Posted on 07/20/2021 12:09:14 PM PDT by ChicagoConservative27
So much for the idea that the Trump administration hurt the U.S. economy through its response to the pandemic.
The National Bureau of Economic Research, a private nonprofit research organization that tracks the beginnings and endings of U.S. recessions, said the coronavirus-induced contraction began in February 2020 and ended in April 2020.
That makes it the shortest recession ever recorded in U.S. history.
A recession occurs when there’s a decline in gross domestic product over consecutive months.
The NBER said that although U.S. GDP declined by a dramatic 31% in the second quarter of 2020, government stimulus policies helped stabilize the economy.
“The recession lasted two months, which makes it the shortest U.S. recession on record,” the bureau said in a statement. “The previous shortest recession occurred in the first half of 1980 and lasted six months.”
(Excerpt) Read more at breitbart.com ...
“a decline in gross domestic product over consecutive months.” -— I thought the old definition was two consecutive quarters?
How can you have a recession when money is falling from the sky?
The short recession is nothing to be proud of.
Well, this would be something else - a recession caused by an extraneous factor that effected the whole country.
“Same thing happened to Bush 41 in 1992. Recession was short lived but still got blamed for it.”
As Harry Truman said - “The buck stops here.” It may be “unfair” but if you run for the office, and are elected, you receive the blame for anything that happens between your inauguration address and the day the next president is inaugurated. Decades ago presidents also received credit for the good things (Hoover, Nixon, Ford, Reagan, Bush, and Trump are notable exceptions). The distorted blame game goes with the job.
In addition to maxing out my retirement savings, I put aside another $30k in cash savings. Now I'm actually in position to retire if I wanted to as I'm just a few months away from being able to access my 401k with no penalties.
But I'm having too much fun working so I'll keep at it so long as they keep me!
Yup. Even little expenses like dry cleaner bills eliminated. It all adds up.
Does that mean the cost of things like milk, gas and other essentials will fall back to prepandemic levels, and if so, when?
Another example how GDP is a terrible explanation for individual wealth. Seriously did people really become 32% poorer all of a sudden?
It has to be short. The way to end a recession has usually been to deficit spend. This time they injected money into the economy directly as if with a high-pressure fire hose.
The numbers were forged. Wait till the supply chains fail, they are really close right now. Electronics are 2 to 3 months out. Go to lowes or home depot and try to buy a fridge, one of my co-workers just found out that pickings are really slim. Big Price increases are coming in the fall.
Prices are going up like crazy.
Mundane stuff like engine oil filters from 3 >> 5 bucks at WM and the internet.
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