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Started By
Message
2.8% GDP Growth in Q3
Posted on 10/30/24 at 8:13 am
Posted on 10/30/24 at 8:13 am
CNBC
Slightly missed the 3.1% expectation but still strong. Consumer spending still strong. Markets at/near record highs. Inflation back down to 1.5%. Unemployment still below 5%. Incomes are up. Oh, and the Fed has signaled another meaningful rate cut will be coming in the next couple of weeks.
Why is everyone saying the economy sucks? By nearly every measure, we're truly thriving right now. Is this negativity driven by the media? The takes just don't match reality. We're kicking the rest of the world's arse since COVID and it's not particularly close.
Slightly missed the 3.1% expectation but still strong. Consumer spending still strong. Markets at/near record highs. Inflation back down to 1.5%. Unemployment still below 5%. Incomes are up. Oh, and the Fed has signaled another meaningful rate cut will be coming in the next couple of weeks.
Why is everyone saying the economy sucks? By nearly every measure, we're truly thriving right now. Is this negativity driven by the media? The takes just don't match reality. We're kicking the rest of the world's arse since COVID and it's not particularly close.
45
Posted on 10/30/24 at 8:14 am to mmmmmbeeer
quote:
Consumer spending still strong.
I know I’m spending more than ever. Against my will mostly though.
Posted on 10/30/24 at 8:14 am to mmmmmbeeer
quote:
Why is everyone saying the economy sucks?
Looking at their own bills/paycheck
Posted on 10/30/24 at 8:14 am to mmmmmbeeer
It won’t be as good when they make their corrections.
Posted on 10/30/24 at 8:16 am to mmmmmbeeer
Government spending is inflating these types of numbers...
Posted on 10/30/24 at 8:17 am to mmmmmbeeer
I’m sure the numbers will quietly be revised in the next few months like the unemployment & crime rates
Posted on 10/30/24 at 8:17 am to mmmmmbeeer
quote:Consumer spending is fueled by debt
Consumer spending still strong.
Posted on 10/30/24 at 8:17 am to OysterPoBoy
quote:this. I was telling my wife just the other day that you can’t leave the house without spending $100. We took one of our grandkids to the show a couple weeks ago. Two adults and one child $49. Popcorn, snack and drinks another ‘$40
I know I’m spending more than ever. Against my will mostly though.
Posted on 10/30/24 at 8:18 am to LSUJML
quote:
I’m sure the numbers will quietly be revised in the next few months like the unemployment & crime rates
FWIW, Q2 was not revised this morning.
Posted on 10/30/24 at 8:19 am to mmmmmbeeer
quote:
Inflation back down to 1.5%. Unemployment still below 5%.
Posted on 10/30/24 at 8:19 am to mmmmmbeeer
How about my employee health insurance rates went up more than double than my raise did.
Is that part of a strong economy? I guess I am employed.
Is that part of a strong economy? I guess I am employed.
Posted on 10/30/24 at 8:20 am to mmmmmbeeer
You are a known liberal that thinks about his daughter getting cream pied.
How you still have the nerve to post here after that is staggering.
How you still have the nerve to post here after that is staggering.
Posted on 10/30/24 at 8:20 am to oysterpapi
quote:
Government spending is inflating these types of numbers...
Govt deficit spending, to be exact.
Its a failed economy built on debt.
Posted on 10/30/24 at 8:21 am to mmmmmbeeer
Which actually means it’s probably a .8% growth, Mr Creampied Inside Her.
Posted on 10/30/24 at 8:22 am to BowDownToLSU
quote:
this. I was telling my wife just the other day that you can’t leave the house without spending $100. We took one of our grandkids to the show a couple weeks ago. Two adults and one child $49. Popcorn, snack and drinks another ‘$40
I'm in this boat. I go to the grocery store to grab ingredients for dinner, maybe a couple odds and ends, and walk out the store with 2 bags after spending $80. It baffles me.
So why the disconnect? Are we becoming so stratified as a society that our view of what a great economy looks like is now skewed? I mean, my investments look fantastic but my budget doesn't stretch like it used to. If I were a rich mofo, I'd be loving this economy.
Posted on 10/30/24 at 8:22 am to mmmmmbeeer
In addition to this, we are doing so much better than the west of the developed world.
This statistic doesn’t tell the whole story, but it’s wild to me - the average income in Mississippi (lowest in US) is higher than the average income in Canada, UK and Germany.
A lot of people moaning about paychecks here are paying off 5-6 figure loans on vehicles and boats
This statistic doesn’t tell the whole story, but it’s wild to me - the average income in Mississippi (lowest in US) is higher than the average income in Canada, UK and Germany.
A lot of people moaning about paychecks here are paying off 5-6 figure loans on vehicles and boats
Posted on 10/30/24 at 8:23 am to East Coast Band
quote:
How about my employee health insurance rates went up more than double than my raise did.
man, i went get antibiotics prescriptions for my kids, $150, just normal stuff. I've never spent more than $20 on prescriptions. But of course our health insurance changed this year. So of course i'm spending more.
Posted on 10/30/24 at 8:23 am to mmmmmbeeer
quote:
I mean, my investments look fantastic
Govt excess spending ends up parked as wealth. Of course the market will look good, but prices rise to the point that normal people cant afford them.
This has been the government fiscal plan since 2009.
Posted on 10/30/24 at 8:26 am to mmmmmbeeer
quote:
2.8% GDP Growth in Q3
Which is fueled by $1.8 trillion in deficit spending.
Posted on 10/30/24 at 8:27 am to RogerTheShrubber
quote:
but prices rise to the point that normal people cant afford them.
When inflation comes and goes, prices don't go back to pre-inflation levels. Never have and never will. Fortunately, we didn't spike like we did in the late 70's and 80's.
I think it hit so quickly this time, due to COVID, that we all got some sticker shock and keep expecting prices to drop back down to where we CLEARLY remember them being so recently.
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