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The US economy shrank in the first quarter

gbg3 said:
They are certainly working hard on taking the US down!
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There are elements on the Left that believe the US doesn't deserve to be the superpower, and should be removed from the pedestal. So they are working hard to eliminate the essential economic, moral and historical elements of the American culture in order to undermine our nation. Abroad we are more popular than people might think, with a few exceptions of the malcontents in a certain part of the world.

www.cbsnews.com

They Love U.S./They Hate U.S.

Survey Finds Foreigners Like U.S. Culture But Not U.S. Policies
www.cbsnews.com www.cbsnews.com
 
SuperDS77 said:
Not a good sign for our economy. Curious to see how the administration spins this one.

www.cnn.com

The US economy shrank in the first quarter

America's economy unexpectedly shrank in the first quarter of 2022, data from the Bureau of Economic Analysis showed Thursday.
www.cnn.com www.cnn.com


By Anneken Tappe, CNN Business

Updated 9:11 AM ET, Thu April 28, 2022

"
New York (CNN Business)America's economy unexpectedly shrank in the first quarter of 2022, data from the Bureau of Economic Analysis showed Thursday.
The nation's gross domestic product -- the broadest measure of economic activity -- declined at an annualized rate of 1.4% between January and March in an abrupt reversal of the prior year's strong growth.
While one quarter does not yet make a trend, it is a warning sign for how the recovery is going: Two straight quarters of declining growth meet a commonly used definition of a recession.
It was a marked slowdown from the 6.9% growth pace recorded in the final quarter of last year, and the worst performance since the pandemic recession in the second quarter of 2020. Economists had predicted an annualized growth rate of 1.1%, according to Refinitiv.


Much of the decline was due to a decrease in inventory investment, which had been booming in the final months of 2021.
Exports and government spending also fell, while imports rose. Consumer spending, which is vital to the economy, increased as prices kept rising.
The price index tracking personal consumption expenditure rose 7% in the first three months of the year, or 5.2% when stripping out energy and food prices.
A second estimate of first quarter GDP growth will be published at the end of May.
Correction: An earlier version of this story incorrectly stated that the economy expanded in the first quarter of the year."
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Like everything else Biden touches that turns to shit. It’s Trumps or Putin’s fault.
 
Last 2 major economic crashes were under Republican admins... But yeah it's the Dems who are purposely trying to drive the country into a depression ....lol....lol... What an awful, sad thing to say...

Unbelievable how much some Trumpsters hate their fellow Americans.
 
American said:
I think Democrats will taking us into a full blown depression if they can. The US must be taken down a few notches, so China can excel.
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The Democrats have no interest in a good economy. The economy is something they use to fuel their socialist agenda. They just need it to be running enough so they can suck funds out and pay people that come here illegally, pay people not to work, forgive debt, payoff leftist groups, etc... and push off more and more debt to the future.

Think of it, Obama had eight years of a crap economy, but he continued with his leftist agenda. He had no interest in making the economy any better. The second he's gone, the economy takes off. Biden gets in, we go off the cliff.
 
Anthony60 said:
The Democrats have no interest in a good economy. The economy is something they use to fuel their socialist agenda. They just need it to be running enough so they can suck funds out and pay people that come here illegally, pay people not to work, forgive debt, payoff leftist groups, etc... and push off more and more debt to the future.

Think of it, Obama had eight years of a crap economy, but he continued with his leftist agenda. He had no interest in making the economy any better. The second he's gone, the economy takes off. Biden gets in, we go off the cliff.
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You really need to stop watching Fox News. Both previous recessions occurred under Republican leadership. Most of the growth in deficits has occurred under Republican leadership.
 
Anthony60 said:
Think of it, Obama had eight years of a crap economy, but he continued with his leftist agenda. He had no interest in making the economy any better. The second he's gone, the economy takes off. Biden gets in, we go off the cliff.
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What?? I was thinking of a reply, but then.......wait, what????

Never mind..
 
SuperDS77 said:
Not a good sign for our economy. Curious to see how the administration spins this one.

www.cnn.com

The US economy shrank in the first quarter

America's economy unexpectedly shrank in the first quarter of 2022, data from the Bureau of Economic Analysis showed Thursday.
www.cnn.com www.cnn.com


By Anneken Tappe, CNN Business

Updated 9:11 AM ET, Thu April 28, 2022

"
New York (CNN Business)America's economy unexpectedly shrank in the first quarter of 2022, data from the Bureau of Economic Analysis showed Thursday.
The nation's gross domestic product -- the broadest measure of economic activity -- declined at an annualized rate of 1.4% between January and March in an abrupt reversal of the prior year's strong growth.
While one quarter does not yet make a trend, it is a warning sign for how the recovery is going: Two straight quarters of declining growth meet a commonly used definition of a recession.
It was a marked slowdown from the 6.9% growth pace recorded in the final quarter of last year, and the worst performance since the pandemic recession in the second quarter of 2020. Economists had predicted an annualized growth rate of 1.1%, according to Refinitiv.


Much of the decline was due to a decrease in inventory investment, which had been booming in the final months of 2021.
Exports and government spending also fell, while imports rose. Consumer spending, which is vital to the economy, increased as prices kept rising.
The price index tracking personal consumption expenditure rose 7% in the first three months of the year, or 5.2% when stripping out energy and food prices.
A second estimate of first quarter GDP growth will be published at the end of May.
Correction: An earlier version of this story incorrectly stated that the economy expanded in the first quarter of the year."
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THE WORLD'S ECONOMY IS FACING CHALLENGES ... ON EVERY CONTINENT!
 
ataraxia said:
It's true. The GOP could be keeping everyone busy looking for Obama's secret birth certificate for another 6 years straight, or wiretaps of Trump Tower, or stolen elections, or whatever else they like to bring up to keep people busy and not asking too many questions. That's not making things better. Sometimes it's tough to deal with difficult situations, but better to acknowledge, confront, and deal with them head on than distract with feel-good nonsense. That's how alcholics deal with difficult things in life- it sure makes them feel good in the short term. But it's quite a dysfunctional approach in the long term.

Yes, there's a lot of difficult things going on all at the same time right now. The GOP just offers everyone a nice drink (or a few) to feel better- lots of cussing, lying, and "owning the libs", etc... It makes their supporters feel real good. But at the end of the day, that's not a good way to actually address the difficult issues facing us.
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And yet, rumour is, Dems are going to be big losers. So maybe they also suck.
 
ataraxia said:
You really need to stop watching Fox News. Both previous recessions occurred under Republican leadership. Most of the growth in deficits has occurred under Republican leadership.
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Those types of people's mentality, has lost their entire concept of self, outside of "Political Party Consumption" which has taken over their life's self identity"..
 
Taylor said:
Not as bad as it sounds... so long as Biden doesn't panic and start calling for more stimulus, we should be ok.
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I mean, thats what hes doing, not so much to fix it, but irregardless. Budget request increases spending, and hes still pushing BBB. Now theyre saying raise taxes too.
 
Taylor said:
Not as bad as it sounds... so long as Biden doesn't panic and start calling for more stimulus, we should be ok.
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Agreed.

It’s not good news of course, but if you look underneath the numbers, many of the fundamentals of the economy remain strong. It sounds like the decrease is expected to be temporary and is a result of inventory and trade imbalances as we begin to come out of the supply chain issues of COVID and to a lesser extent the Russia-Ukraine conflict.

If next quarter remains weak, then there’s probably a bigger discussion that needs to take place.
 
There's likely a global recession brewing.
 
ataraxia said:
You really need to stop watching Fox News. Both previous recessions occurred under Republican leadership. Most of the growth in deficits has occurred under Republican leadership.
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I like how you reply, again, without saying anything relevant at all.
 
ataraxia said:
You really need to stop watching Fox News. Both previous recessions occurred under Republican leadership. Most of the growth in deficits has occurred under Republican leadership.
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Under democrat congresses. GOP kicking them out, with A dem President seems to be the best recipe.
 
ataraxia said:
You really need to stop watching Fox News. Both previous recessions occurred under Republican leadership. Most of the growth in deficits has occurred under Republican leadership.
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Mostly because Democrats, for a variety of not-simple reasons, are willing to follow behind them, patching up and normalizing the consequences of the GOP's 'government as sitcom husband' agenda.
 
Alright. The premise is that the economic sky is falling due to Biden because 6.9% GDP growth dropped 1.4% which would make it a horrible 5.5% GDP growth which is 3.9% or 3 1/2 times higher than trump's average GDP growth of 1.6%.
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gdpgrowth.PNG​

Am I missing something here?
 
SenorXm/Sirius said:
Last 2 major economic crashes were under Republican admins... But yeah it's the Dems who are purposely trying to drive the country into a depression ....lol....lol... What an awful, sad thing to say...

Unbelievable how much some Trumpsters hate their fellow Americans.
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After democrat congresses took over.

2007, democrats take control of congress, great recession
2019, democrats take control of congress, recession
2020, democats take control of govt, depression?
 
ataraxia said:
You really need to stop watching Fox News. Both previous recessions occurred under Republican leadership. Most of the growth in deficits has occurred under Republican leadership.
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Watching Fox News isn't necessary to discern the obvious hate for America coming from the Left.
 
Callen said:
Not a good number but several economists are saying this is a very unusual number in terms of the drivers. For example, GDP usually drops when consumer spending drops yet consumer spending is very high especially given inflation. It seems that industry really stocked up on inventory given worries over supply chains and therefore business spending was down. Of course, the omicron spike didn't help! Weird economic times !!!
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Not to mention a war in Russia.
 
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