-month period from January through March, the Commerce Department said in its first reading of the data on Thursday. This marked the first shrinkage of the economy since the early months of the coronavirus pandemic.
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The dip in GDP is contributing to fears of a potential incoming recession as the country continues to be dogged by growing inflation. President Biden told reporters on Thursday, “I’m not concerned about a recession” in the immediate future, suggesting economists are predicting a potential recession in 2023.
U.S. President Joe Biden announces additional military and humanitarian aid for Ukraine as well as fresh sanctions against Russia, during a speech in the Roosevelt Room at the White House in Washington, U.S., April 28, 2022. REUTERS/Evelyn Hockstein
(REUTERS/Evelyn Hockstein)
However, the Times offered more sunny coverage, running the headline “The economy contracted in the first quarter, but underlying measures were solid.”
“The U.S. economy contracted in the first three months of the year, but strong consumer spending and continued business investment suggested that the recovery remained resilient,” Times economic reporter Ben Casselman wrote. “Most important, consumer spending, the engine of the U.S. economy, grew 0.7 percent in the first quarter despite the Omicron wave of the coronavirus, which restrained spending on restaurants, travel and similar services in January.”
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The Times similarly tweeted the breaking news with “The U.S. economy shrank in the first quarter, but the numbers may mask the recovery’s resilience.”
A headline published by The New York Times on April 28, 2022.
Critics mocked the paper’s spin on the economic news.
“NY Times is beyond parody. Anything to prop up the imbecile Biden,” radio host Buck Sexton reacted. “Coming soon: ‘How Recession actually improves long term economic trends.'”
“‘The sinking of the Titanic may mask the ship’s impressive engines,'” Ruthless podcast co-host Comfortably Smug mocked the Times.
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“Can you even *imagine* the NYT having this take on a shrinking economy under a Republican administration?” Forbes contributor Carrie Lukas wondered.
“NYT spinning like a top,” Daily Wire’s Ben Shapiro tweeted.
FOX Business’ Megan Henney contributed to this report.
