Economy continues to . . . not fail

[billvon 2,400]

Much to the dismay of conservatives who have tried to claim the "Biden economy" is failing, it's doing pretty well.  From Reuters:

===============================================
US economy on firmer footing heading into first quarter
By Lucia Mutikani
February 28, 2024

Real gross domestic product, or real GDP, grew at an annualized rate of 2.4%.
That advance estimate for the second quarter beat the 1.8% increase expected.
The estimate is above the 2.0% annualized rate in the first quarter.

WASHINGTON, Feb 28 (Reuters) - U.S. economic growth in the fourth quarter was lowered slightly, but its composition was much stronger than initially thought, which bodes well for the near-term outlook even as activity got off to a weak start because of freezing temperatures.  The Commerce Department's slight downward revision to gross domestic product growth on Wednesday reflected a downgrade to inventory investment. There were upgrades to consumer spending, state and local government investment as well as residential and business outlays.

The economy has defied dire warnings of a recession after the Federal Reserve aggressively raised interest rates to tame inflation, thanks to a tight labor market that is keeping wages elevated and supporting consumer spending.
=================================================

I guess republicans can keep praying for it to fail, but the economy seems to be a Biden supporter these days.

[brenthutch 383]

20 hours ago, billvon said:

Much to the dismay of conservatives who have tried to claim the "Biden economy" is failing, it's doing pretty well.  From Reuters:

===============================================
US economy on firmer footing heading into first quarter
By Lucia Mutikani
February 28, 2024

Real gross domestic product, or real GDP, grew at an annualized rate of 2.4%.
That advance estimate for the second quarter beat the 1.8% increase expected.
The estimate is above the 2.0% annualized rate in the first quarter.

WASHINGTON, Feb 28 (Reuters) - U.S. economic growth in the fourth quarter was lowered slightly, but its composition was much stronger than initially thought, which bodes well for the near-term outlook even as activity got off to a weak start because of freezing temperatures.  The Commerce Department's slight downward revision to gross domestic product growth on Wednesday reflected a downgrade to inventory investment. There were upgrades to consumer spending, state and local government investment as well as residential and business outlays.

The economy has defied dire warnings of a recession after the Federal Reserve aggressively raised interest rates to tame inflation, thanks to a tight labor market that is keeping wages elevated and supporting consumer spending.
=================================================

I guess republicans can keep praying for it to fail, but the economy seems to be a Biden supporter these days.

As long as inflation outpaces GDP growth, there is nothing to brag about 

[JoeWeber 2,299]

27 minutes ago, brenthutch said:

As long as inflation outpaces GDP growth, there is nothing to brag about 

Hmmm.. Where did you get that MBA? Liberty University? It is an article of understanding in business that you might need to allow your debt to outpace income as you gain share and presence in the market. In our case, it's a global market. In my case, because the US economy is roaring, my dollar denominated investments are doing well, my euro investments are doing poorly. Go figure.

[gowlerk 1,912]

13 minutes ago, JoeWeber said:

In my case, because the US economy is roaring, my dollar denominated investments are doing well, my euro investments are doing poorly.

I steer away from investing in Canadian companies. I like Canadian bonds, but give me the the best growth overall which has been the USA for a long time now.

[JoeWeber 2,299]

26 minutes ago, gowlerk said:

I steer away from investing in Canadian companies. I like Canadian bonds, but give me the the best growth overall which has been the USA for a long time now.

My Euro denominated investments serve a purpose. I actually don't have any real understanding of the relationships. But I do have them and they are underperforming the Biden economy without question.

[kallend 1,623]

If all you watch is Fox News it is not surprising that you think the economy is doing poorly.

[wolfriverjoe 1,340]

18 minutes ago, kallend said:

If all you watch is Fox News it is not surprising that you think the economy is doing poorly.

Right.

Just after the SOTUA, I was flipping channels. Going past the local Fox station, they had a talking head bitching about Biden's border policy.

He said something to the effect of Biden cancelled all 91 of Trump's exec orders on the border, and if he reinstated them, the crisis would be solved.

As if Trumpty Dumpty himself hadn't torpedoed the bill that would have addressed many of the issues.

The cognitive disconnect is incredible. And completely insane.

And the fools lap it up.

[billvon 2,400]

1 hour ago, brenthutch said:

As long as inflation outpaces GDP growth, there is nothing to brag about 

In that case I certainly hope you have cashed out all your investments and 401k accounts, lest you inadvertently benefit from this economy!

[gowlerk 1,912]

7 minutes ago, billvon said:

In that case I certainly hope you have cashed out all your investments and 401k accounts, lest you inadvertently benefit from this economy!

Annual inflation is 3.2% in the US as of the end of Feb. If you can not make a higher rate of return than that in the current environment you probably hold a degree from the same school as BH. 

[SkyDekker 1,122]

14 hours ago, gowlerk said:

but give me the the best growth overall which has been the USA for a long time now.

Not entirely true. The Australian stock market has beat the US Market over the last 120 years when converted to US dollars.

[billvon 2,400]

51 minutes ago, gowlerk said:

Annual inflation is 3.2% in the US as of the end of Feb. If you can not make a higher rate of return than that in the current environment you probably hold a degree from the same school as BH. 

Yep.  But if he DOES make a decent return, he will not be able to complain about how Bidenomics is screwing him over - and then where would he be?

[Phil1111 911]

15 hours ago, brenthutch said:

As long as inflation outpaces GDP growth, there is nothing to brag about 

Also know as Real GDP growth. Real GDP defined as growth factored for inflation. The US chart here.  Which of course shows the only real dip when trump was president His presidential term of Real GDP pictured below.

Brent I know you try your best and its appreciated. But is it not too late for a refund?

Edited March 19 by Phil1111

[gowlerk 1,912]

6 minutes ago, Phil1111 said:

Also know as Real GDP growth. Real GDP defined as growth factored for inflation.

Not all business schools teach about the difference between real GDP growth and nominal GDP growth. You get what you pay for in education.

[brenthutch 383]

1 hour ago, billvon said:

In that case I certainly hope you have cashed out all your investments and 401k accounts, lest you inadvertently benefit from this economy!

Oh I have benefited handsomely as the cost of rental housing has significantly outpaced overall inflation and I just happen to own a few rental properties.

[Phil1111 911]

1 minute ago, gowlerk said:

Not all business schools teach about the difference between real GDP growth and nominal GDP growth. You get what you pay for in education.

Well..... sort of. In Brent's case he was ripped off. But hey all of trump's students at Trump U were ripped off. Bernie Madoff's clients were ripped off. Brent went to school as a genuine student eager to learn. You shouldn't blame the victim for how it all turned out. John went to the most prestigious which was expensive. Sometimes saving money isn't all its cracked up to be.

[SkyDekker 1,122]

3 hours ago, brenthutch said:

Oh I have benefited handsomely as the cost of rental housing has significantly outpaced overall inflation and I just happen to own a few rental properties.

Weren't you earlier today lamenting how bad the economy was?

[billvon 2,400]

2 hours ago, SkyDekker said:

Weren't you earlier today lamenting how bad the economy was?

Right but he's a clever conservative, not like those dumb loser libs, so he's doing great!  Which is why he will vote for . . .

OK that doesn't work.  How about this - he's doing well NOW but he knows that Biden's policies will cause the rental market to crater LATER, because no one will be able to afford homes and will have to . . .

Hmmm that doesn't work either.  He'll need a few minutes to spin this I suspect.

[gowlerk 1,912]

21 minutes ago, billvon said:

Hmmm that doesn't work either.  He'll need a few minutes to spin this I suspect.

It won't take long to get the spin from the usual sources. Start here: 

https://www.breitbart.com/tag/inflation/

Edited March 19 by gowlerk

[brenthutch 383]

4 hours ago, SkyDekker said:

Weren't you earlier today lamenting how bad the economy was?

No lamentations here, just reporting on the mood of the country. The damage done by inflation to one’s personal finances is much more tangible than GDP and the polls reflect this reality.

“A recent CBS News poll found that 65% of Americans remember the economy under former President Donald Trump as being good, compared with 38% giving the current economy under President Joe Biden the same positive assessment.”

Edited March 19 by brenthutch

[billvon 2,400]

3 hours ago, gowlerk said:

It won't take long to get the spin from the usual sources. Start here: 

https://www.breitbart.com/tag/inflation/

Ruh-roh!  Some unscrupulous author got a non-pejorative article past Breitbart censors!

"Breitbart Business Digest: The Economy Is Not Being Throttled by High Interest Rates"

I suspect author John Carney will soon join the ranks of Bob Corker, Jeff Flake, Ben Sasse, Pat Toomey, Richard Burr, Liz Cheney, Adam Kinzinger, Tom Rice, Peter Meijer, Jamie Herrera Beutler, Fred Upton, Anthony Gonzalez, John Katko, Justin Amash, Mark Sanford, Charlie Baker, and John Kasich as another republican who will not get a Christmas card from Trump.

[headoverheels 291]

4 hours ago, brenthutch said:

No lamentations here, just reporting on the mood of the country. The damage done by inflation to one’s personal finances is much more tangible than GDP and the polls reflect this reality.

“A recent CBS News poll found that 65% of Americans remember the economy under former President Donald Trump as being good, compared with 38% giving the current economy under President Joe Biden the same positive assessment.”

A recent poll of MAGAs found that, when asked how they were doing in this economy, they said that they (personally) were doing fine.  When asked about the economy without relating it to them personally, they said that the economy was bad. 

They know how the economy really is (based on personal experience) but are brainwashed into thinking that it is bad in general by the silo they choose to inhabit.

[brenthutch 383]

10 hours ago, headoverheels said:

A recent poll of MAGAs found that, when asked how they were doing in this economy, they said that they (personally) were doing fine.  When asked about the economy without relating it to them personally, they said that the economy was bad. 

They know how the economy really is (based on personal experience) but are brainwashed into thinking that it is bad in general by the silo they choose to inhabit.

Do you have a link?

[gowlerk 1,912]

The USA is suffering from PTSD. It is the effect of dealing with first the Trump years and then covid-19. The US economy on the other hand is doing quite well thank you very much. It does not watch and media or social media. Just seems to take a lickin' and keep on tickin'. 

https://robertreich.substack.com/p/please-join-me-tomorrow-for-my-very

[SkyDekker 1,122]

16 hours ago, brenthutch said:

No lamentations here, just reporting on the mood of the country. The damage done by inflation to one’s personal finances is much more tangible than GDP and the polls reflect this reality.

“A recent CBS News poll found that 65% of Americans remember the economy under former President Donald Trump as being good, compared with 38% giving the current economy under President Joe Biden the same positive assessment.”

33 million Americans think the earth is flat.

[JoeWeber 2,299]

1 hour ago, SkyDekker said:

33 million Americans think the earth is flat.

And an even larger share of Republicans think greedy free market capitalism dominated by pseudo monopolies that aren’t restrained from raising prices or putting fewer chips in the bag has zero to do with inflation.