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The U.S. economy is doing even better than the government thought
CBS News (via MSN.com) ^ | 29 November 2023

Posted on 11/30/2023 12:53:28 AM PST by 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..."

(Excerpt) Read more at msn.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: bias; bidendestroyseconomy; bidenflation; bidenomics; cbsnews; economy; inflation; mediabias
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To: hardspunned

Yep, absolutely. If you have a bucket that leaks a gallon an hour it will still go dry if you are only putting a half gallon an hour in it to try and keep up. The leak is going to win, it will just take a little longer.


41 posted on 11/30/2023 4:07:21 AM PST by Openurmind (The ultimate test of a moral society is the kind of world it leaves to its children. ~ D. Bonhoeffer)
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To: Alberta's Child
I wasn't making an assessment, I was describing the current state of the economy (i.e., the economy is stronger than it otherwise would be given the incompetence of DC).

An implosion of the country for whatever reason will certainly affect the economy.

42 posted on 11/30/2023 4:11:44 AM PST by RoosterRedux (A person who seeks the truth with a strong bias will never find it. He will only confirm his bias.)
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To: Alberta's Child
Correction: I wasn't making an assessment of the future state of the economy.

Sorry bout that.

43 posted on 11/30/2023 4:17:54 AM PST by RoosterRedux (A person who seeks the truth with a strong bias will never find it. He will only confirm his bias.)
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To: Chad C. Mulligan

That is the entire problem in a nut shelll. Think what happens as you over inflate a beach ball.


44 posted on 11/30/2023 4:32:27 AM PST by Mouton (US Home to one party rule)
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To: Chad C. Mulligan

On this rate staying up....I totally agree. This low-mentality that has been around years was wrong.

But you go to the home market and say x-home is worth $650,000 (in your mind) and look for buyers who have 30-percent for a down payment...then find few if any can thrill the banks with the requirements or the job security.

You can predict for the next decade....it’s a long tough period and very similar to the 1930s. College paths? That will decline in a hurry. Both parents now having to work, to afford any lifestyle? Yeah. People charmed to over-pay on some I-Phone? Forget it. Spending $5,000 on some Aruba two-week vacation? Not for the next couple of years. Motorcycles or speed-boats? That’s going to decrease. People buying bare-bones health insurance? Will start to be the ‘norm’.

We will end up whittling down expenses...as our chief way of fighting inflation, and grumble about it daily.


45 posted on 11/30/2023 4:33:07 AM PST by pepsionice
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To: zeestephen

Meanwhile this article was posted just hours before on FR:

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

https://www.msn.com/en-us/money/markets/the-u-s-economy-is-doing-even-better-than-the-government-thought/ar-AA1kJopj?ocid=hpmsn&cvid=c77521e93ac24304b9aacd3049eaa3a7&ei=27

I’ve always suspected even economists don’t know fully what they are doing , which is why it’s best to let the economy alone.


46 posted on 11/30/2023 4:56:26 AM PST by Phoenix8
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To: SaveFerris

Anyone that believes CBS is delusional.


47 posted on 11/30/2023 5:03:19 AM PST by Machavelli (True God)
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To: zeestephen

“July through September”

So folks spent funds to escape for a week of vacation before climbing back into the salt mines and onto the roller coaster.


48 posted on 11/30/2023 5:15:21 AM PST by Jolla
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To: zeestephen

The U.S. spends 451 billion dollars years on illegal aliens. The stupid party should show some ..... and cut the budget by 451 billion dollars. Tell Biden to fund the illegals from the DOJ and IRS budgets.


49 posted on 11/30/2023 5:24:24 AM PST by Enterprise
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To: zeestephen

Good ol’ CBS, sayin’ what they’re told to say.


50 posted on 11/30/2023 5:31:33 AM PST by OKSooner ("You're not gonna like what comes after America." - Leonard Cohen.)
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To: zeestephen

When you are in the toilet the only direction you can move is upward.


51 posted on 11/30/2023 6:11:10 AM PST by nagant
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To: zeestephen

The grocery cart tells the truth.


52 posted on 11/30/2023 6:11:47 AM PST by lurk (u)
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To: zeestephen

Nobody wants U.S. Treasury bonds
https://freerepublic.com/focus/f-bloggers/4200225/posts


53 posted on 11/30/2023 6:14:32 AM PST by linMcHlp
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To: zeestephen

Yes, I can ALMOST afford a pound of hamburger now. /S


54 posted on 11/30/2023 6:34:58 AM PST by Old Grumpy
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To: zeestephen

Was looking, recently, at a local grocery store ad....at their “sales”....

A can of pumpkin was *on sale* for almost twice as much as it cost two years ago! The base price was even more than what it cost two years ago.

Almost like it was marked up, to put ‘on sale’. No idea, since I hadn’t priced cans of pumpkin in the past year.


55 posted on 11/30/2023 6:39:12 AM PST by Jane Long (What we were told was a conspiracy theory in ‘20 is now fact. Land of the sheep, home of the knaves)
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To: OKSooner

I wonder if they’re also somehow *paid* to say these things. As in....with our tax dollars.


56 posted on 11/30/2023 6:40:08 AM PST by Jane Long (What we were told was a conspiracy theory in ‘20 is now fact. Land of the sheep, home of the knaves)
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To: zeestephen

Lies, Damned Lies, Statistics and FedGov.


57 posted on 11/30/2023 6:49:32 AM PST by oldvirginian (My pronouns are Your Royal Majesty and Mr Fancy Pants.)
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To: zeestephen

Just ignore the high gas prices and runaway inflation. This is the worst economy since 2008 for the housing industry.


58 posted on 11/30/2023 6:54:27 AM PST by bray (You can tell who the Commies fear.)
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To: zeestephen

Gee, I guess I was just imagining how my standard of living has been declining since COVID.


59 posted on 11/30/2023 7:08:15 AM PST by Socon-Econ (adi)
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To: oldasrocks
The rate of inflation was 1.4% in 2020. In 2021, after Biden took over, it was 7%. In 2022 it was 6.5%, and in 2023 it is 3.2% - still over twice what it was in Trump's last year in office.

The government lies about inflation.

The true rate of inflation right now is at least 12% and it will go higher next year. We are already seeing demand destruction as people max out their credit cards and cutdown their purchases of goods and services. Unit volumes are decreasing but since those units cost 40%-100% more than previously it creates the illusion of increasing sales.

Government spending is about double what government collects in taxes. The rest is financed by inflating the currency through borrowing. That translates to rising prices with a lag time of 6 to 12 months.

The only wage earners who can possibly stay ahead of the wave are government employees who can vote themselves pay increases. This is a liquidation economy.

60 posted on 11/30/2023 7:45:14 AM PST by flamberge (We are living in those "interesting times" the elders warned us about.)
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