The US economy grew by 5.2% in the third quarter, even faster than previously estimated

[TMSRetired]

Of course every Democrat takes credit for the good and blames any past Republican for the bad.

That's how it has always been and nothing will change going forward.
The US deserves whatever is coming

[AnywhereElse]

Originally Posted by Leo58

https://www.cnn.com/2023/11/29/econo...gdp/index.html

FWIW, economic growth never exceeded 3% under Trump, despite his promises.

Unlike Biden, Trump didn't work to destroy the economy. Any gains Biden has made came out of the destruction of the policies that nearly destroyed our country with the "plandemic".

https://trumpwhitehouse.archives.gov...0-year-record/

"News broke this morning that real GDP grew at an annualized rate of 33.1% in the third quarter of 2020—beating expectations and setting an all-time record."

"Since April, America has gained over 11.4 million jobs, recovering more than half of those lost because of lockdowns. Retail sales are already above pre-pandemic levels, many construction and manufacturing jobs have returned, business activity is at a 20-month high, and new jobless claims fell to their lowest level this week since the beginning of the pandemic."

https://www.forbes.com/sites/chuckjo...h=57a81c6b7847

"Trump didn’t do himself any favors with the trade wars he started and even the signing of the Phase One trade agreement with China looks like an overpromise and under-deliver deal given the goals that were agreed to. While GDP growth crossed over 3% in a few quarters the past three years, on a full year basis GDP growth hit a high point of 2.9% in 2018, the year that Trump’s tax cut took effect. With it falling back to 2.3% in 2019 it appears that tax cut was essentially a sugar rush for one year. This is a shortfall to Trump’s claim that the economy could grow 4%, 5% or maybe even 6% when he was President."

https://thehill.com/homenews/adminis...t-margin-poll/

"Meanwhile, nearly 70 percent of Americans said they feel the economy is getting worse, while around 22 percent said it is improving. Nearly 8 percent were undecided on the issue."

"A CNN poll released last week found 58 percent of U.S. adults surveyed believe Biden’s policies have worsened economic conditions in the country, compared to 24 percent who thought his policies improved economic conditions."

I wouldn't believe a single thing coming out of the Biden Administration! The people shopping know how Bidenomics is NOT working, and that is all that will matter in the election + illegal aliens/fake asylum seekers flooding in!

https://www.heritage.org/budget-and-...bidens-economy

"Moore: Well, I think first of all, this really suggests that the people in the White House are just out of touch with what's going on in real America. We've always talked about Washington being a bubble, where politicians of both side of the aisle are just not in touch with what's happening in main street America. And this is a really a picture perfect example of that, where it's laughable and it's actually insulting for the Biden administration to tell people who are seeing their incomes being ravaged by the highest inflation rate in 40 years."

For someone that understands GDP, with inflation as high as it is, wouldn't consumer spending, government spending, etc. increase due to the inflation? We currently spending more for groceries ALL THE TIME!

https://www.bea.gov/news/2023/gross-...estimate-third

"The increase in real GDP reflected increases in consumer spending, private inventory investment, exports, state and local government spending, federal government spending, residential fixed investment, and nonresidential fixed investment. Imports increased (table 2)."

Answered my own question: https://blogs.worldbank.org/allabout...%20measurement.

If wages are going up as fast as the cost of everything else, it would be neutral, but how many have gotten a 25% or more increase in their wages to keep up with inflation.

The rest of the story.............. Biden is loser, and every thing the old perv touches turns to thorns!

[TMSRetired]

There was a report put out...basically laying blame to the Federal Reserve...the ultimate power behind our currency system.

https://www.govinfo.gov/content/pkg/...f/GPO-FCIC.pdf

Highlights from the above report (for those that find reading "hard" )

The prime example is the Federal Reserve’s pivotal failure to stem the flow of toxic mortgages, which it could have done by setting prudent mortgage-lending standards. The Federal Reserve was the one entity empowered to do so and it did not.
..
More than 30 years of deregulation and reliance on self-regulation by financial institutions, championed by former Federal Reserve chairman Alan Greenspan and others, supported by successive administrations and Congresses, and actively pushed by the powerful financial industry at every turn, had stripped away key safeguards, which could have helped avoid catastrophe.
..
In the years leading up to the crisis, too many financial institutions, as well as too many households, borrowed to the hilt, leaving them vulnerable to financial distress or ruin if the value of their investments declined even modestly.
..
Throughout the summer of 2007, both Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paul- son offered public assurances that the turmoil in the subprime mortgage markets would be contained.
..
Yet the Federal Reserve neglected its mission “to ensure the safety and soundness of the nation’s banking and financial system and to protect the credit rights of consumers.”

[Leo58]

Originally Posted by warhorse78

He's not wrong. Businesses are closing at a record rate because they can't keep up with the high inflation, taxes, regulations and other BS. The only ones doing good are Chinese investors who have the capital to come here and buy up American companies. I don't care what little website you are using as your proof. Data and websites can be manipulated very easily.

My “little website” is considered THE authoritative source of economic data.

“What is FRED? Short for Federal Reserve Economic Data, FRED is an online database consisting of hundreds of thousands of economic data time series from scores of national, international, public, and private sources.”

You offer no links, no data and no evidence. In other words, just crap you make up in your head.

[Leo58]

Originally Posted by Wapasha

Democrats like to rewrite history, and pretend 0bama left Trump a booming economy, when the truth is that 0bama left Trump with a 1.7% GDP growth in 2016.

And inflation of 1.26%, mortgage rates of 3.5%, unemployment at 4.7% and a deficit of $500B. Yes, Trump inherited a great economy.