Posted on 04/28/2023 4:07:29 AM PDT by CFW
Joe Biden expressed hopefulness about the economy following a dismal GDP report on Thursday, but Wall Street executives are preparing for the worst, according to Politico.
The U.S. economy’s annual growth rate slowed more than expected to 1.1% in the first quarter of 2023, according to GDP statistics released by the Bureau of Economic Analysis (BEA) on Thursday morning. The vast majority of the financial sector agrees the economy will continue facing difficulties this year as over a dozen large banks predicted poor growth or a recession, according to Politico.
“The U.S. economy is unwell, and it’s starting to show,” Chief Economist at EY-Parthenon Gregory Daco tweetedThursday morning.
Growth was 2.6% in the fourth quarter of 2022, and economists had expected 2% growth for the first quarter of 2023, according to The Wall Street Journal. “Today, we learned that the American economy remains strong, as it transitions to steady and stable growth,” Biden said in a statement on the GDP.
“We continue to expect economic growth to slow, and we are preparing for a range of scenarios,” Wells Fargo CEO Charlie Scharf said on a first-quarter earnings call on April 14.
(Excerpt) Read more at conservativeplaybook.com ...
https://www.washingtonexaminer.com/policy/economy/cost-servicing-federal-debt-highest-level-23-years
“The cost of servicing the federal debt hit the highest level in 23 years in the first quarter of this year, a Thursday report from the Bureau of Economic Analysis indicated, showing the rising strain of massive deficits on government finances.
Federal spending on interest payments rose to 3.5% of GDP, the highest such mark since the first quarter of 2000. In dollar terms, the federal government spent about $230 billion on interest in the quarter.”
It’s the Republicans fault in three…two…one….
Quote: “ It’s the Republicans fault in three…two…one…”
The democrats have been fiscally responsible budget hawks for years. Desperately warning about the need to reform entitlements and cut spending. The GOP just wants to spend and sponsored that dreadful “Build Back Better” in 3, 2, 1.
The sky is made of steel and the GOP is rusting it.
Gee, those who profit most from Biden & Deep State are not happy........ image that! All’s not well in Total Control World.....
The next quarter GDP should be worse.
By the time we hit 2024, many voters will be experiencing economic pain.
These GDP numbers are bogus; we’re in a contraction status and have been since Q4 2022.
CFW :" “The cost of servicing the federal debt hit the highest level in 23 years in the first quarter of this year,
a Thursday report from the Bureau of Economic Analysis indicated, showing the rising strain of massive deficits on government finances."
CFW : "Federal spending on interest payments rose to 3.5% of GDP, the highest such mark since the first quarter of 2000..."
(From the news article): “The U.S. economy’s annual growth rate slowed more than expected to 1.1% in the first quarter of 2023,
according to GDP statistics released by the Bureau of Economic Analysis (BEA) on Thursday morning.
The vast majority of the financial sector agrees the economy will continue facing difficulties this year
as over a dozen large banks predicted poor growth or a recession, according to Politico. “
“The U.S. economy is unwell, and it’s starting to show,” (Emphasis Mine)Chief Economist at EY-Parthenon Gregory Daco tweetedThursday morning.
Growth was 2.6% in the fourth quarter of 2022, and economists had expected 2% growth for the first quarter of 2023,
according to The Wall Street Journal..”
” “Our research team continues to predict a shallow recession that will occur beginning in the quarter three of 2023,”
Bank of America CEO Brian Moynihan said on a first-quarter earnings call on April 18.
Consumers experienced continuing inflation and rising interest rates, contributing to a decline in retail spending in February and March, according to the WSJ.
Home sales and manufacturing output also decreased in March.
The Federal Reserve has been hiking interest rates in an effort to lower inflation and has raised them to a target range of 4.75-5%.”
High inflation and no growth in the economy.
Where have I seen this before?
Oh that’s right, in 1976 to ‘80.
I think I detect a pattern here.
5.56mm
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