The GDP report for the second quarter is out. It shows that the U.S. economy is shrinking. President Joe Biden issued a statement Thursday morning. He said it’s no surprise the economy is slowing down after regaining jobs lost during the pandemic and after the economy grew last year. NTD spoke with Vance Ginn, chief economist at the Texas Public Policy Foundation, on what this report means for the state of the economy and what Americans need to know.