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GDP report - 3Q

I define a recession as my personal financial situation and my 401k performance.

if both those are fine I really don’t give a rip about a label assigned to the broader economy.
^^^^^^^^This right here explains why Merica is in the mess we are from a political standpoint. Selfish goals and not caring about what is good for the majority.

No WH has ever faced the post pandemic environment we are in today. There was no blueprint. The Fed and the WH are doing what they think is right. And it's about time. The administration of the previous President only wanted cheap interest rates for reelection purposes. Pressuring the Fed to keep interest rates near zero when you had a strong economy is something that should never had been done. That's Econ Class 101.

It's refreshing to have adults in the WH.
 
^^^^^^^^This right here explains why Merica is in the mess we are from a political standpoint. Selfish goals and not caring about what is good for the majority.

No WH has ever faced the post pandemic environment we are in today. There was no blueprint. The Fed and the WH are doing what they think is right. And it's about time. The administration of the previous President only wanted cheap interest rates for reelection purposes. Pressuring the Fed to keep interest rates near zero when you had a strong economy is something that should never had been done. That's Econ Class 101.

It's refreshing to have adults in the WH.

You do realize Democrats are in the Feds ear right now as we speak, right? Many have been expressing their concerns to the Federal reserve for quite a while now. Probably due to the election coming up. But, let me guess. You are ok with that.
 
The fed shouldn’t stop raising rates imo. Getting inflation under control is more important than GDP #s or if we are technically in a recession or not. Keep the on the pedal Jerome!
 
There he is.
Hey, it's you guys that continually say Biden has nothing to do with bad news. You also give people shit (rightfully imo) for using the name Branden. Yet, what is the first thing said with any good news? "Thank you Branden!"

Seems a little stupid doesn't it?
 
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Tax cuts are not spending.
Tax credits are spending.


In fiscal year 2020, at the height of covid stimulus mania, Congress managed to spend nearly twice what the federal government raised in taxes.
Yet in 2021, with Treasury debt piled sky high and spilling over $30 trillion, Congress was able to service this gargantuan obligation with interest payments of less than $400 billion. The total interest expense of $392 billion for the year represented only about 6 percent of the roughly $6.8 trillion in federal outlays.
...

If Treasury rates continue to rise, and rise precipitously, the effects on congressional budgeting will be immediate and severe. Even if we laughably assume total federal debt remains static at around $23.8 trillion (the publicly held portion of the $30 trillion), interest rates of merely 2 or 3 percent will cause interest expense to rise considerably. Average weighted rates of only 5 percent would cost taxpayers more than $1 trillion every year. Historically, average rates of 7 percent swell that number to more than $1.5 trillion. Rates of 10 percent—hardly unthinkable, given the Paul Volcker era of the late seventies and early eighties—would cause debt service to explode to over $2.3 trillion.


Interest on debt in the hands of the public at different interest rates (billions)

Total debt in the hands of the public$23,874. 2
Interest rateInterest expense
1%$238.70
2%$477.50
3%$716.20
4%$955.00
5%$1,193.70
6%$1,432.50
7%$1,671.20
8%$1,909.90
9%$2,148.70
10%$2,387.40


Again, even 5 percent average rates would cause debt service to become the single biggest annual expenditure for Congress—ahead of Social Security ($1.2 trillion), Medicare ($826 billion), and the Department of Defense ($704 billion). The starting point for budget makers every year would be an interest expense totaling nearly half of realistic tax revenue.
Tax cuts are stimulus.
 
Alright, here is the play boys, we change the definition of the word recession so that the 2 qtrs of negative is no longer the standard, then we beat the number by .2 on the 3rd qtr, while explaining the shit is still coming down the pipe, then tell people it isn't a recession.... for now...


Brilliant!



It's good that the numbers went up, might want to slow down on the victory laps.
who changed the definition of recession? When was that done? Thanks
 
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The goalposts will shift on this. They ALWAYS shift with Republicans, because they have no actual beliefs beyond "Democrats bad" and "people not like us are trash".
 
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I dont think Yahoo is a bastion of red, so hopefully the rational can read this w/o red or blue tinted glasses:
 
The Radical Right hasn't quite figured out how to handle this good news...or at least hasn't figured out a way to spin today's news as being bad.

I'm guessing watching Fox Opinion Network tonite will help correct that.
 
Hey, it's you guys that continually say Biden has nothing to do with bad news. You also give people shit (rightfully imo) for using the name Branden. Yet, what is the first thing said with any good news? "Thank you Branden!"

Seems a little stupid doesn't it?

So let me get this straight. Everything bad that happens is Biden's fault. "Let's go Brandon! Hurrr". Anything good that happens has nothing to do with Biden. That does seem stupid.
 
So let me get this straight. Everything bad that happens is Biden's fault. "Let's go Brandon! Hurrr". Anything good that happens has nothing to do with Biden. That does seem stupid.
That's one way to read that. The other way is that you guys are great at giving 46 credit and horrible at finding fault.
 
who changed the definition of recession? When was that done? Thanks
It took 30 seconds and there were a list of articles talking about how the standard " 2 qtrs of decline".




You are welcome.
 
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That's one way to read that. The other way is that you guys are great at giving 46 credit and horrible at finding fault.

You saw what I was responding to, right? I was providing the other way to read it so you just brought it full circle back to doobi's point. You guys also want to have things both ways which is funny when I see the right try to call out the inconsistency while failing to see it in themselves. The right blames for the bad and gives zero credit for the good. Talk about a glass house yet they still happily throw those stones.

As for Biden, I think Afghanistan was handled poorly although the end result was good. I think he's doing well with the Ukraine situation. I don't think Biden is to blame for high gas prices and inflation although he owns trying to solve those problems so the longer they linger, the more it reflects on him. I think in a general sense that Presidents have less to do with economic success/failure toward the beginning of their term as they do toward the end. Biden was not handed a favorable situation and more than a few people called that out when he started.
 
It took 30 seconds and there were a list of articles talking about how the standard " 2 qtrs of decline".




You are welcome.
Yeah - You failed to answer the question. Who defines if it's a recession officially and when did the change the definition. That hack bullshit article you posted doesn't come close to getting it right.
 
Yeah - You failed to answer the question. Who defines if it's a recession officially and when did the change the definition. That hack bullshit article you posted doesn't come close to getting it right.
A recession is and has always been defined as 2 qtrs of negative growth, when this happened the dems added the asterisks that it couldn't be a recession because we were seeing job growth, of course anyone with a brain knew this wasn't growth but was more accurately filling the void left from the pandemic. If you truly are not aware of this I would encourage you to Google it as it was quite comical as it was happening.




Eat a snickers.
 
^^^^^^^^This right here explains why Merica is in the mess we are from a political standpoint. Selfish goals and not caring about what is good for the majority.

No WH has ever faced the post pandemic environment we are in today. There was no blueprint. The Fed and the WH are doing what they think is right. And it's about time. The administration of the previous President only wanted cheap interest rates for reelection purposes. Pressuring the Fed to keep interest rates near zero when you had a strong economy is something that should never had been done. That's Econ Class 101.

It's refreshing to have adults in the WH.
No. It’s called personal responsibility.
Keep your shit in order.

stop catering to the masses that want a $400,000 house a 1/2 hour after graduating from college with mo money down. A $80k suburban on a 7 year no money down loan.

stop bitching about your private school student loan.

All that causes inflation. Government makes it possible for lenders to give out free money and we bail their ass out on the backend with more debt.

if people had to have 20% down for vehicles and loans inflation wouldn’t be an issue. It would force savings and control discretionary spending and credit card debt.
 
No. It’s called personal responsibility.
Keep your shit in order.

stop catering to the masses that want a $400,000 house a 1/2 hour after graduating from college with mo money down. A $80k suburban on a 7 year no money down loan.

stop bitching about your private school student loan.

All that causes inflation. Government makes it possible for lenders to give out free money and we bail their ass out on the backend with more debt.
You mad, bro?

Cause you sound mad.
 
You mad, bro?

Cause you sound mad.
No. My shit is in order. I would say I am tired of paying for other peoples stupidity but since the government is just printing money to pay for everything I really am not paying.

we have to wait until the interest on the debt is greater an all tax receipts. That is the day we all pay.
 
No. My shit is in order. I would say I am tired of paying for other peoples stupidity but since the government is just printing money to pay for everything I really am not paying.

we have to wait until the interest on the debt is greater an all tax receipts. That is the day we all pay.
Congratulations on having the means to have everything in your life in order.

For any variety of reasons, not every Merican is as fortunate. Screw those people, amiirite?
 
So let me get this straight. Everything bad that happens is Biden's fault. "Let's go Brandon! Hurrr". Anything good that happens has nothing to do with Biden. That does seem stupid.
Exactly. Someone gets it.
 
A recession is and has always been defined as 2 qtrs of negative growth, when this happened the dems added the asterisks that it couldn't be a recession because we were seeing job growth, of course anyone with a brain knew this wasn't growth but was more accurately filling the void left from the pandemic. If you truly are not aware of this I would encourage you to Google it as it was quite comical as it was happening.




Eat a snickers.
The dems are not who control the definition and they are not the ones who make the determination if it has happened from an official standpoint. You are wrong, but that's comfortable territory for you.
 
Congratulations on having the means to have everything in your life in order.

For any variety of reasons, not every Merican is as fortunate. Screw those people, amiirite?
Free money policy is the problem.

plenty of jobs, unfortunately for many a job and some income opens them up to lines of credit they should not have. And a government more than willing to bail out lenders gets us where we are at. The lenders should have fried last time. If the government would stop printing money and let the lenders fail we would all be better off long term.

this isn’t about the poor or the druggies or the homeless (which many think just need more of other peoples money). This is about vast amounts of money given out like crazy to anybody with a W2.

the solution is easy but painful. Stop printing money and let the lenders fail.
 
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Free money policy is the problem.

plenty of jobs, unfortunately for many a job and some income opens them up to lines of credit they should have. And a government more than willing to bail out lenders gets us where we are at.
More often than not, govt decisions are made by comparing the "pros" to the "cons". Doing what benefits more citizens vs the damage it could do to some.

All the stimulus coming out of Covid had pluses and minuses.

No program is perfect. But the "armchair quarterbacking" after the fact is just intended to support one's POV.

As an example, I was very vocal about the Trump administrations slow response to Covid. I didn't think sitting back for six months was a good strategy. Others obviously wanted to see the scope of the spread.
 
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^^^^^^^^This right here explains why Merica is in the mess we are from a political standpoint. Selfish goals and not caring about what is good for the majority.

No WH has ever faced the post pandemic environment we are in today. There was no blueprint. The Fed and the WH are doing what they think is right. And it's about time. The administration of the previous President only wanted cheap interest rates for reelection purposes. Pressuring the Fed to keep interest rates near zero when you had a strong economy is something that should never had been done. That's Econ Class 101.

It's refreshing to have adults in the WH.
If you're right, term limits would be a wonderful thing. Then every politician could do what was right instead of doing what would get them reelected.
 
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If you're right, term limits would be a wonderful thing. Then every politician could do what was right instead of doing what would get them reelected.
Right now, we essentially have "minority rule" in certain factions. And that gives the Radical Right too much power.
 
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More often than not, govt decisions are made by comparing the "pros" to the "cons". Doing what benefits more citizens vs the damage it could do to some.

All the stimulus coming out of Covid had pluses and minuses.

No program is perfect. But the "armchair quarterbacking" after the fact is just intended to support one's POV.

As an example, I was very vocal about the Trump administrations slow response to Covid. I didn't think sitting back for six months was a good strategy. Others obviously wanted to see the scope of the spread.
No. Gov't decisions are based on what keeps them employed and paid.
 
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