US economy grows 5.2% in third quarter; higher interest rates eroding momentum

Claim; “Biden came into office on a strong recovery thanks to Trump”

Correction; Thanks to Trump’s presidential pen.

In 2020, Trump signed nearly $4 trillion of Covid relief bills into law.

 

And now presidenta Bydummy normalizes COVID era spending

Biden has normalized the COVID-19 2020 emergency budget

 

False we had two negative quarters of GDP drops in the labor force.

 

And after 2021 we had several vaccines available and a strong economic recovery until Bidenomics took hold.

 

So you were against the fight aganst COVID and opposed that spending? The you must have REALLY opposed Biden's. Did you?

 

It was in a strong recovery when Trump left and Bindenomics turned that around and we had a recession and 9% Bidenflation. That is not debatable.

 

Even if that were true, the figures today are this:

Unemployement 3.4%
GDP Growth 5.2%
Inflation 3.1%
Stock market +37,000

 

Bluesguy…..

Since the beginning of the pandemic, I’ve consistently endorsed Taiwan’s KKKK strategy;

a. Keep working
b. Keep wearing masks
c. Keep your distance
d. Keep gatherings to a minimum

2. I’ve never been an endorser of “good” economic figures that were heavily boosted by debt financing, for example;

a. Cost of Trump’s V-shaped economy; At least $5 trillion.

b. 2021’s 5.4% Real GDP Growth Rate…..near 90% of said growth rate was PCE, and a large chunk of money that was spent between March and December 2021, and during a period when the supply chain was severely disrupted, came from Uncle Sam’s credit card.

 

The organization who’s responsible for officially dating recessions is NBER, and according to NBER’s Business Cycle Dating Committee, there WAS NO recession in 2022.

 

No we didn't.

 

Yes we did as I cited from BLS and OMB

 

The metric used said we did. NBER is a private organization you know they have no official standing.

 

And? What's the LFPR that goes with the 3.4% which was heading there before Biden took office. How much of that GDP is based on the Bidenflation we have had for over two years now? Yes inflation STILL above the target rate and prices from 20%-25% and higher than pre Bidenflation. WAIT when the stockmarket did great under Trump you guys said it was not a measure of the economy. The fact is there is no place to put your money now other than the equities and bonds have become scary again. But I see you are happy the top 1% are doing so well with the low income groups still suffer.

 

We create jobs all through recessions. The Dems, including both Obama and Biden, took back the Congress Jan 0f 2007 a year before the 2008 recession began and with a very strong economy. It was their policies as opposed to the Rep's in 2001 that produced the depth and length of that recession and the worst recovery in modern history, the same policies they insist on using now and stopped the strong recovery they inherited in 2021.

 

This is a good economic performance.

Talking economics with MAGA always makes me smile.

Biden responsible for US inflation?

What about the UK, Canada, France, Germany.... ? Because elsewhere, inflation has hit much harder.

You're going to tell me that inflation in the Eurozone is now 2.9%.... except that growth there was only 2.9% in Q3.

Here, it's 5.2%....

How did Biden manage to achieve such strong growth with such low inflation (3.4%)?

Do you know?

Really ?

Explain that to me.

 

You can choose to believe I correctly whatever you want. I am correct in my assessment.

 

Show us the announcement from the NBER that we were in a recession.

Who came up with the metric that two consecutive quarters is a recession? It's not an official definition and is the definition used by the media.

 

NBER would disagree with you Blues and they are the only ones who determine if we are in a recession or not. Per NBER, it was in 2020, not 2022, when we had a mini-recession where we had two negative GDP growth. In 2022, nothing was negative although it both drop but still remained overall positive.

https://www.nber.org/research/data/us-business-cycle-expansions-and-contractions

 

NBER is a private non-profit. BEA measures and reports GDP and two negative is a recession. The fact remains like in 2008 he failed Obama/Biden/Dem/Prog economic policies made a recession longer and deeper and stymied a full recovery in 2009 amd then reversed the recovery started under Trump and gave us BIDENFLATION.

 

I showed you the actual GDP numbers as reported by the BEA.

 

Does the BEA define a recession. Who comes up with the official definition?

 

US economic growth unexpectedly revised down to 4.9% in third quarter

 

4.9% is still damn good

 

The traditional measure, 2 consecutive quarters of negative growth.

 

Not an official definition.