The US Economy is on the Verge of a Contraction
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Matt Dillon
Retardium User
Dumbass! That's because it was at ZERO when Obama started. He couldn't go down any more! Bush crashed it all to the floor!
Biden's about to do that and more!
gemini104104
Verified User
You source seems fishy. Yet, despite efforts of seditious republicans and fake democrats waging war on Democracy and ultimately the global economy, the U.S. will remain richer than China for the next 50 years or more, says economist:
The U.S. will remain wealthier than China for the next 50 years or more — long after the Asian economy is expected to overtake the U.S. to become the world’s largest, an economist said on Friday.
“I think it’s very unlikely that ... China will get to U.S. levels of GDP per capita — that’s our measure of wealth — for at least the next 50 years if ever,” Simon Baptist, global chief economist at the Economist Intelligence Unit, told CNBC’s “Street Signs Asia.”
GDP per capita measures an economy’s output per person and is a common gauge of prosperity.
The latest International Monetary Fund data available showed China’s GDP per capita was forecast to be $10,582.10 in 2020 — roughly six times smaller than $63,051.40 in the U.S."
https://www.cnbc.com/2021/03/26/us-...-china-for-the-next-50-years-or-more-eiu.html
cancel2 2022
Canceled
This has been explained to you many times, but like any good ambulance chaser you are a proficient liar.
cancel2 2022
Canceled
Plus Obama's recovery was petering out until the Fed started on their 3 rounds of printing money, to the tune of over 4 trillion.
cancel2 2022
Canceled
4 trillion of QE saved the country going back into recession, you lying cunt!!
gemini104104
Verified User
Deal with the reality of it all aside from a Obama hater and skewed up fallacy:
How Barack Obama rescued the US economy
Given the starting point, and congressional opposition, recovery has been remarkable
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https://www.ft.com/content/b5b764cc-d657-11e6-944b-e7eb37a6aa8e
The Obama administration implemented a number of important fiscal measures, notably the American Recovery and Reinvestment Act of 2009. It also provided strong moral support for the Fed (including the reappointment of Ben Bernanke, who had been President Bush’s nominee). The administration also restored the financial sector faster than expected and carried out a highly successful rescue of the car industry.
Meanwhile, Republicans decried the fiscal stimulus, complaining about the huge fiscal deficits caused by the crisis. Yet it was as absurd to complain about deficits then as it is to slash taxes now, when the economy seems close to full employment. Some Republicans claimed Fed policies risked hyperinflation. Most opposed the re-regulation of the financial sector and savaged the bailout of the car industry. Yet President-elect Donald Trump might not be in a position to bully automakers today if they had not been rescued back then.
In all, given the starting point, the performance of the economy has been remarkable. The unemployment rate has consistently fallen faster than expected. US business has also added 15.6m jobs since private-sector job growth turned positive in 2010. Real wage growth has been faster in the present cycle than in any since the early 1970s. In the third quarter of 2016, the economy was 11.5 per cent bigger than at its pre-crisis peak and real gross domestic product per head was 4 per cent above the pre-crisis peak, while that of the eurozone was still below it. Household net worth has also reached 50 per cent above its 2008 level.
"
https://www.ft.com/content/b5b764cc-d657-11e6-944b-e7eb37a6aa8e
Well to be honest it was Franks Dodd and sub prime lending
What happens in my country is none of your business, Tom Prendergast.
*YAWN*. The economy is the biggest it has ever been. We have not just recovered from Covid-19, but grown past it. And that is all with the economy rearranging itself. Who cares about a "near contraction" for ONE QUARTER!!! That is not even a contraction, much less a recession.
It reminds me of trump who claimed he had never heard of a quarterly contraction, when they are really quite common. It alone is meaningless.
The longest period of economic growth in history was started by Obama, and ended by trump. It ended in February of 2020, right BEFORE Covid-19 really hit. At that point, before Covid-19, a recession started. We will never know how bad that recession would have been, because Covid-19 hit us hard right after it started.
There were several quarterly contractions. They were meaningless.
In 2014, Q1, there was a 1.1% contraction. In 2015, Q4, there was a near contraction with growth of 0.1%.
https://www.statista.com/statistics...-from-preceding-period-in-real-gdp-in-the-us/
Quantitative easing started before Obama was President, so your post makes no sense. QE1 started in November of 2008. You claim that Obama's recovery was petering out at that point, but he did not even take office until January of 2009.
Hoosier Daddy
Verified User
try to think- if you were president, and just took office, would you rather be in charge of an economy that is going great, like when trump took over, or one in the dumper, like obama did, and had to spend over a trillion dollars in bailout and relief just to keep it from getting worse? trump spent 2 trillion mainly on giving the rich and big corporations huge tax cuts....
cancel2 2022
Canceled
Jeez, you're such a simple minded cunt!!
Yup, I blame Turd for the severity of COVID, I thing if he had addressed it head on, not downplaying it from the start, and enacted federal testing standards and made testing available, and not downplayed vaccines it would have likely been 20-30% less severe.
ROFL.. remeber the first 2 years of Trump's booming economy?? Leftists said is was "Obama's economy"
Now that Biden has screwed up with inflation, gas prices ( cutting our energy production)
supply chain crisis Labor force participation and worker shortage - it's "Trump's economy"
Dems own all 3 branches of government -make policies like spendorama and put on regulations on business
and then they blame Trump
Now that Biden has screwed up with inflation, gas prices ( cutting our energy production)
supply chain crisis Labor force participation and worker shortage - it's "Trump's economy"
Dems own all 3 branches of government -make policies like spendorama and put on regulations on business
and then they blame Trump
it's going to get worse. Stagflation is coming. the only way to break stagflation is a recession