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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.
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.Final GDP reading shows US economy shrank 0.6% in the spring, cementing start of recession
The Commerce Department said its final reading of second quarter gross domestic product data on Thursday shows the economy shrank 0.6% in the spring, indicating the start of a recession.www.foxbusiness.com
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.
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.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.
Many of us enjoyed your vacation even more than you did. It was very relaxing.Final GDP reading shows US economy shrank 0.6% in the spring, cementing start of recession
The Commerce Department said its final reading of second quarter gross domestic product data on Thursday shows the economy shrank 0.6% in the spring, indicating the start of a recession.www.foxbusiness.com
Had a great vacation so thanks for asking.
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.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.
Link?You do understand that the current recession and accompanying inflation are the consequences of global events over which Biden has no control?
Explain Mississippi.Final GDP reading shows US economy shrank 0.6% in the spring, cementing start of recession
The Commerce Department said its final reading of second quarter gross domestic product data on Thursday shows the economy shrank 0.6% in the spring, indicating the start of a recession.www.foxbusiness.com
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.
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!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.
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.We will see if this holds true at the Midterms in light of the US now in a recession.
Link?
Explain what about Mississippi? Is Mississippi in the U.S.?Explain Mississippi.
How is that going?
Yes, exactly! How can the tiny, insignificant US economy have any influence on the world economy!?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.
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 economyGlobal Economic Growth Slows Amid Gloomy And More Uncertain Outlook
Global Economic Growth Slows Amid Gloomy And More Uncertain Outlookwww.imf.org
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.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.
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 GDPYes, exactly! How can the tiny, insignificant US economy have any influence on the world economy!?
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Nothing you've posted claims that US woes are "the consequences of global events over which Biden has no control"Global Economic Growth Slows Amid Gloomy And More Uncertain Outlook
Global Economic Growth Slows Amid Gloomy And More Uncertain Outlookwww.imf.orgLeading economies sliding into recession as Ukraine war cuts growth, OECD finds
Impact of energy and inflation crises worse than forecast, with Europe most directly exposed to fallout of Russian invasionwww.theguardian.com Scarring effects of the pandemic on the global economy – reviewing recent evidence
The European Central Bank (ECB) is the central bank of the European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purchasing power of the single currency.www.ecb.europa.eu
WTF do forex differentials have to do with your point? Answer: nothing at all.Yes, exactly! How can the tiny, insignificant US economy have any influence on the world economy!?
View attachment 67415716
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.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
So, what control do you think Biden has over Putin? How about Covid?Nothing you've posted claims that US woes are "the consequences of global events over which Biden has no control"
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.Yes, exactly! How can the tiny, insignificant US economy have any influence on the world economy!?
View attachment 67415716
"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.WTF do forex differentials have to do with your point? Answer: nothing at all.
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?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.
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.
Causes of the 2008 Financial Crisis
There were three causes of the 2008 global financial crisis: deregulation, securitization, and the Fed's poor timing in lowering and raising interest rates.www.thebalancemoney.com
And who signed Glass Steagall, any idea who Franklin Raines and Jamie Gorelick were or Barney Frank and Chris Dodd?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.
Causes of the 2008 Financial Crisis
There were three causes of the 2008 global financial crisis: deregulation, securitization, and the Fed's poor timing in lowering and raising interest rates.www.thebalancemoney.com
Read the following, and see if you can respond without resorting to blaming Biden: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
Aren’t you the one always complaining about rhetoric vs results?Explain what about Mississippi? Is Mississippi in the U.S.?
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