- By Joergen Haisem
- (General Dispatch) – The U.S. economy is going through one of its worst moments under the Biden administration along with the restrictions imposed as a result of the coronavirus.
- Economists had estimated a considerable deficit of $70.4 billion for this date, but the data did not match, being even more negative, at the beginning of the year the gap fell from $68.2 billion to $67.8 billion.
- In view of the various measures adopted to restrict the spread of Covid-19, companies reported that exports decreased by 2.6% and imports were also affected by 7 tenths of a percent.
- On the other hand, establishments offering services reported a decrease in profits of $500,000 billion, those offering goods a deficit of $85,200 billion.
- However, it is attributed that one of the causes has been the worldwide recession; the pandemic has affected the economy of all countries, specifically in the European Union.
- The Biden administration has proposed various measures to try to strengthen the economy, even though they have been criticized for the payment of stimuli and the increase in social benefits.
- According to economists, they announced that one of the problems is that different foreign producers are obtaining higher income from the US due to the accelerated increase of imports.
- This has led to affect the Gross Domestic Product (GDP) hurting the purchasing power of Americans; the value of goods and services has witnessed an increase in price.
Adittional Information:
Breitbart: Trade Deficit Widened to Record $71.1 Billion in Biden’s First Full Month
Bea Gov: U.S. International Trade in Goods and Services, February 2021
