The U.S. economy is doing even better than the government thought

CBS News (via MSN.com) ^ | 29 November 2023

[zeestephen]

Shrugging off higher interest rates, America's consumers spent enough to help drive the economy to a brisk 5.2% annual pace from July through September...The government had previously estimated that the economy grew at a 4.9% annual rate last quarter...the unemployment rate has come in below 4% for 21 straight months, the longest such streak since the 1960s..."We continue to forecast ongoing expansion in economic activity, but the pace should slow quite significantly in Q4..."

[Openurmind]

“People have lots of money. I deliver their packages. There’s lots of money out there. Don’t let anyone tell you differently.”

What you see is everyone running up their credit to get as much as they can before they claim bankruptcy. It is an age old last ditch practice that ends up shorting the taxpayers in the end.

[no-to-illegals]

Quick ….. bubble wrap this and ship it before the “see BS” is exposed

[Worldtraveler once upon a time]

Orwellian. CBS and the other media think inflated prices means growth in actual production. In terms of real goods and real wages for most, the "few" atop the heap are telling the nation everything is fine because they are. But....

Debt Clock

Federal Budget Deficit Grew to $2 Trillion in FY 2023 Tax Foundation, 12 October 2023

U.S. Credit Rating Changed From ‘Stable’ To ‘Negative’ As National Debt Balloons Daily Wire, 11 November 2023

"Half of all American workers now make under $41,000 per year.

"That comes to $3,400 per month.

"Given the median rent is $1,978 and used car payment is $528, that leaves precisely $894 for everything else -- food, utilities, medical insurance and premiums, clothes, car repairs, sick kids, and that once a year dinner out at McDonald's."

Peter StOnge

[MrRelevant]

Ya they also neglect to mention the war machine, which is always good for biz and the crushing credit card debt people are piling up to get their cool stuff. The economy is swell , just peachy.

[MrRelevant]

Money and credit are 2 different things.

[pepsionice]

In the game of ‘Monopoly’, there are rules, expectations and a general strategy. Things tend to work.

Since 2008, I would say we have a 1929 chaotic situation brewing where the numbers and general way that commerce/economics won’t function as designed.

You go over to new car lots, and notice that they are overstocked (perhaps up to 200-percent of normal inventory). You can’t sell $75,000 cars because no one has the economic situation to afford $1,000 a month over 72 month period.

You look at the used car lots, and tons of repossessions are sitting there....over-priced, and still in a range where you can’t afford $1,000 a month over 60 months.

You have mortgages where a working-couple are trying to afford a $500k house (when they can’t afford it).

You walk into a grocery for what was a $120 cart back in 2018, but now costs near $200 today.

You have your dimwit son or daughter telling you some BS about how they are ‘fluid-something’, and it sounds like they got knocked in the head.

You have your church-group trying to convince you of some political position, when the talk seems to edging toward some demon-possession chatter.

The list goes on and on...things aren’t stable or heading in any positive manner.

[maddog55]

I don’t believe one F’n thing the government says. They lie about everything and anyone who believes what they say should never be trusted.

It’s gotten significantly worse over the last decade.

[maddog55]

74 Vette?

[Russ]

BINGO! You nailed it! Credit card debt is out of control and getting worse. 20% and more interest rates on credit cards will eventually bankrupt the nation.

[Gaffer]

This entire government has become the equivalent of Baghdad Bob. Lies, exaggerations, misinformation and horribly distorted contexting.

[ronnie raygun]

B____sh__

[GaltAdonis]

Food costs are increasing?
THAT must explain my losing 45 lbs over the past year.

And my silly doctor keeps running tests on me to see if I have developed
some strange sort of cancer, or something.
What a silly putz he must be, eh? /sarc

[hardspunned]

“Shrugging off higher interest rates, America’s consumers spent enough to help drive the economy to a brisk 5.2% annual pace”

Of course, this true. If inflation over the period is 10%, to simply maintain, spending must increase 10%. Middle class and working class poor are tapped out. Spending 5% (or whatever) more means we actually getting less less for our increased spending.

[Openurmind]

Yes, I think it is the last spending binge before it all crashes. They got to get the toys they cannot live without before it does.

Consumerism is extremely predictable.

[Recompennation]

Joe brandon’s band wagon.

[jeffc]

Saw a "report" that said holiday season spending is up, so the economy "must" be good.

Here's where the media lie to us: spending IS up, but we're all spending more just to get the same stuff!!

[Chad C. Mulligan]

One horrible effect of this massive deficit fiscal policy is that the Fed has to keep interest rates high. It’s the only tool they have to stem the price rises caused by currency inflation. But this action discourages private sector investment, i.e. development of new tools for increasing productivity. And increased productivity is in the long run the only thing that can balance out inflation.

[FlingWingFlyer]

The media clowns have gone way over the fake news line. It’s all booschidt now.

[Openurmind]

That is the kind of “in your face” observation I wish more could see. We might be able to fix it if they were not so blind.

Thank you...

[Alberta's Child]

One thing that should put a damper in your assessment is the growing budget deficit that is largely driven by corporate and personal income tax revenues falling far short of their projections.

The U.S. economic growth isn’t being driven by productive activity anymore. It’s being driven by massive government spending in increasingly useless and unproductive crap. Think of a $6 billion “investment” in an EV battery plant as a perfect example of this.