Posted on 05/30/2024 7:57:21 AM PDT by Kaiser8408a
What I like about Biden’s economy … nothing. Most of Biden’s economic growth came from Trump’s spending and Fed monetary policy from the Covid shutdown of 2020.
What was until recently a “red-hot” economy, with the US reportedly growing at an annual rate of 4.9% in Q3 and 3.4% in Q4 2024, has suddenly and dramatically downshifted, and according to the latest GDP data released from Biden’s BEA, Q1 GDP was revised downward from 1.6% to just 1.3% (1.250% to be specific), which was the lowest GDP since the mini-recession of Q2 when GDP declined for 2 quarters in a row.
The sharp downward revision primarily reflected a downward revision to consumer spending, which rose 2.0% annualized, down from 2.5% in the first GDP report and below the 2.2% estimate.
Drilling down into the number, the 1.3% increase reflected increases in consumer spending (below previous forecasts) and housing investment that were partly offset by a decrease in inventory investment. Imports, which are a subtraction in the calculation of GDP, increased.
The increase in housing investment was led by brokers’ commissions and other ownership transfer costs as well as new single-family housing construction. The decrease in inventory investment was led by decreases in wholesale trade and manufacturing In terms of bottom-line contributions, we find the following:
Personal consumption accounted for 1.34% (down from 1.68%), or more than the entire GDP print. Fixed Investment added 1.02%, up from 0.91% in the first estimate. The change in private inventories subtracted -0.45%, a deterioration from the -0.35% estimated previously. Net trade (exports less imports), subtracted -0.89% from the bottom line print, comparable to the -0.86% detraction in the first estimate. Finally, government added just 0.23%, up from 0.21% initially estimated, yet still the lowest contribution since Q2 2022.
(Excerpt) Read more at confoundedinterest.net ...
How much of this is government-induced spending? For starters, free money given away to illegals.
Creamy john peeair fails to mention that or address that in the daily pack of lies dispensation.
I'll have to try that next time I get pulled over for speeding.
"No, I was doing 75 in a 55 zone, but I revised that speed to 57 before you walked up. Will there be anything else, officer?"
“Government induced ... free money”
It’s not free. It comes from either taxes we paid or from borrowed money.
The borrowed money must eventually be paid back (by we taxpayers), and interest must be paid on it (by we taxpayers) while it’s borrowed.
I know damn well it isn’t free, but the people receiving it see the money no other way. It’s money they didn’t have before, and they didn’t have to do a damn thing to receive it.
“I know damn well it isn’t free, but the people receiving it see the money no other way.”
You are absolutely correct. I worry that all of us receive something which makes it hard for our politicians to reduce spending.
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