The U.S. economy reported the weakest pace of growth since 2022 in the first quarter of the year. Economist Daniel Lacalle dives into the details of the report, which reveals government spending continues to be the driving force of the GDP. But Mr. Lacalle says investment, consumption, and exports are weakening. He is seeing a “private sector recession.” According to Mr. Lacalle, the numbers reveal the economy is not as robust as the Biden administration claims it to be. He believes government spending has been bloating GDP numbers.
