The news on the economy is not good.

Economists who had predicted about one-percent growth in the GDP were surprised by the economy shrinking by 1.4 percent instead in the first quarter of the year.

Thursday’s release also showed that “[p]rices increased sharply during the quarter, with the GDP price index deflator rising 8%,” as CNBC explains, echoing the four-decade highs measured by the Consumer Price Index.

CNBC’s Joe Kernan said that added to the spiraling inflation, and brings up the horrible “S” word — stagflation.

Rick Santelli confirmed how the pandemic spending by the Biden team kicked off the inflation in 2021, and led us to where we are now.

But just as Biden did with inflation, he’s now refusing delivery on economic reality.

According to Biden, things are just going swimmingly.

Biden then went on to argue that the country was seeing “enormous economic growth” — despite the new numbers. Now, shrinkage is growth, in Joe Biden’s mind.

“I think we’re—what you’re seeing is enormous growth in the country that was affected by everything from COVID and the COVID blockages that occurred along the way,” Biden said. “Now, you always have to be, take a look and, no one is predicting a recession now.” That of course is untrue, as many are talking about the possibility of it coming now. When pressed, Biden said he was concerned that it might happen next year.

Here’s Biden’s labor secretary saying it’s a very real possibility. Has Biden talked to him lately? Biden is the one who doesn’t seem to understand the question.