Panicked Trump Blames Biden For Worst First Quarter Economic Report In Years

Economic numbers for the First Quarter of 2025 were released on Wednesday, and that were worse than anticipated. The country had NEGATIVE growth of under 1% of the first 13 weeks of the year, showing the disastrous impact of Donald Trump’s economic policies and proving that we are on the path of recession already. But Trump wasn’t about to take the blame for this, and he proclaimed on Truth Social that this was actually President Biden’s fault, even though he left office months ago. Ring of Fire’s Farron Cousins explains what happened.

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*This transcript was generated by a third-party transcription software company, so please excuse any typos.

Well, folks, Donald Trump got some really horrific economic news on Wednesday morning, as did the entire country when the US Commerce Department came out and admitted Uhoh we're three months away from a recession. Now, those are not the words they used, but the data that they were revealed does show that we're only three months away from a recession. Most likely a recession is typically defined. And you know, the parameters of that are two consecutive quarters of negative growth for the economy. Well, we just came to the end of the first quarter of this year and the Commerce Department shows that the economy did not grow. But in fact, shrank GDP fell by 0.3%. So not a massive fall, but a fall nonetheless, especially considering the quarter before that, before Trump took over. GDP was 2.4%. So we were growing. Now we're shrinking. If that happens in the second quarter of this year.

We are officially, by definition in a recession. Stock market did not react well to this news, of course, and neither did Donald Trump. So Donald Trump got on truth social and wanted everybody to know that even though he was president during 10 weeks of this 13 week quarter, technically 10 weeks in a day, but, uh, it's all Biden's fault. Here is what Trump put on truth social. This is Biden's stock market, not Trump's I didn't take over until January 20th. Tariffs will soon start kicking in and companies are starting to move into the USA in record numbers. Our country will boom, dude, it went boom. But not in the sense of an economic boom. It went boom. As in it blew up. It exploded and was destroyed. Also for the record, no companies are not moving into the USAI have looked and looked and looked and looked daily trying to find what companies you're talking about.

They don't exist. It's not real. There's no reports to say that this is actually happening. There's no reports from the companies themselves saying we're moving in. He's straight up lying about everything. And of course, blaming it on Biden. Biden was president for three weeks of this quarter. He was president for 10 weeks. So more than three times longer than Biden was. This is not Biden's stock market, but Trump continues. Our country will boom, but we have to get rid of the Biden overhang. This will take a while, has nothing to do with tariffs, only that he left us with bad numbers. And but when the boom begins, it will be like no other be patient. He says, so even though under Biden, as I said, the GDP was growing, um, Trump takes over, it immediately starts shrinking. This is still somehow Biden's fault, even though Biden's economy was growing. Hmm. If it doesn't make sense to you, don't worry. It's because it doesn't make sense. And do you know who else thinks Donald Trump's statement doesn't make sense? Um, Peter Navarro, Donald Trump's top trade advisor because while Donald Trump was trying to blame it all on Biden and saying it's totally not the tariffs, Peter Navarro went on TV and actually admitted that if it weren't for the tariffs, we would've had pretty solid growth. Here he is. Take a look.

I, I gotta say just one thing about today's news, that that's the best negative print I have ever seen in my life. Um, and, and, and the markets need to like look beneath the surface of that. We had a 22% increase in domestic investment that is off the charts when you strip out inventories and the negative effects of the surge in imports. 'cause of the tariffs, uh, you had 3% growth. So we really like, uh, where we're at now with, with respect to China. Like, look, Jim,