Posted on 08/26/2022 2:17:23 AM PDT by Macky Cracklins
The economy shrank by 0.6% in the second quarter compared to the same period last year — the second consecutive quarter that the nation’s gross domestic product contracted, thus signaling the onset of a recession, according to the latest data.
The US Commerce Department issued a revised reading of second-quarter figures on Thursday — nearly a month after its initial report measured a 0.9% contraction compared to the year prior, Fox Business reported.
In the first quarter of this year, GDP fell by 1.6% — the worst-performing quarter since the spring of 2020. At the time, much of the country was in lockdown due to the spread of the coronavirus.
(Excerpt) Read more at nypost.com ...
However, our President said we have 0 inflation.
We better trust him lol
Unemployment and hunger - two preconditions for fascism and communism. Their leaders attack private enterprise to empower themselves. You can see it spreading all over the world.
I can practically hear the Rush montage of talking heads: “technically we’re in a recession”, “technical recession”, “well yes technically BUT...”
'Leaders' don't lie, cheat, steal, and try to oppress others. Leaders lead by example and by having workable ideas.
That said, I don't want nor do I need a 'leader' in government. What I need is someone who spends their time actually serving the citizens by ensuring that the basic/fundamental functions of our American government are fulfilled efficiently. These include specifically ensuring the readiness of our defense forces, ensuring that our interactions with foreign governments are consistent with our founding principles and are in our best national interest, ensuring no encroachment upon our Constitutional and natural rights, and protecting Americans from enemies - foreign and domestic.
> The economy shrank by 0.6% in the second quarter... <
I’m actually surprised the Commerce Department didn’t add some sort of “technical adjustment” to bump that number into positive territory.
Come on, guys. Slow Joe needs a win here. Help the old fellow out.
They can call it whatever they want - fluff the vocabulary and spin until they drop. But my purchasing Dollar tells the truth every time I have to pay for anything these days. Add to that the amounts and packaging size, and weight, have all changed across the board.
Yes, as long as we adjust to the de facto recession/depression, it doesn’t matter what they call it.
No different than when the enemedia ran interference for Otoken when unemployment remained high during his regime’s tenure; they invented the term “funemployment” to indicate that Americans were enjoying a well-deserved break from work after 8 years of Republican enslavement.
Well I have to say that during Trumps 4 years I never saw such a favorable society as I saw then. People were excited, busy, and knew all things were better and even getting better. Life was humming along and everybody knew it. The stranglehold on commerce and society was broken so it could function as designed to do - for everybody. That cannot be denied.
Since Bidens come to office it’s all been stopped and everybody knows that as well.
You are right; for a brief period, people had hope/optimism and their behavior reflected that - and with the return of Obamunism, it has died.
In “Animal Farm” the pigs knew they had to eliminate those who remembered the better times, under an admittedly imperfect farmer; now our elites are just letting those people “attrite out” as many will die childless or breed indoctrinated children who are fodder for the political and economic war between generations (while importing more covetous yet docile subjects from other “farms”).
It depends on what the word recession is! (sorry for the paraphrase slick willy)
Administration and media are now redefining the meaning of the word “recession”.
The numbers would likely be much worse, if we were not on the rebound from the artificially low conditions from the COVID restrictions.
A big rebound was expected, but Biden’s policies have taken that down to a net negative.
Surprise! Unexpectedly!
So basically, GDP increased from -0.9% Initial to -0.6% Revised. So positive GDP growth. No Recession.
Simple.
No. Didn't you hear? Old Sniffer is on a tear lately with wins...that and his Avaiator shades are going to save us all fron OrangeMan Fascism...
Remember, the “real” GDP change is the nominal change minus the inflation rate. How many think the stated inflation rate is honest? The real GDP shrinkage is almost certainly worse than stated because they are fibbing about how bad inflation is.
It is not signaling, it is a recession.
The problem is that not all of America is necessarily part of the current recession.
Some areas, like mine for instance are getting along pretty well. Yet when we think of New York City beset by a myriad of serious, possibly mortal, economic problems we can say with certainty the New York economy is in Recession.
The leftist plague sickening the City States has such a negative effect that taken as a whole, America is in recession
When I drive on I 81 and see a marked diminishing absence of semis, there will be recession. So long as there are strings of 8 or 10 semis trudging in tandem up the road, there is no recession of consequence
Might be a recession coming? Tell that to the 20 million behind on their utility payments. I think they think we've been in a recession for quite a while already.
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