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

[snakestretcher]

Nah. That's BS. We were the victim of a global slowdown over which we had no control. Thanks a lot everyone else!!

Remain clueless. Your problem, not mine.

 

[snakestretcher]

And who signed Glass Steagall, any idea who Franklin Raines and Jamie Gorelick were or Barney Frank and Chris Dodd?

Who gives a shit? Unregulated banking practises were the cause, whoever implemented them.

 

[SuperDS77]

Nah. That's BS. We were the victim of a global slowdown over which we had no control. Thanks a lot everyone else!!

You had better believe that when the numbers eventually improve (like gas prices receding from all time highs) credit will be given to the current administration.

 

[Taylor]

So, what control do you think Biden has over Putin? How about Covid?

We had inflation long before Putin came along. Biden's Covid response is certainly one of the contribhting reasons why we're in this mess.

 

[Conservative]

Read the following, and see if you can respond without resorting to blaming Biden:

How War in Ukraine Is Reverberating Across World’s Regions

www.imf.org

Don't have to read it, when did the Ukraine war begin and what was the inflation rate in 2021? I don't have to blame Biden the US electorate understands apparently what you don't, liberal economics is all about buying votes by spending taxpayer dollars and when you do that in a returning job market, 17 million jobs returned from April 2020 to January 2021, and a recovering economy you are going to get inflation. Those that support Biden are those in need of taxpayer funded handouts.

 

[snakestretcher]

We had inflation long before Putin came along. Biden's Covid response is certainly one of the contribhting reasons why we're in this mess.

Keep doubling-down on stupid. That's the ticket.

 

[Conservative]

Aren’t you the one always complaining about rhetoric vs results?

What does Mississippi have to do with the thread topic? Results? you think Mississippi is immune to high inflation and rising interest rates?

 

[snakestretcher]

Don't have to read it, when did the Ukraine war begin and what was the inflation rate in 2021? I don't have to blame Biden the US electorate understands apparently what you don't, liberal economics is all about buying votes by spending taxpayer dollars and when you do that in a returning job market, 17 million jobs returned from April 2020 to January 2021, and a recovering economy you are going to get inflation. Those that support Biden are those in need of taxpayer funded handouts.

Feeble excuse. You should have stayed on vacation so I didn't have to respond to your partisan bullshit. Oh, and the US electorate abandoned Trump's routine failure, in case you forgot.

 

[Conservative]

Keep doubling-down on stupid. That's the ticket.

You are very passionate in your defense of Biden and liberalism from your country overseas, why? Why won't you address the effect rising interest rates and massive gov't spending has on the U.S. economy?

 

[Conservative]

Feeble excuse. You should have stayed on vacation so I didn't have to respond to your partisan bullshit.

You are very passionate and the question is why? What bullshit? Asked a very simple and basic question but your loyalty to the D has generated an irrational response.

 

[snakestretcher]

You are very passionate and the question is why? What bullshit? Asked a very simple and basic question but your loyalty to the D has generated an irrational response.

What bullshit? Your mindless, obsessive compulsion to blame Biden for everything that's gone wrong in your life. That's what.

 

[Kushinator]

"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.

I anticipate higher than normal inflation and you cultists want to pretend you've predicted everything.

Facts:

1.) Inflation is coming down faster than there GQP can stomach.
2.) Unemployment is still historically low.
3.) Employment growth continues at an unprecedented place (remember when you lied about recovery levels?).
4.) GQP chances of a midterm sweep dwindle by the day.

You have every right to feel like Bengals fans during the Superbowl.

 

[bongsaway]

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.

Taking a vacation while the rest of america is suffering under the biden administration and the start of a recession? Makes me wonder just how bad this 'recession' is especially since I'm also taking another vacation with a train trip from new orleans to LA and then onto marin county.

We need to go back to when Reagan was president who did such a good job with debt George Bush senior had to raise taxes after promising, no new taxes, and then reality hit him. W just flat out crashed the economy and trump gave his buddies a two trillion tax cut. Yup the dems sure are bad on the economy.

 

[Conservative]

What bullshit? Your mindless, obsessive compulsion to blame Biden for everything that's gone wrong in your life. That's what.

Whose policies led to the inflation in 2021? You seem to be blinded by an ideology ignoring the results, why? Such loyalty to Biden, why?

Do you even understand what causes inflation? why would you throw taxpayer dollars into a recovering economy and returning job market?

 

[Kushinator]

We had inflation long before Putin came along. Biden's Covid response is certainly one of the contribhting reasons why we're in this mess.

False.

And you have absolutely zero ability to articulate your position.

 

[Conservative]

Taking a vacation while the rest of america is suffering under the biden administration and the start of a recession? Makes me wonder just how bad this 'recession' is especially since I'm also taking another vacation with a train trip from new orleans to LA and then onto marin county.

We need to go back to when Reagan was president who did such a good job with debt George Bush senior had to raise taxes after promising, no new taxes, and then reality hit him. W just flat out crashed the economy and trump gave his buddies a two trillion tax cut. Yup the dems sure are bad on the economy.

The term "vacation" wasn't self imposed. Rather than make this about Reagan, Bush, Trump why don't you respond to the OP? What makes me wonder is why people are so economics and civics challenged in this country. Partisan politics are on display here as no one can explain why you throw trillions of taxpayer dollars into a returning job market and recovering economt then blame it on the world?

 

[snakestretcher]

Whose policies led to the inflation in 2021? You seem to be blinded by an ideology ignoring the results, why? Such loyalty to Biden, why?

Do you even understand what causes inflation? why would you throw taxpayer dollars into a recovering economy and returning job market?

Oh ffs! I believe something called a 'global pandemic' was raging in 2021, the economic effects of which are still reverberating. Supply chains being just one example.

The coronavirus effect on global economic sentiment

In the latest survey, inflation and geopolitical conflicts remain the top perceived economic risks, while concerns about energy volatility predominate in Europe.

www.mckinsey.com

Topic: Coronavirus: impact on the global economy

Learn more about the impact of COVID-19 on the global economy, the shifts in stock markets, and the response of the major industries.

www.statista.com

See, I focus on the global picture while you obsess over Biden.

 

[snakestretcher]

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.

Wtf are you babbling about? Explain how Ukraine is under anyone's control, aside from Ukraine and, to an extent, Russia. I'll wait-and I also suggest you quit the 'I know better than you' arrogance.

 

[washunut]

Oh ffs! I believe something called a 'global pandemic' was raging in 2021, the economic effects of which are still reverberating. Supply chains being just one example.

The coronavirus effect on global economic sentiment

In the latest survey, inflation and geopolitical conflicts remain the top perceived economic risks, while concerns about energy volatility predominate in Europe.

www.mckinsey.com

Topic: Coronavirus: impact on the global economy

Learn more about the impact of COVID-19 on the global economy, the shifts in stock markets, and the response of the major industries.

www.statista.com

See, I focus on the global picture while you obsess over Biden.

Not all inflations are for the same reason. The key reason for inflation in Europe is energy based. Clearly Russia/Ukraine have a big piece of that. In the U.S. the key reason is the huge increase in housing costs along with higher wages.

Perhaps a little reality versus partisanship can be tossed into this "debate".

 

[ataraxia]

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

Those last checks happened just as the economy was about to improve. But it was not at all clear that was going to happen at the time. With the benefit of hindsight, you could make a case that it may have been unnecessary. But it could also have been possible that the checks didn't go out and people would have been left literally without food or a roof over their head. So at the time it was a pretty reasonable call. But now that the U.S. has record high inflation, some argue the stimulus money could have fueled those issues. Maybe they played a role. Even so, it was at best only a minor contributor. There are MUCH bigger reasons we have those things.

But I know all this is not interesting to you, because your main purpose in all this is to just undermine the current administration and bring back the folks who want to nuke hurricanes and stick bleach up our behinds. Just don't expect the rest of us to believe you are being sincere or are actually interested in understanding the nuances of the US economy. Your main interest is to propogate bitterness, division, and dysfunction. So go ahead and have fun.

 

[Kushinator]

Not all inflations are for the same reason. The key reason for inflation in Europe is energy based. Clearly Russia/Ukraine have a big piece of that. In the U.S. the key reason is the huge increase in housing costs along with higher wages.

???

Perhaps a little reality versus partisanship can be tossed into this "debate".

 

[nvflash]

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.

When it comes to Washington there are only two mentalities, the spends and the spends more.

Central economic planning is a delicate balancing act. the Fed is using all the tools we have given it to bring us in for a soft landing, but Federal spending has been out of control for sometime and it really didn't tie itself to one party.

I'd say we are doing OK all things considered, as far as coming in for a soft landing, but that didn't have anything to do with who was in the Whitehouse or Congress, it has to do with who is in charge at the Fed and how it is able to remain true to the economics of the situation without too much undue political pressure.

I don't favor central economic planning, nor the Fed, nor the spends and the spend mores, but it is the system we have without regards to how I feel about it. We grew way too far way too fast, there was no naturally limiting factor as there would have been with a gold standard or a balanced budget amendment.

So now we are kind of stuck with debt based monies with 8 billion global people to feed, and as much as I would like for that situation to have never come to have been, it is what it is, our trap. We can't go back to sound money and sound spending and debt without a complete collapse of our economic and social systems.

Sadly that would bring about starvation for billions of people, so I'm not wishing that on the world.

When we consider that, a 0.6% drop in GDP is nothing, and all things considered it is good news.

 

[Airyaman]

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.

"Conservatives" are salivating over the idea of a recession. It's amazing how much people don't care about others so much to own the other political side.

 

[Kushinator]

"Conservatives" are salivating over the idea of a recession. It's amazing how much people don't care about others so much to own the other political side.

It's more along the lines of convincing themselves... just like they convinced themselves that COVID-19 is a hoax, vaccines are evil, elections are rigged when your side loses, etc....

 

[NuffSaid]

Yay!

When do the Republicans start celebrating this news?