Posted on 12/08/2025 10:41:08 AM PST by SeekAndFind
Treasury Secretary Scott Bessent said on Sunday that it’s been a “very strong” holiday shopping season so far and predicted that the U.S. economy would end the year on strong footing.
“The economy has been better than we thought. We’ve had 4% GDP growth in a couple of quarters,” he said in an interview on CBS News’ ‘Face the Nation.’ “We’re going to finish the year, despite the Schumer shutdown, with 3% real GDP growth.”
Gross domestic product contracted by 0.6% year-over-year for the first three months of 2025, according to the Bureau of Economic Analysis. The second quarter of the year saw a 3.8% increase.
Initial estimates from the BEA for the third quarter economic results are scheduled to publish on December 23. The latest estimate from the Federal Reserve Bank of Atlanta, on December 5, puts third-quarter annual GDP growth at 3.5%.
Consumers, whose spending accounts for nearly 70% of U.S. GDP, remain gloomy about the state of the economy. The University of Michigan’s consumer sentiment survey came in at 53.3 in December, up 4.5% from November but down 28% from this time last year.
The latest report on inflation, delayed by the government shutdown, showed consumer prices rising 3% year-over-year in September, including a 3.1% uptick in cost for food at home.
As rising prices continue to affect consumers, President Donald Trump has pushed back on the idea that Americans are struggling financially.
“The word ‘affordability’ is a con job by the Democrats,” Trump said during a cabinet meeting on Tuesday. “The word ‘affordability’ is a Democrat scam.”
(Excerpt) Read more at cnbc.com ...
Roaring inflation caused by the plandemic and idiots in congress spending trillions has locked in most prices. The only way out is to grow our way out. Deflation isn’t something anyone should wish for.
A drawback to this achievement is that perhaps half the growth has come from AI capital spending. While I have a lot of capital in AI and AI-adjacent investments (data storage, for example,) it is an overheated sector that can cool fast (I hope not.)
“[AI] is an overheated sector ...”
Overheated literally. It’s using a lot of our electric power.
I cannot fathom why we haven’t devised a two-tier system where tech behemoths are charged premium rates.
“I cannot fathom why we haven’t devised a two-tier system where tech behemoths are charged premium rates.”
Something will happen to protect us from “highest-bidder” customers ... I think.
I work for the post office. You will never convince me the country is slowing spending. You will never convince me that people don’t have the money to spend. Even my poorest customers have money. I am exhausted 😩. I have 200 customers and 85 percent order more crap than I can deliver in a day. Even my poorest customers have money to spend on Amazon and Temu.
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