Posted on 04/29/2021 6:07:37 AM PDT by Oldeconomybuyer
WASHINGTON - Powered by consumers, the U.S. economy grew at a brisk 6.4% annual rate last quarter — a show of strength fueled by government aid and declining viral cases that could drive further gains as the nation rebounds with unusual speed from the pandemic recession.
Thursday’s report from the Commerce Department estimated that the nation’s gross domestic product — its total output of goods and services — accelerated in the January-March quarter from a 4.3% annual gain in the final quarter of 2020.
Growth in the current April-June period is expected to be faster still, potentially reaching a 10% annual pace or more, led by an increase in people willing and able to travel, shop, dine out and otherwise resume their spending habits.
A major reason for the brightening expectations is the record-level spending that is poised to flow into the economy. A $1.9 trillion package that President Joe Biden got through Congress in March provided, among other rescue aid, $1,400 stimulus payments to most adults.
On top of that, Biden is proposing two additional huge spending plans: a $2.3 trillion infrastructure package and a $1.8 trillion investment in children, families and education that the president promoted Wednesday night in his first address to a joint session of Congress.
(Excerpt) Read more at apnews.com ...
They were ‘expecting’ 6.5%..................... The chocolate ration has been increased to 20 grams!................
There isn’t any growth, it’s prices going up from inflation.
thanks to Prez Trump. mid-year will begin to show the grip of Biden anti-business policies, especially if it looks like any of his $10 Trillion job-killer bills look like they will pass.
1970’s all over again....................
Fake growth under a fake administration.
If my weight and the condition of my knees return to what they were back then I’m all for it!
True. That and growth in areas such as Texas and Florida at the expense of Rat holes such as New York, Illinois, and California. Shuffling around the deck chairs on the Titanic isn't growth.
If the MUSIC would I might...................
It’s a Biden Miracle!
Massive borrowing by government to pay for massive not-needed “stimulus” and ultra low interest rates all priming a pump that did not need primed (it already was primed before Trump left office).
At 6.5% what is the biggest growing economic factor - inflation. What comes after too much inflation? Deflation.
6.5% economic growth is not possible unless it is sowing the seeds of its own deflation. 6.5% growth cannot otherwise be manufactured given the realistic population growth and realistic growth of business revenues. It is not sustainable except for a time as a bubble that will burst.
Compare the language to what they said when Trump was president. They obviously are trying to give biden credit for it.
Thank you President Trump.
Well, of course there is going to be rapid growth. The economy was deliberately killed so that when the economy was (partially)opened it would spike. Any growth from near zero is going to be gigantic compared to growth from .....10%. That’s just math. If you can’t immediately see that go back to 4th grade — I think that is when percentage increases were first mentioned. Of course, nowadays that probably isn’t even hinted at until the 10th.
Portraying this as “real growth” is the same sort of math crappola as foisted on us by “scientists” behind WuhanFlu mask effectiveness and global warming scammers.
These numbers look like they are already counting on huge inflation to create monopoly money. Creating a false base and monetary infusion to make these numbers is pretty consistent for our Banana Republic.
Fake eCONomy.
Republicans in charge: economic projections later adjusted upward. (media “surprised”)
Democrats in charge: economic projections later adjusted downward. (media silent)
Rinse, repeat.
That’s all Free Trillion$ shoveled into the economy gets US? Pitiful!
Economic policy that leads to growth takes several quarters to run through it’s cycles.
This growth is Trump’s policies.
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