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Started By
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US officially enters recession - GDP contracted by 0.9% in Q2.
Posted on 7/28/22 at 7:38 am
Posted on 7/28/22 at 7:38 am
quote:
The U.S. economy shrank at a 0.9% annual rate last quarter, the Commerce Department said Thursday. That marks a second straight quarterly decline in gross domestic product–a common definition of recession.
Wall Street Journal
This post was edited on 7/28/22 at 10:05 am
42
Posted on 7/28/22 at 7:39 am to dewster
So now what?
Posted on 7/28/22 at 7:39 am to dewster
Not a recession - Yellen
Posted on 7/28/22 at 7:39 am to dewster
Second quarter in a row that it dropped. And inflation still skyrocketing.
But no more mean tweets.
But no more mean tweets.
Posted on 7/28/22 at 7:40 am to udtiger
The best way to avoid a recession is to change the definition of one.
-Democrats
-Democrats
Posted on 7/28/22 at 7:41 am to ell_13
quote:
The best way to avoid a recession is to change the definition of one.
Posted on 7/28/22 at 7:41 am to ell_13
They are going to need a new definition of where this economy is heading. Depression may not even be the right word.
Posted on 7/28/22 at 7:43 am to WaWaWeeWa
They are going to pretend this isn’t a recession to cover for the rate hikes. The Fed is late on this just as they were late on inflation.
Posted on 7/28/22 at 7:43 am to dewster
The administration says that not only is there no recession, but that there is also no chance for a recession.
Of course, our usual lefty posters wholeheartedly agree.
Of course, our usual lefty posters wholeheartedly agree.
Posted on 7/28/22 at 7:46 am to dewster
Uh, who gives a shite. There was an insurrection on Jan 6th and have to get Brittney Griner back
Posted on 7/28/22 at 7:47 am to dewster
Karine Jean-Pierre says "two consecutive quarters of negative GDP growth" is "not the definition of a recession."
Then a reporter reads her a statement from Biden economic adviser Brian Deese defining a recession as "two consecutive quarters of negative growth.”
Then a reporter reads her a statement from Biden economic adviser Brian Deese defining a recession as "two consecutive quarters of negative growth.”
Posted on 7/28/22 at 7:47 am to upgrayedd
Some excerpts. The article is behind a paywall.
quote:
Business is “a little unhealthy right now” at Best Tool & Engineering Co., according to its president, Joseph Cherluck. The company, based in Clinton Township, Mich., makes tools and plastic components like welding fixtures for vehicle dashboards, and the nationwide shortage of computer chips means auto makers are pushing back orders.
quote:
Walmart Inc. said on Monday that it was having to cut prices to reduce merchandise levels at its flagship chain and Sam’s Club warehouse chain. Many manufacturers are also still struggling with pandemic-related supply-chain disruptions.
quote:
Some consumers are hunkering down now. Aimie Gresham of Essex, Conn., has pulled back on discretionary spending—like dining out and expensive salon visits—to pay the higher prices for basics like oil, electricity and groceries she has faced in recent months.
Posted on 7/28/22 at 7:49 am to MorbidTheClown
quote:
Then a reporter reads her a statement from Biden economic adviser Brian Deese defining a recession as "two consecutive quarters of negative growth.”
Econ 101. They can play politics with the timing or pretend it’s not happening. But it’s happening.
Burying your head in the sand doesn’t help you respond to the issue at hand though.
Posted on 7/28/22 at 7:50 am to SlickRickerz
quote:
So now what?
Small businesses will close, people will lose jobs, houses and cars will be repossessed, etc
But the most important is that there will be more wealth transferred from the middle class to the mega-wealthy inching us closer to a two-class system
Posted on 7/28/22 at 7:50 am to dewster
They call this stagflation. The economy contracts and prices still skyrocket due to inflation. Like the late 1970s.
Need to bring back the misery index.
Need to bring back the misery index.
Posted on 7/28/22 at 7:51 am to ell_13
quote:Economy is contracting, inflation is skyrocketing, Southern border is wide open, we are tapping our strategic oil supply and selling it to China, and sending billions to a non-NATO country.
Second quarter in a row that it dropped. And inflation still skyrocketing.
But no more mean tweets.
No more mean tweets.
Posted on 7/28/22 at 7:52 am to dewster
“Americans need to understand this sacrifice is necessary for the Great Reset.”
Posted on 7/28/22 at 7:52 am to udtiger
quote:
Not a recession - Yellen
In other news there is no rain in the forecast but we do expect a large number of water droplets to fall out of the sky for most of the day.
Posted on 7/28/22 at 7:52 am to dewster
No one told the Fed Chairman. They are still hiking rates as of yesterday.
But they also pretended inflation wasn’t happening until Nov 2021, then insisted that it was just transitory until April 2022. Basically they are clueless.
But they also pretended inflation wasn’t happening until Nov 2021, then insisted that it was just transitory until April 2022. Basically they are clueless.
Posted on 7/28/22 at 7:53 am to dewster
Meanwhile I'm getting a bonus cause inflation costs.
This is a weird world we live in. Corporations handing out money to their employees during a recession.
Something doesn't add up.
This is a weird world we live in. Corporations handing out money to their employees during a recession.
Something doesn't add up.
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