Posted on 11/29/2023 7:40:30 AM PST by ChicagoConservative27
The U.S. economy grew at a blistering 5.2 percent annual pace in the third quarter, the government said Wednesday.
This was faster than the previous estimate of 4.9 percent, which was much higher than anticipated. Excluding the rebound from the pandemic, this is the fastest pace of growth in a decade.
The upward revision reflects an increase in government spending and business investment. Consumer spending was revised down as were exports.
This is the government’s second estimate of gross domestic product, the official government scorecard for the economy. In the second quarter, the government grew at a 2.1 percent annual rate.
(Excerpt) Read more at breitbart.com ...
Consumer spending down…government spending up. Yep, sounds like a great healthy economy to me./s
Tractor production up 300% etc.
Bullshit, as usual.
No, it did not.
All of that claimed "growth" was inflation. The real economy is in decline as wages fail to keep up with prices.
"They are lying. We know they are lying. They know we know they are lying. But they are still lying". (Alexandr Solzhenitsyn)
I give it about 6-8 weeks before that 5.2% number is revised downward.
“Consumer spending has been surprisingly robust”
I would bet people are buying items now on credit in anticipation of higher prices later. As the chief in F troop said, “It is a balloon!”
https://www.youtube.com/watch?v=k8qjxT1iIAM
I used to be an expert on BS, such that I could correctly identify it 2 out of 3 times.
Now days, EVERYTHING is BS until proven otherwise.
That 5.2% is an annualized number, but the fake news never mentions that, or if they do, the sheeple don’t understand what it means.
Wrong (not to you but the article.) The value of the dollar dropped by about 5% - mostly thanks to government spending with printed money.
Until the Biden regime’s economic statistics are audited, be skeptical about them. That includes Breitbart.
That’s actually “real” growth. Inflation is stripped out via the Core PCE price deflator, which is the Fed’s preferred measure of inflation.
In today’s data release, the Q3 core PCE deflator was revised downward by -0.1 to 2.3% annual.
They never mention that except in the first sentence of this article.
“The U.S. economy grew at a blistering 5.2 percent annual pace in the third quarter.”
.......”the government says” referring to a cabal of marxist/leftists/socialists surrounding brain dead biden in the White House................
Garbage economics. This is sugar high federal spending. When the bill comes due, it’ll be a bummer.
“Government spending..... but people will eat this up.”
I clicked on this thread to say the same thing. When your GDP “growth” is mainly from government spending, there is little growth at all.
Another thing I noticed is the reported increase of 4.1% in corporate profits. I suspect the government actors and their media megaphones are going to point to greedy corporations for the consumer’s “perceived” financial woes. I don’t trust any of the numbers reported. I’m proven right when they are always revised at the next period’s reporting.
Next report will likely be ‘revised down’.
Revised down, exactly right. Ever notice that all the reports for dimocrat administrations are revised down and I also noticed that a lot of reports during Trump were revised up.
That’s not growth.
That’s just more inflation.
The REAL economy is shrinking as government displaces it.
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