GDP: US Economy grows at fastest pace in nearly two years. God Bless Bidenomics.

[Joe Capitalist]

https://apple.news/AuvZA91dZSl--B_WlnIXKrw

GDP: US economy grows at fastest pace in nearly two years

The US economy grew at its fastest pace in nearly two years during the past three months, once again defying predictions for a slowdown as many expected the Federal Reserve's monetary tightening to constrain the American consumer.
The Bureau of Economic Analysis's advance estimate of third quarter US gross domestic product (GDP) showed the economy grew at an annualized pace of 4.9%**** during the period, faster than consensus forecasts.**** Economists surveyed by Bloomberg estimated the US economy grew at an annualized pace of 4.5% during the period.

MAGA soils diapers.

 

[ThatOwlWoman]

Just saw that happy news, too. But... but... according to the Debbie Downers around here, Biden is DESTROYING America, families are in crisis, and if we don't get Trump back we're doomed.

Consumer spending is what is driving this large uptick. People "in crisis" who are "fearful of the future" don't typically spend; they conserve. Oops!

 

[T. A. Gardner]

The consumer price index in the same period rose 4%. Inflation rose to 3.7%. That in effect means that the economy is stagnant

 

[Cypress]

The Bureau of Economic Analysis's advance estimate of third quarter US gross domestic product (GDP) showed the economy grew at an annualized pace of 4.9%*

Three years ago, Donald Trumpf practically guaranteed that if Americans dared to elect Biden there would be an unprecedented economic depression of apocalyptic proportions.

 

[Concart]

https://apple.news/AuvZA91dZSl--B_WlnIXKrw

GDP: US economy grows at fastest pace in nearly two years

The US economy grew at its fastest pace in nearly two years during the past three months, once again defying predictions for a slowdown as many expected the Federal Reserve's monetary tightening to constrain the American consumer.
The Bureau of Economic Analysis's advance estimate of third quarter US gross domestic product (GDP) showed the economy grew at an annualized pace of 4.9%**** during the period, faster than consensus forecasts.**** Economists surveyed by Bloomberg estimated the US economy grew at an annualized pace of 4.5% during the period.

MAGA soils diapers.

Trump promised, Biden delivered.

 

[archives]

Not what Sean, Laura, Tucker, and the Five are saying

 

[cawacko]

This was a great quarter driven by consumer spending (thank you Taylor Swift?) but anyone who has been following this knows the projection is this level of growth is a one off (quarter) and that significant cooling is anticipated. All kinds of factors are in play for those projections including rising long-term interest rates, wars, labor strikes and so forth.

I'm sure Powell feels pretty good at the moment but to say the desired soft landing has been achieved is likely premature.

 

[archives]

This was a great quarter driven by consumer spending (thank you Taylor Swift?) but anyone who has been following this knows the projection is this level of growth is a one off (quarter) and that significant cooling is anticipated. All kinds of factors are in play for those projections including rising long-term interest rates, wars, labor strikes and so forth.

I'm sure Powell feels pretty good at the moment but to say the desired soft landing has been achieved is likely premature.

Cherry picking economic indicators, a common practice today, really doesn’t give an accurate picture of the economy, any real portrait has to be an assemblage of indicators over time. Are things copacetic today, no, but not as dire as many would like to frame it, which is often how people formulate their view of the economy

A reality that always crack me up is the polls on how people feel about the economy. Guarantee if you polled those people exiting the Taylor Swift concert, where they just paid big bucks to attend , the majority would say the economy sucks

 

[ExpressLane]

The consumer price index in the same period rose 4%. Inflation rose to 3.7%. That in effect means that the economy is stagnant

Slammed by interest rates, many Americans can't afford their car payments

 

[LV426]

The consumer price index in the same period rose 4%. Inflation rose to 3.7%. That in effect means that the economy is stagnant

No it doesn't mean that because those percentages aren't 1:1.

You should shut your big, fat stupid mouth now before you put your tiny foot into it.

 

[LV426]

Three years ago, Donald Trumpf practically guaranteed that if Americans dared to elect Biden there would be an unprecedented economic depression of apocalyptic proportions.

That's right and every single Conservative repeated that and was completely wrong.

 

[cawacko]

Cherry picking economic indicators, a common practice today, really doesn’t give an accurate picture of the economy, any real portrait has to be an assemblage of indicators over time. Are things copacetic today, no, but not as dire as many would like to frame it, which is often how people formulate their view of the economy

A reality that always crack me up is the polls on how people feel about the economy. Guarantee if you polled those people exiting the Taylor Swift concert, where they just paid big bucks to attend , the majority would say the economy sucks

The Taylor Swift reference was only a partial joke because if you read into the numbers consumer spending on travel, concerts etc. was way up. But the factors that are very likely going to make this quarters GDP an anomaly going forward aren't being cherry picked, they are the drivers of the economy.

Read all the talk about the Fed, it sounds like they were surprised consumer spending stayed so elevated considering the rate hikes. But one thing many analysts have pointed to is there full effect hasn't been felt yet. Residential investment could be slowing with rates at 8%, resumption of student loan payments, higher borrowing costs etc. etc. will likely put headwinds on the economy.

 

[LV426]

This was a great quarter driven by consumer spending (thank you Taylor Swift?) but anyone who has been following this knows the projection is this level of growth is a one off (quarter) and that significant cooling is anticipated.

Explain using economic theory. Thanks.

 

[BartenderElite]

The consumer price index in the same period rose 4%. Inflation rose to 3.7%. That in effect means that the economy is stagnant

It sure isn't the disaster/depression that most on the right were predicting.

 

[LV426]

Slammed by interest rates, many Americans can't afford their car payments

That is a wage issue, not an inflation one.

Which one of us opposed raising wages? Oh right you do.

So you refuse to raise wages and then you whine that no one can afford their car payments.

COULD ONE HAVE TO DO WITH THE OTHER???

And BTW - auto loan failures peaked again during Trump:

 

[LV426]

But the factors that are very likely going to make this quarters GDP an anomaly going forward aren't being cherry picked, they are the drivers of the economy. \

The problem with people like cawacko is that they think they're smart enough to understand a subject that takes years, if not decades to actually understand.

Cawacko just does surface-level observation and then tries to string those weak observations into some kind of pattern that he can kinda vaguely recognize but since they're just cherry picked economic indicators, his argument ultimately says nothing.

"Economic growth was strong last quarter but it won't last because of unrelated economic data that does not provide any forward looking indicators than the hunch of the dumbass speaking in the moment."

 

[LV426]

Read all the talk about the Fed, it sounds like they were surprised consumer spending stayed so elevated considering the rate hikes.

Cawacko, the reason they wanted the rate hikes was not because of inflation, or monetary policy...it was because workers had too much power in the wage market.

But one thing many analysts have pointed to is there full effect hasn't been felt yet.

of course and now we have the vague warnings that something bad might happen at some point, but none of you can really say what those warnings actually are and when it would actually happen.

I seem to remember the same Very Serious People saying in 2009 that if the ARRA was passed we'd see hyperinflation....and when we never did, people like Cawacko just keep moving the goalposts back and back.

 

[Joe Capitalist]

Not what Sean, Laura, Tucker, and the Five are saying

They are paid to lie and misinform.

 

[Joe Capitalist]

That is a wage issue, not an inflation one.

Which one of us opposed raising wages? Oh right you do.

So you refuse to raise wages and then you whine that no one can afford their car payments.

COULD ONE HAVE TO DO WITH THE OTHER???

And BTW - auto loan failures peaked again during Trump:

Interest rates are still rather low compared to the last 50 year average.

 

[QP!]

https://apple.news/AuvZA91dZSl--B_WlnIXKrw

GDP: US economy grows at fastest pace in nearly two years

The US economy grew at its fastest pace in nearly two years during the past three months, once again defying predictions for a slowdown as many expected the Federal Reserve's monetary tightening to constrain the American consumer.
The Bureau of Economic Analysis's advance estimate of third quarter US gross domestic product (GDP) showed the economy grew at an annualized pace of 4.9%**** during the period, faster than consensus forecasts.**** Economists surveyed by Bloomberg estimated the US economy grew at an annualized pace of 4.5% during the period.

MAGA soils diapers.

Great news but also very predictable.


We all knew it would take time, as Trump buried America in such a big hole it was OBVIOUS even pre covid.

Donald Trump Built a National Debt So Big (Even Before the Pandemic) That It’ll Weigh Down the Economy for Years
The “King of Debt” promised to reduce the national debt — then his tax cuts made it surge. Add in the pandemic, and he oversaw the third-biggest deficit increase of any president.

One of President Donald Trump’s lesser known but profoundly damaging legacies will be the explosive rise in the national debt that occurred on his watch. The financial burden that he’s inflicted on our government will wreak havoc for decades, saddling our kids and grandkids with debt.

The national debt has risen by almost $7.8 trillion during Trump’s time in office. That’s nearly twice as much as what Americans owe on student loans, car loans, credit cards and every other type of debt other than mortgages, combined, according to data from the Federal Reserve Bank of New York. It amounts to about $23,500 in new federal debt for every person in the country....

The Biden investments in America are working but will need time to over come the deep hole Trump put us in.