youthathletics wrote: ↑Tue Jan 30, 2024 7:14 pm
MDlaxfan76 wrote: ↑Tue Jan 30, 2024 6:45 pm
youthathletics wrote: ↑Tue Jan 30, 2024 6:20 pm
cradleandshoot wrote: ↑Tue Jan 30, 2024 4:47 pm
MDlaxfan76 wrote: ↑Tue Jan 30, 2024 3:52 pm
CU88a wrote: ↑Fri Jan 26, 2024 10:22 am
Today a report from the Bureau of Economic Analysis showed strong economic growth of 3.3% in the U.S. in the fourth quarter of 2023, setting growth for the year at 3.1% (by comparison, in the first three years of Trump’s term, before the pandemic, growth was 2.5%). A year ago, economists projected that the U.S. would have a recession in 2023, and forecast growth of 0.2%.
Meanwhile, unemployment remains low, wages are high, and inflation is receding. As Gabriel T. Rubin put it in the Wall Street Journal today, “The final three months of the year looked a lot like the soft landing Fed officials are seeking to achieve.”
There is a major political story behind this impressive economic one. Since 1981, lawmakers have insisted that cutting taxes, regulation, and the social safety net would create much faster and more efficient growth than was possible under the system in place between 1933 and 1981.
What Recession? Growth Ended Up Accelerating in 2023
Economy expanded 3.1% from a year earlier due to strong consumer spending and hiring
https://www.wsj.com/economy/gdp-us-econ ... ticle_pos5
hmmm, crickets from the right wing posters...
Keep up the good work!!! Things are looking up so much it's time for well deserved tax increase.
Of course there is 0.6 growth….how could there not be, inflation has caused the price to go up for most everything, while labor and the cost of manufacturing goods has not matched. I’d certainly want 2.5% growth without the inflationary costs of the past few years….anyone that would is FOS.
Good thing you're not an economist...kinda like Salty talking about the law...or telling us about how Trump has an Ivy MBA...
The growth is in real GDP, which is already inflation adjusted.
By comparison, Trump's 4 years were 1.8% real GDP growth avg annually whereas Biden's is 3.4% so far.
Now, that's not entirely fair as Trump's real GDP growth was crushed by the pandemic.
Taking a longer view is more helpful.
https://fred.stlouisfed.org/series/GDPC1
Even more interesting is the per capita real GDP over the past 10 years or longer:
https://fred.stlouisfed.org/series/A939RX0Q048SBEA
Don't believe anyone who tells you our economy isn't robust and resilient, amazingly so IMO.
And we outperform the world on the regular.
No one needs to be an economist to fully understand the difference of how people are living now vs then and how their dollar works for them.
I’m stoked we never hit (official) recession, the fed limped is along. Maybe we should thank Russia for going to war with Ukraine?
I take it that you're positing that our sending military equipment to Ukraine and the manufacture of modern replacements is driving our economic growth. Do you know the proportion of the economic activity that is the incremental spend on this equipment?
But yes, the Russian invasion exacerbated inflation due to increased energy and food costs. Energy has come back down as markets have adjusted, including the US producing far more energy than at any prior time, including per capita. Food is still impacted, but Ukraine's success in breaking the Russian embargo is helping somewhat...but big food producing areas are still impacted.
But the big inflation impact was the disruption of Covid. Despite the big drop in economic activity in the first year of Covid, inflation spiked radically...and kept on going...it's coming down now to near normal levels, but not disinflation. Fortunately wages have been rising even faster, though that too has been an inflation source.
I see housing costs, especially for first time home buyers, family move up buyers, and renters more generally, to be the biggest inflation impact that's problematically sticky. Big jump in housing costs during covid pre increases in rates. It deserves its own discussion as there are several ways that could increase for-sale supply faster than just the market dynamics, though would need legislative support which is nearly impossible right now. We're probably going to have to just live with this for awhile but it's crazy how hard it is for young people versus the boomer era much less our parents'.