Three Very Bad Signs for the Economy

Townhall ^ | 19 Jul, 2022 | Katie Pavlich

[MtnClimber]

President Joe Biden and his administration continue to claim the economy is in good shape. During Monday's press briefing at the White House, Economic Advisor Jared Bernstein claimed the economy is set for growth expansion.

Biden Economic Adviser Jared Bernstein:

"If you look at the strength of the current economy...you would conclude that where we are right now remains solidly within expansion." pic.twitter.com/dHBGWCaRrL

— Townhall.com (@townhallcom) July 18, 2022 But new numbers published Tuesday morning by the Federal Reserve Bank of Atlanta paint a different picture. Previously published numbers show the U.S. economy shrank for two consecutive quarters -- the definition of a recession.

"The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2022 is -1.6 percent on July 19, down from -1.5 percent on July 15. After this morning's housing starts report from the US Census Bureau, the nowcast of second-quarter real residential investment growth decreased from -8.8 percent to -10.1 percent," the bank stated.

Another update on GDP numbers is expected on July 27.

In the meantime, housing estimates are also taking a dive.

JPMORGAN morning trading note: "Today, we have another batch of housing data where continued weakness is expected; we have not seen prices see negative growth but that feels inevitable."

— James Pethokoukis (@JimPethokoukis) July 19, 2022 And now, nearly a quarter of working Americans are being forced to delay retirement as a result of inflation. Small businesses are also getting slammed. From the New York Post:

Rampant inflation will result in a delayed retirement for a large swathe of Americans who are concerned about dwindling savings accounts and tight budgets, according to the results of a new survey published this week.

With the costs of daily necessities such as food and fuel hitting record highs, 25% of Americans will need to delay their retirement to account for the reduced savings, according to the quarterly BMO Real Financial Progress Index.

“Prices across the board – from cars and gasoline to groceries and other everyday essentials – are rising at the fastest pace since the 1980s,” said Paul Dilda, the head of consumer strategy for BMO Harris Bank. “Consumers must think differently about their finances in this inflationary environment.”

"ECONOMIC DOWNTURN": A new survey finds 93% of small businesses fear a recession, while 89% say they are feeling the impacts of Bidenflation pic.twitter.com/wUJnzNcGzC

— RNC Research (@RNCResearch) July 19, 2022

[MtnClimber]

We are in the “tear it all down” phase of Build Back Better.

[maddog55]

Biden, Pelosi, Schumer.

[Tupelo]

“Previously published numbers show the U.S. economy shrank for two consecutive quarters — the definition of a recession.”

Let me repeat: “the definition of a recession.”

My guess is, we will continue hearing statements like;
“If you look at the strength of the current economy...you would conclude that where we are right now remains solidly within expansion.”
All the way to 1932 ...uh... 2024.

[central_va]

[FLT-bird]

#DemocratEconomy

[Not_Who_U_Think]

“25% of Americans will need to delay their retirement to account for the reduced savings”

That is a HUGE number, and they want you to believe that it’s all Vlad’s fault.

Your government is doing this to you, all based on an unproven idea that it will, at some point down the road, make our lives (and mother earth) better.

[P.O.E.]

Spent a bit of time on the interstates yesterday.

Other than “rush hour” times, roads were relatively empty of passenger autos, compared to pre-pandemic.

Seems to me many working people are back to work. But the roads used to be clogged with cars everywhere all the time.

Where were they going that they’re not going now?

[BikerJoe]

Seems to me many working people are back to work. But the roads used to be clogged with cars everywhere all the time. Where were they going that they’re not going now?

Discretionary travel is taking a hit. "Is this trip really necessary?" is making a comeback. I know plenty of folks who are doing staycations this year, and some local fraternal organizations are going back to zoom meetings to reduce travel for members.

[Diana in Wisconsin]

People aren’t driving due to the price of gas, most likely.

I drive once a week, tops, about 20 miles round trip to get my errands done. No ‘pleasure trips’ to thrift and antique stores for me these days.

Let’s Go, Brandon! *SPIT*

[Dave911]

And of course NO ONE in the press will call them on it.

[P.O.E.]

Less discretionary travel will have knock-on effects with those businesses that people used to go to.

I mean the average people. The bigwigs will have everything brought to them.

[P.O.E.]

The above comment was meant to be sent to you.

I goofed somehow.

[econjack]

Biden Economic Adviser Jared Bernstein: "If you look at the strength of the current economy...you would conclude that where we are right now remains solidly within expansion."

Wow, what economy is he looking at? It surely can't be the US economy. Perhaps he's just lying through his teeth and carrying water for the White House spin. Yeah...that's it!

[SaveFerris]

These days that’s going to have a couple of applications..... potentially

[mewzilla]

The only question is whether the demand destruction is by design...

[Tallguy]

Zero degrees of Kevin Bacon with this one.

[libertylover]

Discretionary travel is taking a hit. "Is this trip really necessary?" is making a comeback.

I now only drive my semi-old Jau-u-ar S-Type once a week. It takes premium fuel, which is over $5.00 per gallon and gets 19-20 mpg. On the other hand, my Volkswagen Jetta Sportwagen uses regular fuel and gets much better milage, so I usually drive it.

[AppyPappy]

This is ruining the Democrats narratives

[Fireone]

Obama.