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

Are you saying that energy is the KEY REASON for the PCE reading we got today???
Im saying that energy is the single largest contributor to the current level of the CPI and PCE indices.
 
The last stimulus was signed into law in MARCH 2021 at a cost of $1.9 trillion. This is nearly 10% of total USA annual GDP. At the same time the Federal Reserve was sopping up this additional debt by buying $120 billion per month. Part of that was mortgage debt while housing prices were soaring. The same time Powell and Yellen were telling us inflation was "transitory".
Do you know what transitory actually means?

Hint: it's not temporary.
 
Then why are you living in Miss? People make choices where to live and benefit from the lower cost of living in the state. Someone below the poverty level in Miss are doing better than the same income earner in California or any high cost of living Blue state. You seem to want the gov't to provide what you cannot do for yourself and that isn't what built this country. Easy to complain but not so easy to talk about liberal success stories.
I don't live there.
"Benefit from lower cost of living" I take issue with.
What benefit?
Some people do not have the finances to move.
Tax the **** out of me if it helps to bring running water and adequate sewage.
Really do we want a race to the bottom?
 
And who signed Glass Steagall, any idea who Franklin Raines and Jamie Gorelick were or Barney Frank and Chris Dodd?

Now that you mention it, Franklin D Roosevelt signed the Glass-Steagal Act.

It was the GOP, and Wall Street that wanted to repeal Glass Steagal. They had been trying to on and off since 1935.

Clinton had the poor judgement to listen to Reuben and support the Gramm-Leach Beily Act, which effectively repealed it.

(The Gramm part was Phil Gramm, who the GOP viewed as a financial genius. Alas, as a director at Credit Suisse, he pushed mortgage backed securities and dirivities and made a material contribution to the collapse of the bank, at the time the biggest banking scandal in Swiss history).

Every Republican vote for it.

And the Clinton team followed it up by deregulating derivatives In 2001. The Commodity Futures Modernization Act was Larry Summer’s baby.

A year later Citigroup collapsed under a mountain of speculative debt, effectively foreshadowing what was to come seven years later. Bush, DeLay, ignored the warning and did nothing. But they did replace budget surpluses with deficits as far as the eye could see.

And they followed that up by starting an unnecessary war in the wrong country, and losing it.

The Dodd Frank Act restored basic regulations like stricter reserve requirements and stress testing.

Of course, the GOP didn’t want that either.
 
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Im saying that energy is the single largest contributor to the current level of the CPI and PCE indices.
Actually, I thought housing costs were the largest since component.
 
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?
I'll tell you what I do know, consumers are not the cause of recessions. In case you have not noticed, america isn't the only country suffering from inflation and recession.
 
You do understand that the current recession and accompanying inflation are the consequences of global events over which Biden has no control?
What's the presidency if there is no control to be had?
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.
What office did he run for? president or dog catcher?
 
Im saying that energy is the single largest contributor to the current level of the CPI and PCE indices.

Say what you will then check what percent housing (rent) is to the indices.
 
Do you know what transitory actually means?

Hint: it's not temporary.

Someday you will learn you do not know everything. Even Powell has admitted he was mistaken when the transitory inflation theme.
 
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.
Energy supply. Almost nothing else has as dramatic of an impact. Green policies necessarily restrict energy supply, its not a bug, its a feature. So, yes, Biden is holding the bag on this one.
 
Say what you will then check what percent housing (rent) is to the indices.
You had an opportunity to provide your own data and instead made the choice to be lazy (at the very best).

By all means... substantiate your position.
 
Someday you will learn you do not know everything. Even Powell has admitted he was mistaken when the transitory inflation theme.
Did he?
 
I told you how America is succeeding. Do you not pay attention?
Sorry that you are stuck in 2019.
Oh, I pay attention to the financial statement, to the community, and to the results of liberal economic policies, doesn't appear that you are paying any attention. Is there some reason you continue to buy rhetoric and ignore results? Such loyalty
 
Please check your numbers. It seems the workforce has rebounded.
fredgraph.png
Rebounded? Two years after the pandemic started, what Biden policies generated those results and why are you using the wrong bls.gov chart? Still fewer people employed than Pre pandemic and over 11 million jobs still available.
 
There has been a lot of breathless commentary to the effect that we’re officially in a recession, because there were two consecutive drops in quarterly GDP.

That’s not how recessions are defined; more important, it’s not how they should be defined. It’s possible that the people who actually decide whether we’re in a recession will eventually declare that a recession began in the United States in the first half of this year, although that’s unlikely given other economic data. But they won’t base their decision solely on whether we’ve had two successive quarters of falling real GDP.

Since 1978 the N.B.E.R. has had a standing group of experts called the Business Cycle Dating Committee, which decides — with a lag — when a recession began and ended based on multiple criteria, including employment, industrial production and so on. And the U.S. government accepts those rulings. So the official definition of a recession is that it is a period that the committee has declared a recession; it’s an expert judgment call, not a formula.
Still waiting why your double standard and support for Biden economic policies?
 
"The Bottom Line
Did the new tax code provide what it promised Americans? It depends on who you ask. According to the Tax Policy Center, 65% of Americans did receive a tax cut thanks to the new code. H&R Block reports that the average tax cut was approximately $1,200 based on the returns the company processed. But, according to some reports, the tax bill has not lived up to all of the hype surrounding it."

Yep, I was part of the 35%.

Thanks for playing and assuming I was lying.
You are part of the 35% that have high state and local taxes that are NOT fully deductible, why should they be? You are lying, you got a FIT cut!!!
 
nope......what I am doing is looking at reality........the reality of every citizen having the right to vote......and every citizen is going to vote for the candidate who talks the talk they want to hear......
Every citizen HAS the right to vote but also every citizen has the RESPONSIBILITY to go to the polls for early voting, on election day, or qualify for an official absentee ballot, not vote from their couch or via their computer, voting is too important to destroy chain of custody of that ballot
 
I don't live there.
"Benefit from lower cost of living" I take issue with.
What benefit?
Some people do not have the finances to move.
Tax the **** out of me if it helps to bring running water and adequate sewage.
Really do we want a race to the bottom?
So you don't live there but know why others do? Interesting logic on your part. "tax the shit out of me"? Those are what people in the states decide not people who don't live there. You keep buying that liberal bullshit
 
I'll tell you what I do know, consumers are not the cause of recessions. In case you have not noticed, america isn't the only country suffering from inflation and recession.
No, the US is one of the very few if not the only country in the world whose economy is driven by the private sector and consumer spending which is impacted by high inflation and high interest rates. This country's GDP is 2/3 consumer spending, tell me another country in the world that has that high of a percentage?
 
Rebounded? Two years after the pandemic started, what Biden policies generated those results and why are you using the wrong bls.gov chart? Still fewer people employed than Pre pandemic and over 11 million jobs still available.
Full employment is such a tragedy when a Dem is responsible, isn’t it?

🤣
 
Rebounded? Two years after the pandemic started, what Biden policies generated those results and why are you using the wrong bls.gov chart? Still fewer people employed than Pre pandemic and over 11 million jobs still available.
All Employees, Total Nonfarm, is the correct official graph.
You say that the BLS is the proper source? Well, this is a quote from the BLS:
In August, the unemployment rate rose by 0.2 percentage point to 3.7 percent, and the number of unemployed persons increased by 344,000 to 6.0 million. In July, these measureshad returned to their levels in February 2020, prior to the coronavirus (COVID-19) pandemic. (See table A-1.)

You formerly argue that employment hasn’t recovered to pre-pandemic levels. Now that it has, you shape-shift to what Biden policies did that? Answer: the same ones that you said were bad.

You really can’t accept that Dark Brandon is on top of it.
 
All Employees, Total Nonfarm, is the correct official graph.
You say that the BLS is the proper source? Well, this is a quote from the BLS:
In August, the unemployment rate rose by 0.2 percentage point to 3.7 percent, and the number of unemployed persons increased by 344,000 to 6.0 million. In July, these measureshad returned to their levels in February 2020, prior to the coronavirus (COVID-19) pandemic. (See table A-1.)

You formerly argue that employment hasn’t recovered to pre-pandemic levels. Now that it has, you shape-shift to what Biden policies did that? Answer: the same ones that you said were bad.

You really can’t accept that Dark Brandon is on top of it.
No the official graph shows labor force of 163 million so if there are 152 million employed what is the unemployment rate?


Amazing loyalty to the D, are you really that dependent on the current D policies?
 
Someday you will learn you do not know everything. Even Powell has admitted he was mistaken when the transitory inflation theme.

The inflation is transitory.

It is obviously falling. It will remain higher than the norm for the next year or so, until the supply chain fills out.

Barring any further issues with the Ukraine and the brinksmanship of the oil producers, inflation should recede to normal levels around 2024.

This is exactly the same pattern that followed the end of WWII, when an economy geared for war suddenly faced the need to transition to peacetime production. Supply line issues, high inflation and labor unrest marked the period from the Fall of 1945 till mid 1948 or early 1949.

The pattern repeated itself on a global scale post Covid. And, except for the Russian brinksmanship in Ukraine, which destabalized oil and gas prices for a while, it is following exactly the same pattern.
 
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