Inflation has topped out

C

Cypress

Well-known member
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CBO Boosts U.S. GDP Growth Estimates, Says Inflation Has Topped and Will Cool to 2% by 2024

U.S. economic growth will exceed 3% in 2022, while roaring inflation has topped and will cool each month to around 2% by some point in 2024, according to a government forecast published Wednesday.

The nonpartisan Congressional Budget Office estimated that real gross domestic product, or GDP, will grow 3.1% in 2022, driven by consumer spending and demand for services, according to the report released Wednesday.

Here's what the CBO sees for the U.S. economy at the end of each year:

-- >Real GDP: 3.1% in 2022, 2.2% in 2023, and 1.5% in 2024.
--> Inflation (measured by CPI): 4.7% in 2022, 2.7% in 2023 and 2.3% in 2024.
--> Unemployment rate: 3.7% in 2022, 3.6% in 2023 and 3.8% in 2024.

https://www.nbcnewyork.com/news/bus...as-topped-and-will-cool-to-2-by-2024/3705810/
 
What party marched us into world wide economic crashes while claiming everything was fine?



The Republican Party
 
evince said:
What party marched us into world wide economic crashes while claiming everything was fine?



The Republican Party
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Donald Trumpf practically guaranteed that if Biden were allowed to be elected there would be a massive economic depression.
 
Celticguy said:
its a little late for April Fools jokes isnt it ?
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The Congressional Budget Office is strictly non-partisan.

The weird thing is I have been around long enough to remember Republicans practically guaranteed massive economic meltdowns during the administrations of the last three Democratic presidents
 
Hello Cypress,

Cypress said:
.
CBO Boosts U.S. GDP Growth Estimates, Says Inflation Has Topped and Will Cool to 2% by 2024

U.S. economic growth will exceed 3% in 2022, while roaring inflation has topped and will cool each month to around 2% by some point in 2024, according to a government forecast published Wednesday.

The nonpartisan Congressional Budget Office estimated that real gross domestic product, or GDP, will grow 3.1% in 2022, driven by consumer spending and demand for services, according to the report released Wednesday.

Here's what the CBO sees for the U.S. economy at the end of each year:

-- >Real GDP: 3.1% in 2022, 2.2% in 2023, and 1.5% in 2024.
--> Inflation (measured by CPI): 4.7% in 2022, 2.7% in 2023 and 2.3% in 2024.
--> Unemployment rate: 3.7% in 2022, 3.6% in 2023 and 3.8% in 2024.

https://www.nbcnewyork.com/news/bus...as-topped-and-will-cool-to-2-by-2024/3705810/
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Sounds right to me. It was all caused by the pandemic and that is getting more under control. There is big money to be made getting products to consumers and that means being the quickest to sort out supply chain issues. Capitalism will come to the rescue.
 
Cypress said:
The Congressional Budget Office is strictly non-partisan.

The weird thing is I have been around long enough to remember Republicans practically guaranteed massive economic meltdowns during the administrations of the last three Democratic presidents
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we're in one right now and its not close to over.

CBO can only guess what the Fed will do and this sounds like more of the same 'inflation is transitory' nonsense some have been trying to sell for the last few months.

But believer what you wish.
 
Celticguy said:
we're in one right now and its not close to over.

CBO can only guess what the Fed will do and this sounds like more of the same 'inflation is transitory' nonsense some have been trying to sell for the last few months.

But believer what you wish.
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They are guessing, and their record at guessing sucks.
 
If one wants to argue in the CBO’s defense they are simply making projections. However these projections did not go well. Inflation topping out? Didn’t happen. 3.3% growth in 2022? Technically it’s still possible but we had negative 1.4% growth rate in Q1 and according to the Atlanta Fed growth with be 0% in Q2. That’s going to take some massive growth in Q 3&4 to make that 3.3 number which is highly unlikely.
 
I guess it’s just piling on at this point, and we know the CBO was just giving projections, but man have they missed the mark here. 9.1% in June, the highest rate in 41 years. People thought slower economic growth would play a role in lowering inflation but the CBO still projected relatively strong growth with slowing inflation. Wrong on both accounts.

Any chance Powell and the Fed don’t raise 75bps next meeting? Highly doubtful now.


https://www.wsj.com/articles/us-inflation-june-2022-consumer-price-index-11657664129?mod=mhp
 
For the 12 years before Biden took over they pumped money in, did anyone not see this coming?

Blaming Biden is silly.
 
Jarod said:
For the 12 years before Biden took over they pumped money in, did anyone not see this coming?

Blaming Biden is silly.
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This is post is funny and ironic on multiple levels but leaving all that aside are you saying Biden runs the CBO?
 
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