On Wednesday’s broadcast of CNBC’s “Closing Bell,” Sen. Rob Portman (R-OH) reacted to revised GDP numbers for the first quarter of 2022 showing the economy shrank more than previously thought by stating he thinks we will probably see a recession when there is negative growth in the second quarter and stated that “the recession mentality, unfortunately, is upon us” already because people are already paying more and cutting back due to massive amounts of inflation.
Portman stated, “I’d love to see a soft landing. … But we just saw the revised numbers for the first quarter, a lot of people don’t realize, we actually were at negative economic growth in the first quarter, and two quarters of that, technically, is a recession. So, I don’t know, nobody knows, but I suspect we’re probably going to [see] negative economic growth again. In any case, for most Americans, it sure feels like a recession already. Because they’re paying $5 for a gallon of gas because they are seeing food costs go up dramatically, clothing costs, everything. And so, for working families in Ohio, they’re already pulling back and cutting back, and so I think the recession mentality, unfortunately, is upon us.”
Follow Ian Hanchett on Twitter @IanHanchett