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OK so we agree: the economy is booming. Maybe it’s booming because of government handouts and insanely low interest rates. I agree; the Fed needs to raise rates to try and cool off the overheated economy.
#1 Unemployment doesn't count those who quit looking. We still have a lower employment rate than before the pandemic.
#2 The GDP is not up 12% under Biden and it is currently growing at less than 1%. The Fed just predicted that we'll grow at 2.8% for the whole of 2022 (psst. their estimates are almost always high). If we measured inflation the same way that we did in the 1980s, we'd already be in a recession.
Where are you seeing GDP is up 12%? And is this real GDP numbers (adjusted for the +8% inflation), or nominal? I see a lot of lefties trying to argue that we should pay attention to the raw numbers only, while ignoring the near double digit rate of inflation. You might be able to fool some people by doing this, but not everyone. Even the average FOX News viewer understands this stuff, as well as how cooked the government numbers actually are, since we ignore the costs of housing and education in the annual inflation report.
I think we are past the point of the plebes giving a crap about fake numbers and charts. People are looking at the cost of the crap they buy and freaking out. Go ahead and tell them not to believe their lyin eyes and everything is hunky dory... You'll probably catch an ear full.
Where are you seeing GDP is up 12%? And is this real GDP numbers (adjusted for the +8% inflation), or nominal? I see a lot of lefties trying to argue that we should pay attention to the raw numbers only, while ignoring the near double digit rate of inflation. You might be able to fool some people by doing this, but not everyone. Even the average FOX News viewer understands this stuff, as well as how cooked the government numbers actually are, since we ignore the costs of housing and education in the annual inflation report.
I think we are past the point of the plebes giving a crap about fake numbers and charts. People are looking at the cost of the crap they buy and freaking out. Go ahead and tell them not to believe their lyin eyes and everything is hunky dory... You'll probably catch an ear full.
GDP in the quarter ending Dec 31, 2021 was $24T vs $21.5T on Dec 31, 2020. (24/21.5) - 1 = 12%
Yes, that is nominal GDP. Real GDP, after inflation is lower. It always is. For example, real GDP increased only 5.3% in the same period
Real GDP in the quarter ending Dec 31, 2021 was $19.8T vs $18.8T on Dec 31, 2020. (19.8/18.8) - 1 = 5.3%
However, during Trump's ENTIRE 4 year term, real GDP only increased 5.6%:
Real GDP in the quarter ending Dec 31, 2020 was $18.8T vs $17.8T on Dec 31, 2016.
His best year was 2017, with 2.8% real GDP growth. Yet we're constantly told that Trump's term were good economic times.
In fact, when was the last time that real GDP increased more than 5.3%? 1984, that's when! Face it folks, 2021 was a great year. GDP up, unemployment down, wages up, stock market up. If you didn't do well in 2021 you only have yourself to blame.
Growing inflation, growing energy prices that cause most other products to increase in cost as well as rising danger with our adversaries compliments of Joe Biden and his totally incompetent Vice President
In a consumer based economy you need a lot of consumers. Letting corporate America take advantage and raise prices while stagnating wages will lead to fewer consumers and less business for companies.
We have a Bullwhip economy that is currently surging from being shut down for so long during covid, but the trend lines beyond the Bullwhip are not good.
So, the answer is yes, and no, but the no is much more powerful in regards to our future.
Objectively, this is the best economy in decades and decades. Every measure is near record performance levels. Inflation yes, but driven largely by unheard of demand from people with money to burn. Inflation will slow down over the next couple months (it already is) and maybe then the right wing disinformation machine will fall silent on the topic.
Objectively, this is the best economy in decades and decades. Every measure is near record performance levels. Inflation yes, but driven largely by unheard of demand from people with money to burn. Inflation will slow down over the next couple months (it already is) and maybe then the right wing disinformation machine will fall silent on the topic.
The yield curve inverted. This is a sign that investors fear recession and is a highly accurate predictor of recession within a year.
The amount of US families living pay check to pay check is on the rise and is at 64%. Booming?
69% of US adults say the economy is in poor shape. Booming.
The employment rate is still below the prepandemic level.
The same people who say that inflation will go away are the same people that said we wouldn't have inflation, that there was no inflation, that the inflation was transitory, that the inflation was small, that the inflation was Putin's fault.
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