Believe it or not, the economy is booming...

[TLK Valentine]

Believe it or not, the economy grew last year at the fastest pace since 1984

The Commerce Department reported Thursday that the nation's gross domestic product grew 5.7% last year — the biggest increase since 1984. But the growth arrived in fits and starts, with hopes for a steady recovery repeatedly dashed by successive waves of infection.

And now, uncertainty continues in the year ahead, as the omicron variant continues to spread. Meanwhile, the Federal Reserve is gearing up to raise interest rates, perhaps aggressively, in an effort to combat stubbornly high inflation.

"It wasn't a straight line for the economy last year, for sure," said Mark Zandi, chief economist for Moody's Analytics. "The economy remains tethered to the pandemic."

Thoughts?

 

[tz620q]

Believe it or not, the economy grew last year at the fastest pace since 1984




Thoughts?

If you look at year to year, with the drop in GDP in 2020 being the highest in history due to the pandemic and shutting down the economy to prevent spread. If you look at it quarter to quarter, you will see the decline was -31.2% in Q2, 2020 followed by a 33.8% rise in Q3, 2020. Unfortunately, when you have a bad quarter like Q2, 2020 it makes the whole year look bad, even if you recover to the same level as Q1, 2020 quickly. That is why comparing percent increase or decrease is not a good statistic for this measure. A better one is pure GDP, which showed that minus 2020, the GDP growth in 2021 was basically on a similar trend to what it had been before 2020.

 

[Aryeh Jay]

In 2020 under the robust and booming economy of the greatest American President of all Time Donald J. Trump, I had a super job at Walmart and brought home $792 after taxes every two weeks. After all bills were paid there was still enough left to go get a good American made steak at the Texas Roadhouse. Now under the oppressive regime of the election stealing Sleepy Joe, last year I barely cleared $127,000.00. I have a socialist 401k that I max out and still had to hire an accountant who I suspect is a "globalist" to find creative ways to get me below the 24% tax bracket. I eagerly await when Mike Lindell and the Supreme Court put Trump back in charge so I can go back to simpler times.

 

[iluvatar5150]

In 2020 under the robust and booming economy of the greatest American President of all Time Donald J. Trump, I had a super job at Walmart and brought home $792 after taxes every two weeks. After all bills were paid there was still enough left to go get a good American made steak at the Texas Roadhouse. Now under the oppressive regime of the election stealing Sleepy Joe, last year I barely cleared $127,000.00. I have a socialist 401k that I max out and still had to hire an accountant who I suspect is a "globalist" to find creative ways to get me below the 24% tax bracket. I eagerly await when Mike Lindell and the Supreme Court put Trump back in charge so I can go back to simpler times.

Sorry to hear that, brother. Perhaps one day we can return you to your former capitalist propserity.

 

[Aryeh Jay]

Sorry to hear that, brother. Perhaps one day we can return you to your former capitalist propserity.

Thanks. I am in dire straits.

 

[iluvatar5150]

Thanks. I am in dire straits.

 

[BobRyan]

Boom as in "Blown to shreds"??

Normally when we have a good economy - you can see it in
1. Grocery store shelves well stocked
2. Gas prices low
3. 401K's doing very well
4. High levels of tourism
5. decrease in Anxiety, Stress, Depression And Suicides.''

Instead all of "that" is going the "other way"

For once I am inclined to agree.

 

[cow451]

Thanks. I am in dire straits.

Which instrument do you play?

 

[Aryeh Jay]

I had to move those color TVs, no instruments.

But yes, now I get blisters on my little finger.
And blisters on my bum.

 

[iluvatar5150]

Boom as in "Blown to shreds"??

Normally when we have a good economy - you can see it in
1. Grocery store shelves well stocked
2. Gas prices low
3. 401K's doing very well
4. High levels of tourism
5. decrease in Anxiety, Stress, Depression And Suicides.''

Instead all of "that" is going the "other way"

No, none of those are necessarily indicators of a "good economy."

"The stock market is not the economy" is a common mantra.

Suicides fell in 2020:
Suicide rates fall again — but not for young adults and some people of color

Gas prices tend to fall during a recession due to reduced demand. The EIA chart only goes back to 1993, but you can see a sharp (though relatively small) drop in gas prices during the 2001 recession and a huge one in 2008.
U.S. All Grades All Formulations Retail Gasoline Prices (Dollars per Gallon)

And then there's the fact that the covid recession started before Biden was elected, so... ya know.

For once I am inclined to agree.

I wouldn't admit that publicly if I were you.

 

[Aryeh Jay]

No, none of those are necessarily indicators of a "good economy."

"The stock market is not the economy" is a common mantra.

Suicides fell in 2020:
Suicide rates fall again — but not for young adults and some people of color

Gas prices tend to fall during a recession due to reduced demand. The EIA chart only goes back to 1993, but you can see a sharp (though relatively small) drop in gas prices during the 2001 recession and a huge one in 2008.
U.S. All Grades All Formulations Retail Gasoline Prices (Dollars per Gallon)
View attachment 311749

And then there's the fact that the covid recession started before Biden was elected, so... ya know.



I wouldn't admit that publicly if I were you.

I was confused by that criteria as well, April 20th 2020 gas was $0.93 a gallon in my town and all the shelves were bare at my dream job. At least one of the best perks of working at Walmart was being able to grab toilet paper once it arrived.

 

[Tom 1]

Believe it or not, the economy grew last year at the fastest pace since 1984




Thoughts?

When Trump was president, I found 50p under the cushion on the sofa. I checked again after that Biden was voted in - nothing.

 

[iluvatar5150]

When Trump was president, I found 50p under the cushion on the sofa. I checked again after that Biden was voted in - nothing.

Hardly the first time Trump came through and left folks with nothing.

 

[Pommer]

In 2020 under the robust and booming economy of the greatest American President of all Time Donald J. Trump, I had a super job at Walmart and brought home $792 after taxes every two weeks. After all bills were paid there was still enough left to go get a good American made steak at the Texas Roadhouse. Now under the oppressive regime of the election stealing Sleepy Joe, last year I barely cleared $127,000.00. I have a socialist 401k that I max out and still had to hire an accountant who I suspect is a "globalist" to find creative ways to get me below the 24% tax bracket. I eagerly await when Mike Lindell and the Supreme Court put Trump back in charge so I can go back to simpler times.

Glad to see you back Mz Jay.

 

[Blade]

haha so sorry.. that really did make me laugh here. A in my little world its not booming "The Economy’s Not Booming. Capitalism Is". Growth can you show the economy is growing at the risk of inflation but not always. You can't pour trillions of dollars into the economy out of thin air there's always a price and we pay for it not Washington. So the economy is growing we're not seeing the profits corporations are.

 

[Ana the Ist]

Believe it or not, the economy grew last year at the fastest pace since 1984




Thoughts?

Is that adjusted for inflation?

 

[disciple Clint]

Believe it or not, the economy grew last year at the fastest pace since 1984




Thoughts?

A minority of people, 44%, said that they were either very or somewhat confident in the president’s ability to make sound decisions about economic policy. That is a sizable drop from the 56% who said the same when they were asked that question in March.

Since March, inflation has skyrocketed. Annual inflation has risen from 2.6% in March of last year to 7% in December, the fastest pace since 1982. Because of the higher prices, the Federal Reserve is planning several interest rate hikes this year, which some economists fear could harm markets and crimp the recovery.
Confidence in Biden economic management is in sharp decline, Pew poll finds

 

[KCfromNC]

A minority of people, 44%, said that they were either very or somewhat confident in the president’s ability to make sound decisions about economic policy.

The thread is about data showing the state of the US economy, not what random amateurs do or don't know about economics.

I don't see why posts which try to downplay a strong US economy would be necessary. Who wouldn't be happy that things are going well despite being in the midst of a pandemic?

 

[GreekOrthodox]

I had to move those color TVs, no instruments.

But yes, now I get blisters on my little finger.
And blisters on my bum.

Are the chicks free again?

 

[TLK Valentine]

Is that adjusted for inflation?

It does indeed take inflation into account.