Economic growth so strong, the GOP is literally at a loss for words

[ThatOwlWoman]

I waited 8 years, from January 2009 to January 2017 for the economic crash Deplorables told me Obama would cause.

Wow. That's a lot longer than the mere year *I've* been waiting for that $5/gallon gas Biden was promised to deliver. lol

[Cypress]

Wow. That's a lot longer than the mere year *I've* been waiting for that $5/gallon gas Biden was promised to deliver. lol

You could make an endless list of "Disasters that never were" based on Republican predictions.

I would start it off with the Afghanistan disaster that never was. I was promised kidnappings and beheadings of Americans by Trump boot lickers.

[BartenderElite]

Republicans thought the stimulus would lead to a long Depression.

It led to the longest recovery in modern times.

They have to be a little self-conscious at this point about the fact that the last 3 Republican Presidents failed economically.

[evince]

They do the short bus school of economics



The Austrian school



The one that does economics without math



Math proves it’s an utter failure



So they don’t use math

[LV426]

crash my ass, a crash is coming, big recession just like 40 years ago.

The only way that would happen is if we elected Conservatives.

Conservatives destroyed the economy 4 times in the last 30 years.

Returns on stocks are 1/4 of what the last administration was giving us and they keep dwindling down

Well that's because we're only 1/4 of the way through his administration, you fucking moron.

[gfm7175]

Weird. Trump practically guaranteed that if Biden were allowed to be inaugurated, he would put us into a massive economic depression.

... and Trump was correct once again.

[gfm7175]

Conservatives really cling to "inflation." Which was inevitable.

Once again, a Democrat President presides over a recovery from a crash that they inherited from a Republican.

Nope... Biden is crashing what was once booming...

[LV426]

... and Trump was correct once again.

The economy grew by 6% last year.

So that's the opposite of a depression, Into the Night.

[LV426]

Nope... Biden is crashing what was once booming...

If by "crashing" you mean "booming at a rate not seen in 40 years", then you'd be correct.

[gfm7175]

The economy grew by 6% last year.

So that's the opposite of a depression, Into the Night.

RE: the report that GDP increased by 6.9% over last quarter (and 5-ish% over last year)


Actually, this isn't good news, and here's why:

First, let's define what GDP is... GDP is the dollar value of all produced goods and services minus the dollar value of all imported goods and services.

Thus, the 6.9% "growth" value means that the dollar value of our economic production increased by 6.9% over the prior quarter.

What this number DOES NOT SHOW is the inflationary impact that is currently occurring. When goods and services cost more, the money spent on them increases. Yes, the BEA attempts to remove this, but they do so by using a much lower rate of inflation than what is actually being realized.

Once one realizes this, and then realizes that the GDP is not a measure of actual output of stuff created, but rather only an aggregate valuation of that stuff, one then realizes that the "good news" really isn't what it appears to be on its face. For example:

20 trillion units of stuff @ $1.00/unit = $20 trillion valuation
20 trillion units of stuff @ $1.15/unit = $23 trillion valuation
This example shows an increase of 15% in economic valuation (GDP) without creating a single product more.

So, I must ask, did our economy ACTUALLY expand 6.9% from the prior quarter?? OR are we simply realizing the increased valuation of goods and services while the actual outputs of those goods and services are decreasing??

Another way of thinking about this is thinking about taking a trip to the grocery store now vs taking a trip to the grocery store a few months ago. --- Did you pay 15% more at the grocery store AND also leave with 15% more stuff?? OR did you pay 15% more at the grocery store AND leave with the same amount of (or even less) stuff than you did a few months ago??

THIS sort of thing is what is sadly not being discussed with regard to the "6.9% GDP increase" number that was released...


IOW, sure, a 6.9% increase in GDP is all good and wonderful... BUT I'm paying 24% MORE for my health insurance premium than I did last year (and I'm receiving the same amount of coverage)... I'm paying 24% MORE for my propane to heat my home than I did last year (and I'm receiving the same amount of propane).

My pocketbook, which is what actually matters at the end of the day, says that the Biden Regime's economy, to put it in a nice way, ****ING BLOWS ASS CHUNKS...

FJB.
Let's Go Brandon.
"I did this".

[Eagle_Eye]

I waited 8 years, from January 2009 to January 2017 for the economic crash Deplorables told me Obama would cause.

I'm still waiting for world war III that the left swore up and down Reagan would cause. I didn't like Clinton but he turned out ok I didn't like Obama but he was a pretty good president. I thought Trump would be better than Hillary but I was wrong. People make mistakes. It's the wise person who admit their mistakes.

[BartenderElite]

Nope... Biden is crashing what was once booming...

None of the metrics support that, actually.

When were we "booming"? It sure wasn't when Trump left office. Trump was a terrible economic President.

We're growing again, so nothing is "crashing."

I know we've entered the post-truth era, but a few facts would be nice.

[gfm7175]

None of the metrics support that, actually.

When were we "booming"? It sure wasn't when Trump left office. Trump was a terrible economic President.

We're growing again, so nothing is "crashing."

I know we've entered the post-truth era, but a few facts would be nice.

Provided for you in my lengthy post.

[ThatOwlWoman]

Republicans thought the stimulus would lead to a long Depression.

It led to the longest recovery in modern times.

They have to be a little self-conscious at this point about the fact that the last 3 Republican Presidents failed economically.

That's what they *always* say about stimulus plans. Then the plans work, and they say the same thing the *next* time.

Do you sense a pattern here?

[ThatOwlWoman]

I'm still waiting for world war III that the left swore up and down Reagan would cause. I didn't like Clinton but he turned out ok I didn't like Obama but he was a pretty good president. I thought Trump would be better than Hillary but I was wrong. People make mistakes. It's the wise person who admit their mistakes.

Wise *and* honest.