Posted on 05/30/2024 9:08:41 AM PDT by ChicagoConservative27
The U.S. economy grew less than previously thought in the first three months of the year, expanding at an annual pace of just 1.3 percent, revised government data showed Thursday.
The downward revision was primarily driven by data showing that consumer spending grew by significantly less than previously estimated.
This was the smallest expansion in gross domestic product in almost two years. The prior estimate had the economy growing at a 1.6 percent pace in the first quarter.
Consumer spending grew an an annualized pace of two percent in the first quarter, the new figures show, down from the previous estimate of 2.5 percent. In the second half of last year, consumer spending had expanded at a better than three percent rate.
(Excerpt) Read more at breitbart.com ...
Gee that’s a shock, NOT.
Every. Single. Time.
Amazing economic gubmint reports with amazing economic news headlines!... followed by the inevitable “revised downward” economic correction buried in the back on page A16.
Pfffft.... and some still wonder why no one trusts the gubmint.
Come on man… This is the best economy in the history of the Unitestatrsofremerca!!! WAGERSAREUX! Gro…uh, uh, where was I… Anyway…
Without gubbmit spending, we’re in the negative zone.
If this is reported anywhere in the MSM it will be on page 3 of the financial section below the fold.
Another fake government economic statistic. Real output has been falling for 3 years with a rate of contraction of around 2 to 3 per cent per year. Everyone is poorer.
It also looks like we’re headed for an inflection point where there will be a very large contraction.
Inflation is a tax and the citizens are now paying an additional tax of around 20 to 30 per cent on their income and savings in addition to the official income taxes.
And our government is paying with a credit card.
Just wait until the next quarters initial numbers.
Knock me over.....
....Joe, many of us know you’re a liar and do not believe you, or your administration. You can fool some of the people....
Needs a MINUS SIGN in front of that number
followed by the inevitable “revised downward”
**************
This game has become very clear: Economic legerdemain.
This!!!! GDP is a horrible barometer of our country's economic health. Saying GDP is up would sometimes be like if I was still married to my ex and said our finances are good because she keeps running up our credit card debt.
Can you say COLA?
Biden’s GDP always seems to be revised downward and Trump’s were revised upward.
Use legit inflation numbers and...
How much of that growth is due to US Gov’t Deficit Spending?
Puppet Biden borrowed $7 trillion dollars in the last 3.5 years. The Federal Reserve printed this fiat money out of thin air and and dumped it into the economy, resulting in ONLY a 1.3% increase in GDP growth (along with 18% inflation). That is the true scandal.
And most of that borrowed money was given to the 15 million illegal aliens and Ukraine. What a racket. /spit
C-O-L-A Cola!
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