Posted on 04/28/2022 9:19:37 AM PDT by Carriage Hill
The US economy contracted by 1.4% in the most recent quarter, shrinking for the first time since the pandemic-induced recession two years ago as inflation continues to surge, according to government data released on Thursday. The Commerce Department’s estimate Thursday of the first quarter’s gross domestic product — the nation’s total output of goods and services — fell far below the 6.9% annual growth in the fourth quarter of 2021.
(Excerpt) Read more at nypost.com ...
The price of rigging is high.
So are we in a recession or not?
Wait. Is the new Ministry of Truth going to allow this kind of “disinformation.”
Ask me: no. Ask my neighbors: yes.
Time for Joe Dementia to impose even more sanctions on Russia. Works like a charm on the American economy.
Chuckle.
Maybe I’m not thinking straight, but — inflation makes prices rise, so people need to spend more money, so the amount of money moving in the economy goes up, right? So GDP would go up? Not in a good way, because inflation is bad.
But if GDP decreased, I don’t see how inflation caused that. I would actually think that GDP decreased more than it appears and that inflation may mask some of the badness. But I’m not an economist.
We've got the best of both. High inflation and a recession. Good times.
Please remind me.
Was this because of Putin, Trump, or Covid?
I lose track on who is to be blamed.
Don’t be in major debt, have stable income. That’s all I’ve got other than owning your own home with only a decent mortgage on it you got last year or before when they were better.
I think there is a rule. Like 2 quarters back to back
I spun the wheel - Climate Change came up this time. That was the spot between Systemic Racism and the new one, Misinformation.
If they’re admitting to 1.4 it’s probably at least 3.
If they’re admitting to 1.4 it’s probably at least 3.
It takes two consecutive quarters.
Yes.
Not yet. It takes 2 consecutive quarters of negative growth.
-1.4 % as reported this morning by Maria Bartiromo.
They adjust for inflation. So if the raw number for current value of goods and services has gone up 8% but inflation is 9.4% you get a real GDP decrease of 1.4%. All of that is based on an accurate inflation estimate. If the real inflation figure is 15% then the GDP dropped by 7%.
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