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The US economy unexpectedly shrank in the first quarter of the year as businesses prepared for tariffs

The amazing thing is how incredible our economy has been. We were wiping the floor with the world and pulling away!

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We weren't being "ripped off" by the world. We were making money hand over fist.

The great secret isn't that wealth isn't here. The great secret is that it is largely being captured by the already rich.

The share of wealth held by families in the top 10 percent has reached 69 percent, while the share held by families in the bottom 50 percent is only 3 percent, according to the latest reading from the nonpartisan Congressional Budget Office.

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Jredbaron96 said:
It will be extremely difficult for businesses and investors to make appropriate plans for the future when the price of goods and imports fluctuates so often and so inconsistently. I have a bad feeling this year will not be well for the US economy.
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If only we could expect this to last for a year.

Unless we are blessed with Donald Trump suffering a massive cerebral hemorrhage and J.D. Vance taking charge, we should expect severe Argentina-style economic instability for the next 3 and 1/2 years. Though even if J.D. Vance took charge, he is still beholden to the same vulture capitalists. He would hopefully be less stupidly blatant about it since he does not possess one-tenth of Donald Trump’s charm. And Donald Trump isn’t even that charming.
 
CaughtInThe said:
MAGAs lost jobs.

MAGAs will lose more jobs.

MAGAs will not be promoted due to companies pausing promotions.

Leopards eat their faces.

Oh, and bankruptcies and divorces are probably going up.
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“MAGAs” were losing jobs and economic ground even before they existed as a political bloc. It’s thanks to the Left’s prioritization of things like Black Lives Matter, abortion, “gun violence,” and transgender rights over the economic well-being of hard-working, blue-collar, working-class Americans that the country now gets to wear Donald Trump as president—again. Good job, folks! 👍
 
Airyaman said:
Recession, here we come.

www.businessinsider.com

The US economy just shrank for the first time in 3 years as businesses braced for tariffs

Amid tariff announcements and economic uncertainty, real GDP unexpectedly fell at an annualized rate of 0.3% in the year's first quarter.
www.businessinsider.com www.businessinsider.com

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I don't think you got the memo. First, it is Biden's fault. Second, a shrinking GDP is not a sign of recession according to Trumpian economics. Third, let them eat cake.
 
Liberation day was after Q1 ended. Q2 is going to be much worse.

And Trump and his supporters are still actively engaged in destroying the U.S. economy. Fox News is actively engaged in spreading pro-Tariff propaganda 24/7. Trump's interview released last night with Terry Moran of ABC News indicated a President who is very deranged and out of touch with reality. This isn't going to be the first quarter of negative GDP growth.

Things are going to get much, much worse.
 
Airyaman said:
Recession, here we come.

www.businessinsider.com

The US economy just shrank for the first time in 3 years as businesses braced for tariffs

Amid tariff announcements and economic uncertainty, real GDP unexpectedly fell at an annualized rate of 0.3% in the year's first quarter.
www.businessinsider.com www.businessinsider.com

View attachment 67567598

Click to expand...


This doesn't surprise all of us.

Farm exports have gotten devastated and are entering a crisis, if the Ag Industry is to be believed.

Here:

(CNBC) U.S. agriculture isn’t nearing a trade war tariff crisis, it’s in a ‘full-blown crisis already,’ farmers say
 
And what's the MOST sad is that a bunch of Americans are SO dumb they will believe what Trump is saying.

You can't fix stupid.
 
Ahlevah said:
“MAGAs” were losing jobs and economic ground even before they existed as a political bloc. It’s thanks to the Left’s prioritization of things like Black Lives Matter, abortion, “gun violence,” and transgender rights over the economic well-being of hard-working, blue-collar, working-class Americans that the country now gets to wear Donald Trump as president—again. Good job, folks! 👍
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Or it is just that a lot of Americans fell for the con...
 
Airyaman said:
What's weird about companies ramping up imports in Q1 in preparation for Trump's trade war is that consumers weren't doing the same. Consumers obviously pulled way back on consumption instead of getting ahead of coming higher prices.
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My wife pushed us to buy a lot of things ahead of the tariffs. I wasn't sure it was necessary, but she's clearly smarter than I am. I did not foresee Liberation Day being as bad as it was. I did luck out on my 401(k) check sitting on my desk instead of in the market during the worst of the volatility as a result of a job change.
 
smb3802 said:
Here comes the 80's again with Reaganomics the family farm was nearly destroyed in the U.S. Trump is doing his best to finish the job.
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Never fear! Corporate Mega-farms will scoop-up the foreclosed family farms up for a song!

(more likely we'll give them welfare, financed by deficit spending funded with higher service rates - since no one trusts us anymore)
 
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