Joe Biden’s economy is so bad that retired people are being forced to go back to work so they can eat.
For the first quarter of 2022, the economy under Biden declined 1.4 percent. This is just as COVID started to wane last year and is the worst since the beginning of the pandemic in 2020.
According to CNBC:
Gross domestic product unexpectedly declined at a 1.4% annualized pace in the first quarter, marking an abrupt reversal for an economy coming off its best performance since 1984, the Commerce Department reported Thursday.
The negative growth rate missed even the subdued Dow Jones estimate of a 1% gain for the quarter, but the initial estimate for Q1 was the worst since the pandemic-induced recession in 2020. GDP measures the output of goods and services in the U.S. for the three-month period.
Inflation is causing extreme pain for middle-class and lower-class Americans as the key inflation index showed prices hit a 40-year high.
“The Personal Consumption Expenditures price index increased by 6.6% for the year ended in March, the Commerce Department reported Friday. It was the highest rate since the period ended January 1982, outpacing the figure from February,” CNN reported.
As a result of all this extreme economic pressure, many elderly Americans are finding that they have to go back to work despite thinking they have retired.
According to the Daily Wire: “According to Bureau of Labor Statistics data, the number of retired seniors surged from 28.3 million in February 2020 to 31.6 million in October 2021. However, higher price levels and other economic challenges are now forcing Americans into ‘unretirement.’”
Per the Indeed Hiring Lab
Amid a hot labor market and high inflation, retired workers are returning to work at a rising rate. ‘Unretirements’ are on the rise as workers who previously said they were retired are now taking jobs again. As of March 2022, 3.2% of workers who were retired a year earlier are now employed.
It’s not only retired people going back to work. The Daily Wire added that about 32 percent of people who tried to retire last year couldn’t because of the Biden economy.
Most of this post was first seen at iPatriot.