We're In A Recession......Two Quarters Of Negative Growth Is Official

[mudwhistle]

We're in a recession.
It doesn't matter if the White House refuses to admit it.
We are in a recession.
The economy is worse off than when Obama said this was the worst economy since the Great Depression.
Anyone who goes to the store to buy groceries knows this.

US economy shrinks for a 2nd quarter, raising recession fear

The U.S. economy shrank from April through June for a second straight quarter, contracting at a 0.9% annual pace and raising fears that the nation may be approaching a recession.

apnews.com

 

[1srelluc]

Wall street (for some reason) was expecting a .3 gain.....Where's the disconnect? Buying Tater's BS or wishful thinking?

Pressured by surging inflation, rising interest rates and intensifying supply chain pressures, gross domestic product fell 0.9% for the period, following a 1.6% decline in the first quarter. The Dow Jones estimate was for a gain of 0.3%.

 

[mudwhistle]

 

[mudwhistle]

 

[Harpy Eagle]

So, we are now officially in a recession.

How will my life change today as compared to yesterday?

If one does not lose a job in a recession, how does the recession impact their daily lives?

 

[Marener]

That sucks. We just had a recession in 2020. Hopefully the revisions bring us out of it.

Isn’t it weird we have a recession with historically low unemployment? Doesn’t make any sense.

 

[Cellblock2429]

So, we are now officially in a recession.

How will my life change today as compared to yesterday?

If one does not lose a job in a recession, how does the recession impact their daily lives?

/----/ Pretend it was Trump in office and we entered into a recession. Imagine the wailing and gnashing of teeth from the Leftards.

 

[JackOfNoTrades]

View attachment 675542

Gave it his all??? Please. Started his day at 11:30. Ended his day at 5. Watch Fox, Tweet, Golf, Pep Rally...rinse and repeat. Coasts for three years on economic growth started in his PREDECESSOR'S administration, and the first minute his presidency is tested, throws up all over his shoes..why? Unfit to sit in the chair. Hundreds of thousands dead, economic disaster, violent insurrection. Basically, just shredding the Constitution. Our pretend President.

 

[JackOfNoTrades]

/----/ Pretend it was Trump in office and we entered into a recession. Imagine the wailing and gnashing of teeth from the Leftards.

So you're basically admitting that if Trump was in office, he'd be dealing with the same things..huh?

 

[shockedcanadian]

CNN and others are pretending that it "isn't a technical recession". The same people who pretended that $4T more in the economy wouldn't impact inflation. In short, they are liars and they wonder why citizens don't trust media.

It is going to become even more profound as rates have to go up in an effort to decrease inflation, yet, you are now going to spend "just a little $400B+ more in the economy".

I can't square this circle, can you?

US economy contracts again, fueling recession fears

The US economy shrank again in the second quarter, the Bureau of Economic Analysis said Thursday.

www.cnn.com

(CNN)The US economy shrank again in the second quarter, the Bureau of Economic Analysis said Thursday.



Gross domestic product, a wide-ranging measure of economic activity, fell by 0.9% on an annualized basis from April through June. That decline marks a key symbolic threshold for the most commonly used — albeit unofficial — definition of a recession as two consecutive quarters of negative economic growth.

The hotly anticipated data release has taken on outsized significance as investors, policymakers and ordinary Americans seek some measure of clarity in the current muddled economic environment.

Although Thursday's initial estimate marked a sharp drop from the 6.7% expansn the economy underwent in the second quarter of 2021, the White House has been adamant that the world's largest economy, despite being buffeted by decades-high inflation and a cascade of supply shocks, remains fundamentally sound.

 

[Harpy Eagle]

/----/ Pretend it was Trump in office and we entered into a recession. Imagine the wailing and gnashing of teeth from the Leftards.

It would be just like the wailing and gnashing of teeth we see from you all.

There is no difference between the two sides in this aspect.

But, I am serious about my question. Other than losing a job, what is the worst part of a recession?

 

[mudwhistle]

That sucks. We just had a recession in 2020. Hopefully the revisions bring us out of it.

Isn’t it weird we have a recession with historically low unemployment? Doesn’t make any sense.

It makes sense if fewer people are working.
Let's not forget how many people have retired or forced to retire because of Biden's vaccine mandates.

 

[Harpy Eagle]

That sucks. We just had a recession in 2020. Hopefully the revisions bring us out of it.

Isn’t it weird we have a recession with historically low unemployment? Doesn’t make any sense.

The 2020 mini-recession was not due to any normal economic issues, so it did not really reset the timer till the next one.

What should prove to be good news for this recession is that business are not over manned, most are under what they need. So there should not be the normal round of lay offs and firings that you normally see with a recession, and those that do will have an easier time finding work since so many places are understaffed.

 

[rightwinger]

We are technically in a borderline recession

Republicans do their happy dance

 

[Dekster]

Well first just because they have a deal with Manchin doesn't mean that it will pass. Lots of poison pill could be added in on the floor. Plus his sidekick says she won't support ending the carried interest loophole.

 

[shockedcanadian]

Well first just because they have a deal with Manchin doesn't mean that it will pass. Lots of poison pill could be added in on the floor. Plus his sidekick says she won't support ending the carried interest loophole.

$400B+ and I'm trying to understand the purpose of it considering the economic situation.

 

[Votto]

CNN and others are pretending that it "isn't a technical recession". The same people who pretended that $4T more in the economy wouldn't impact inflation. In short, they are liars and they wonder why citizens don't trust media.

It is going to become even more profound as rates have to go up in an effort to decrease inflation, yet, you are now going to spend "just a little $400B+ more in the economy".

I can't square this circle, can you?

US economy contracts again, fueling recession fears

The US economy shrank again in the second quarter, the Bureau of Economic Analysis said Thursday.

www.cnn.com

(CNN)The US economy shrank again in the second quarter, the Bureau of Economic Analysis said Thursday.



Gross domestic product, a wide-ranging measure of economic activity, fell by 0.9% on an annualized basis from April through June. That decline marks a key symbolic threshold for the most commonly used — albeit unofficial — definition of a recession as two consecutive quarters of negative economic growth.

The hotly anticipated data release has taken on outsized significance as investors, policymakers and ordinary Americans seek some measure of clarity in the current muddled economic environment.

Although Thursday's initial estimate marked a sharp drop from the 6.7% expansn the economy underwent in the second quarter of 2021, the White House has been adamant that the world's largest economy, despite being buffeted by decades-high inflation and a cascade of supply shocks, remains fundamentally sound.

Stop believing the Putin lie

Russians have been sneaking into grocery stores and gas stations around the country to falsely label everything as too expensive, then going round saying how Americans are hurting economically

Again, there is no recession.

Joe Biden 2024 baby!!

 

[DigitalDrifter]

The spin is obnoxious. This morning that clown spokesperson for Biden was trying to blame the "decades long inflation" we've experienced. What a joke!

 

[mudwhistle]

And guess who's on deck to be president:

 

[Dekster]

$400B+ and I'm trying to understand the purpose of it considering the economic situation.

Over how many years? Last time they tried pass Build Back Better it was spread over 10 years so it really wasn't as huge as they were acting. I mean if this is over 10 years, $4B is chump change in a $20T+ annual GDP economy.