Posted on 01/27/2022 4:42:03 PM PST by lowbridge
The U.S. economy grew last year at its fastest pace since 1984, rebounding from a sharp but brief coronavirus-induced recession in March 2020.
The nation's gross domestic product, a measure of all goods and services produced, expanded by 5.7 percent in 2021, the Commerce Department reported Thursday. Growth accelerated even faster during the period from October to December, rising to 6.9 percent on annualized basis.
With inflation running hot and Covid-19 cases from the highly contagious omicron variant filling overworked hospitals and keeping workers at home, the economy is expected to grow at a slower rate in 2022. Economists have already slashed their forecasts for the first quarter, due to the impact of omicron.
“The economy finished 2021 on a strong note, though GDP growth was driven largely by rising inventories,” said Greg McBride, chief financial analyst for Bankrate.
“Omicron will put a dent in first quarter economic growth — we’re already seeing some of this with increased jobless claims — but demand remains strong, the labor market is tight, and the economy is poised for another year of solid, above-trend growth.”
(Excerpt) Read more at nbcnews.com ...
Sure thing, NBC. LOL Lies.
Yeah it grew with almost everything locked down?
Bull $hit....
Much like the old Soviet Union economic reports to the politburo.
They thought Mondale should be elected in 1984, and said Reagan was too old and was lying about the economy.
Your dollars will be rendered worthless and you will be happy.
The economy grew, yet there are shortages of almost every product.
Do they really think we are this stupid????
Reopening shuttered businesses is not “growth”, it is only restoration to activity. The pie is much smaller than it was only a couple of years ago, so any increase in commerce is greatly magnified.
Right. and I’m a Democrat.
wi inflation at 6.7%! but THAT, is a Real number...
Someone’s Nose is growing
So, by some measure, it grew by 5.7%. This was actually a recovery from the pandemic shutdown contraction. Exactly what was the size of the original contraction?
Their spin makes it sound like it is larger than ever. It is actually a partial rebound!
Government spending is figured into GDP unless I’m mistaken.
Grew by 5.7% after being 20% shut down the previous year by (mostly) blue state governors at Fauci’s request.
They probably forgot to adjust for inflation.
Liars.
Exactly. It was a weak recovery after devastating Covid lockdowns, but did not come close to regaining pre-Covid levels.
Yup. GDP includes government spending: https://www.investopedia.com/articles/investing/051415/how-calculate-gdp-country.asp
“.. The U.S. economy grew last year at its fastest pace since 1984, rebounding from a sharp but brief coronavirus-induced recession in March 2020. ...”
So, business recovery from the pandemic equals national economic growth.
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