Hello, and welcome to another edition of the Byron York Show, the no-chit-chat podcast.

We like to get right into it, and what we're going to get into today is a pretty serious

topic.

My call at the darkest day yet under President Joe Biden, the specter of recession and

war settled over Washington on thirsty.

On top of inflation that has already cut into American standard living, already increased

their worries about the future.

Inflation, recession, war, it was a very bad day.

Really one of the most worrisome and concerning in the presidency of Biden so far.

Now, the recession specter, not actually here, but the specter was created by news that

the economy shrank at an annual rate of 1.4% in the first quarter of 2022.

Many experts profess to be surprised by this.

There had actually been predictions that the economy would grow by perhaps a percentage

point.

So I'll read you something from CNBC, the business network, quote, gross domestic product

unexpectedly declined at 1.4% annualized pace in the first quarter.

The worst since the pandemic induced recession in 2020.

The negative growth rate missed even the subdued Dow Jones estimate of a 1% gain for the

quarter.

Anyway, you had a lot of people expecting a gain in GDP and in fact GDP shrank at an annual

rate of 1.4% first quarter of 2022.

Obviously, if you have two such quarters consecutively, you've got a recession.

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