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Final GDP reading shows US economy shrank 0.6% in the spring, cementing start of recession

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The U.S. economy shrank for the second consecutive quarter in the three months ended June, according to the final estimate from the Bureau of Economic Analysis, meeting the criteria for a so-called technical recession as raging inflation and higher interest rates weighed on spending.

The updated report, released Thursday, showed that gross domestic product (GDP), the broadest measure of goods and services produced across the economy, shrank by 0.6% on an annualized basis in the second quarter. That is below the initially reported 0.9% decline and unchanged from the second reading of a 0.6% decline.

Economic output already fell over the first three months of the year, with GDP tumbling 1.6%, the worst performance since the spring of 2020, when the economy was still deep in the throes of the COVID-19-induced recession.

Had a great vacation so thanks for asking. Had plenty of time to think after finding out that posting data wasn't going to change any minds therefore the new improved me will bypass the data as it ticks off too many people here with an agenda and will focus solely on replying to opinions with those of my own although this OP does destroy the liberal narrative about the Biden economic policies and results. Liberal economics and liberal opinions have created a cult like mentality as it doesn't matter what the results are it is the D that matters. We all know that those working for the current Administration, in need of massive taxpayer support, those not paying any FIT yet benefiting from taxpayer funded programs are going to vote for the D regardless of policies. The old adage that you "don't bite the hand that feeds you" has proven to be effective and successful election strategy thus buying votes normally creates successful election results. We will see if this holds true at the Midterms in light of the US now in a recession.
 



Had a great vacation so thanks for asking. Had plenty of time to think after finding out that posting data wasn't going to change any minds therefore the new improved me will bypass the data as it ticks off too many people here with an agenda and will focus solely on replying to opinions with those of my own although this OP does destroy the liberal narrative about the Biden economic policies and results. Liberal economics and liberal opinions have created a cult like mentality as it doesn't matter what the results are it is the D that matters. We all know that those working for the current Administration, in need of massive taxpayer support, those not paying any FIT yet benefiting from taxpayer funded programs are going to vote for the D regardless of policies. The old adage that you "don't bite the hand that feeds you" has proven to be effective and successful election strategy thus buying votes normally creates successful election results. We will see if this holds true at the Midterms in light of the US now in a recession.
You do understand that the current recession and accompanying inflation are the consequences of global events over which Biden has no control? No, I doubt you would even consider it when there's a golden opportunity for you to blame Biden for everything that's wrong in your life.
 
You do understand that the current recession and accompanying inflation are the consequences of global events over which Biden has no control? No, I doubt you would even consider it when there's a golden opportunity for you to blame Biden for everything that's wrong in your life.
Of course I do because I believe the 23 trillion dollar US economy is dependent and affected greatly on the global economy, has nothing whatsoever to do with massive US gov't spending of taxpayer dollars in a recovering economy with historic low unemployment and high inflation. So yes I am economically challenged like most liberals in this forum always looking for someone else to blame for my own personal problems.
 



Had a great vacation so thanks for asking.
Many of us enjoyed your vacation even more than you did. It was very relaxing.
Had plenty of time to think after finding out that posting data wasn't going to change any minds therefore the new improved me will bypass the data as it ticks off too many people here with an agenda and will focus solely on replying to opinions with those of my own although this OP does destroy the liberal narrative about the Biden economic policies and results. Liberal economics and liberal opinions have created a cult like mentality as it doesn't matter what the results are it is the D that matters. We all know that those working for the current Administration, in need of massive taxpayer support, those not paying any FIT yet benefiting from taxpayer funded programs are going to vote for the D regardless of policies. The old adage that you "don't bite the hand that feeds you" has proven to be effective and successful election strategy thus buying votes normally creates successful election results. We will see if this holds true at the Midterms in light of the US now in a recession.
I’m not sure what the point is of the post other than the actual news, but it’s not a real shocker that GDP would drop when supply was very constricted despite high demand.

It may be a technical recession, but I’ll take that all day long with a half century low in unemployment and steadily rising wages.
 



Had a great vacation so thanks for asking. Had plenty of time to think after finding out that posting data wasn't going to change any minds therefore the new improved me will bypass the data as it ticks off too many people here with an agenda and will focus solely on replying to opinions with those of my own although this OP does destroy the liberal narrative about the Biden economic policies and results. Liberal economics and liberal opinions have created a cult like mentality as it doesn't matter what the results are it is the D that matters. We all know that those working for the current Administration, in need of massive taxpayer support, those not paying any FIT yet benefiting from taxpayer funded programs are going to vote for the D regardless of policies. The old adage that you "don't bite the hand that feeds you" has proven to be effective and successful election strategy thus buying votes normally creates successful election results. We will see if this holds true at the Midterms in light of the US now in a recession.
Explain Mississippi.
How is that going?
 
Had a great vacation so thanks for asking. Had plenty of time to think after finding out that posting data wasn't going to change any minds therefore the new improved me will bypass the data as it ticks off too many people here with an agenda and will focus solely on replying to opinions with those of my own although this OP does destroy the liberal narrative about the Biden economic policies and results.
Holy run-on sentence of regurgitated nonsense. Are you truly up for the challenge of repeating the same 13 or so statements without losing your cool? Doubt it! 🙂
Liberal economics and liberal opinions.
🤣
We will see if this holds true at the Midterms in light of the US now in a recession.
The unemployment rate is at 3.7%... there is no recession. It's simply a cooldown from the highest level of output and employment growth in 40 years.

It is most entertaining watching the tune change regarding the midterm red wave . When all you have to go by are alterative facts and petty tribalism, it's very difficult to maintain voter confidence... well that and the fact that you folks are constantly shitting on elections, women, and minorities.

This might help with relief:

Screenshot_20220930-111705.png
 
 
Of course I do because I believe the 23 trillion dollar US economy is dependent and affected greatly on the global economy, has nothing whatsoever to do with massive US gov't spending of taxpayer dollars in a recovering economy with historic low unemployment and high inflation. So yes I am economically challenged like most liberals in this forum always looking for someone else to blame for my own personal problems.
Yes, exactly! How can the tiny, insignificant US economy have any influence on the world economy!? :LOL:

20220930_111454.jpg
 
So you don't think high inflation and rising interest rates aren't a problem in the US and haven't contributed to the problems here? Any idea what causes inflation? What I see from you is total ignorance of the US economy which is based upon the private sector and consumer spending not the world economy. High inflation and rising interest rates are what has fueled this decline in GDP NOT the world economy
 
Many of us enjoyed your vacation even more than you did. It was very relaxing.

I’m not sure what the point is of the post other than the actual news, but it’s not a real shocker that GDP would drop when supply was very constricted despite high demand.

It may be a technical recession, but I’ll take that all day long with a half century low in unemployment and steadily rising wages.
GDP didn't drop. Instead, pricing pressure from pandemic induced supply chain disruptions have carved out the considerable economic growth we have been experiencing for the past 20 months.
 
Yes, exactly! How can the tiny, insignificant US economy have any influence on the world economy!?

View attachment 67415716
Same is true on just about every issue where the world is blamed for problems in this country. High inflation and rising interest rates obviously are ignored whereas Ukraine is now blamed for the US recession. The largest component of GDP in this country is consumer spending and when prices rise due to inflation and interest rates rise to counter inflation, demand for goods and services decline leading to the reduction in GDP
 
Nothing you've posted claims that US woes are "the consequences of global events over which Biden has no control"
 
So you don't think high inflation and rising interest rates aren't a problem in the US and haven't contributed to the problems here? Any idea what causes inflation? What I see from you is total ignorance of the US economy which is based upon the private sector and consumer spending not the world economy. High inflation and rising interest rates are what has fueled this decline in GDP NOT the world economy
No, don't put words in my mouth. When you can explain why the world's economies are in recession because of your obsession with Biden, then we can have a conversation. Neither the Ukraine war, nor the Covid pandemic are under Biden's control. Those are the two leading factors negatively affecting your economy and those of Europe and elsewhere.
The only ignorance on show here is your blinkered, one-track opinion.
 
Yes, exactly! How can the tiny, insignificant US economy have any influence on the world economy!? :LOL:

View attachment 67415716
The US economy and the idiots who thought unregulated banking practise was a great idea, were the root cause of the 2007-8 Wall Street meltdown, resulting in global recession.
 
WTF do forex differentials have to do with your point? Answer: nothing at all. 🤣
"No effect at all" you heard it right here from "there will be no inflation but I wish there would be" Kushinator. King of predictions.
 
No, don't put words in my mouth. When you can explain why the world's economies are in recession because of your obsession with Biden, then we can have a conversation. Neither the Ukraine war, nor the Covid pandemic are under Biden's control. Those are the two leading factors negatively affecting your economy and those of Europe and elsewhere.
The only ignorance on show here is your blinkered, one-track opinion.
When are you going to explain to us the components of GDP in THIS Country and what they contribute? then you will understand that it isn't the world that affects us as much as U.S. economic policies and Biden. How long is it going to take to get you or any other Biden supporter to explain your support?

Ukraine was under Biden control as it didn't happen under Trump, Inflation was due to the massive taxpayer stimulus in 2021 long before Ukraine into a returning job market and recovering economy. I suggest you learn the components of GDP, what percentage they contribute so you understand what inflation and rising interest rates do in this country.
 
The US economy and the idiots who thought unregulated banking practise was a great idea, were the root cause of the 2007-8 Wall Street meltdown, resulting in global recession.
Nah. That's BS. We were the victim of a global slowdown over which we had no control. Thanks a lot everyone else!!
 
The US economy and the idiots who thought unregulated banking practise was a great idea, were the root cause of the 2007-8 Wall Street meltdown, resulting in global recession.
And who signed Glass Steagall, any idea who Franklin Raines and Jamie Gorelick were or Barney Frank and Chris Dodd?
 
Same is true on just about every issue where the world is blamed for problems in this country. High inflation and rising interest rates obviously are ignored whereas Ukraine is now blamed for the US recession. The largest component of GDP in this country is consumer spending and when prices rise due to inflation and interest rates rise to counter inflation, demand for goods and services decline leading to the reduction in GDP
Read the following, and see if you can respond without resorting to blaming Biden:
 
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