GDP grew at a 6.9% pace to close out 2021, stronger than expected

[NavigatorII]

Dems like the ones ITT said that number was bullshit. Inflated by economy reopening and didn't matter.
Now fast forward a year and suddenly those same dems are in love with Hiden's 6% GDP a year after they turned the economy off LOL
If dems didn't have double standards, they'd have no standards at all...

What's more reprehensible is that Dimtard blue states were responsible for shutting down the economy for damn near 18 months. To be honest, things never got that terrible in Florida, we stayed open all but a short one month blackout in 2020. But then the national economy went to hell in a handbasket due to supply chain breakdowns. Everything went up, when you could find it. Food, lumber, other construction materials, gasoline. Gasoline alone has nearly tripled. I paid 1.25 a gallon for regular gas the entire month of April 2020 at a buyer's club. I also see my post on how the GDP pimping is complete and utter bullshit. To be honest, I never expected a CFA rebuttal on that. The eye test alone and living in 2022 is enough of an answer.

 

[CFAGator]

For those that can't get past the inflation argument. PCE inflation was just released for Dec, which showed a 4.9% gain in 2021. For those that don't know, PCE is the only inflation number that the Fed uses when determining policy, since it is a much better gauge of price increases on the actual things consumers spend on. CPI weights goods too heavily over services compared to actual consumer spending.

So actual inflation on what US consumers are actually spending their money on was 4.9% in 2021, just ahead of the 4.7% increase in wages in 2021.

When looking at the 2 year change since the pandemic began, we have PCE inflation up 6.3%, versus a 10% gain in wages.

 

[Sunburnt Indian]

My Sherwin-Williams store has been out of 1 gallon buckets of Painter's Choice interior Egg Shell for about 3 months now.

 

[CFAGator]

My Sherwin-Williams store has been out of 1 gallon buckets of Painter's Choice interior Egg Shell for about 3 months now.

That's probably correct. When people are happy with their employment and pay, availability of things to spend their money on tends to move up the list.

 

[ghost_of_ukalum1988]

 

[NavigatorII]

Perception is reality.

Growth Is Surging in Biden's Economy. Why Don't Voters Feel Better?

President Joe Biden is contending with an uncomfortable disconnect: The economy grew at the fastest pace since 1984 last year, but voters are downright pessimistic about economic conditions and their own financial prospects. The divide traces back to the lingering pandemic and high prices...

www.yahoo.com

A Gallup survey conducted this month found that Americans view the economy more negatively than positively: Only 29% said the economy was improving, while 67% believed it was getting worse.

The new GDP figures show that the economy has more than fully recovered from its pandemic hit, but a big chunk of that progress evaporates when you factor in recent price gains. In fact, growth is still falling short of its pre-pandemic trend after it is adjusted for inflation.

The bite that inflation is taking out of the recovery is palpable in everyday life. Workers are seeing their wages rise at the fastest pace in decades — but as they have to shell out more for couches, used cars, steaks and frozen chicken, many are finding that today’s bigger paycheck does not go as far as last year’s smaller one.

When the state run propagandists start calling out Brandon's economy, that's when you know........................"Houston, we have a problem".

 

[GhostOfMatchesMalone]

View embedded media

Paul Krugman and @CFAGator both believe the economy is amazing right now.

The defense rests, Your Honor.

 

[GhostOfMatchesMalone]

Perception is reality.

Growth Is Surging in Biden's Economy. Why Don't Voters Feel Better?

President Joe Biden is contending with an uncomfortable disconnect: The economy grew at the fastest pace since 1984 last year, but voters are downright pessimistic about economic conditions and their own financial prospects. The divide traces back to the lingering pandemic and high prices...

www.yahoo.com

A Gallup survey conducted this month found that Americans view the economy more negatively than positively: Only 29% said the economy was improving, while 67% believed it was getting worse.

The new GDP figures show that the economy has more than fully recovered from its pandemic hit, but a big chunk of that progress evaporates when you factor in recent price gains. In fact, growth is still falling short of its pre-pandemic trend after it is adjusted for inflation.

The bite that inflation is taking out of the recovery is palpable in everyday life. Workers are seeing their wages rise at the fastest pace in decades — but as they have to shell out more for couches, used cars, steaks and frozen chicken, many are finding that today’s bigger paycheck does not go as far as last year’s smaller one.

When the state run propagandists start calling out Brandon's economy, that's when you know........................"Houston, we have a problem".

Normal people who actually have to set and run a household budget understand more about economics than the unemployed cough-huggers here.

But the economy had HUGE growth in 2021! 2020 never happened, do not look behind the curtain!!!!

 

[Sunburnt Indian]

Correction: Earlier I said "Painter's Choice" at Sherwin-Williams. It's Painter's Edge. An S-W brand for professionals only. I use bunches of it. Lately there's been shortages.

 

[BSC911]

Correction: Earlier I said "Painter's Choice" at Sherwin-Williams. It's Painter's Edge. An S-W brand for professionals only. I use bunches of it. Lately there's been shortages.

LOL. There you have it. Biden just needs to have the government produce more painters Choice so you’ll be happy. Or maybe talk to Warren Buffet.

Such a clown.

 

[GhostOfMatchesMalone]

LOL. There you have it. Biden just needs to have the government produce more painters Choice so you’ll be happy. Or maybe talk to Warren Buffet.

Such a clown.

Painter's Edge. Goodness you have the attention span of a goldfish.

 

[BSC911]

For those that can't get past the inflation argument. PCE inflation was just released for Dec, which showed a 4.9% gain in 2021. For those that don't know, PCE is the only inflation number that the Fed uses when determining policy, since it is a much better gauge of price increases on the actual things consumers spend on. CPI weights goods too heavily over services compared to actual consumer spending.

So actual inflation on what US consumers are actually spending their money on was 4.9% in 2021, just ahead of the 4.7% increase in wages in 2021.

When looking at the 2 year change since the pandemic began, we have PCE inflation up 6.3%, versus a 10% gain in wages.

If you actually think anyone here will admit that Trump didn’t oversee the greatest economy in history, and Biden’s not responsible for every bad thing in the economy, then you’ve come to the wrong place.

These people really live in a cult. If it weren’t so funny it would be sad.

 

[Capt Ron 1]

You guys were constantly hyping GDP growth when Trump was president.

Because Hussein never saw anything on an annual basis over 3%. And there was not any covid where we had to shut down. Of course...you already knew this, but hide from the painful truth

 

[CFAGator]

Because Hussein never saw anything on an annual basis over 3%. And there was not any covid where we had to shut down. Of course...you already knew this, but hide from the painful truth

Neither did Trump.

US Real GDP Growth Rate by Year - Multpl

US Real GDP Growth Rate table by year, historic, and current data. Current US Real GDP Growth Rate is 3.04%.

www.multpl.com

 

[GhostOfMatchesMalone]

Because Hussein never saw anything on an annual basis over 3%. And there was not any covid where we had to shut down. Of course...you already knew this, but hide from the painful truth

Didn't obama also have MULTIPLE quarters of NEGATIVE GDP?

All while the economy stayed on.

 

[BSC911]

Because Hussein never saw anything on an annual basis over 3%. And there was not any covid where we had to shut down. Of course...you already knew this, but hide from the painful truth

And neither did Trump. But for some reason Trumps 2,9% GDP growth was amazing while Obama’s 2.9% was horrible.

But the cult isn’t good with numbers.

Facepalm.

Edit. Damn. CFAGator Beat me to it.

 

[Sunburnt Indian]

Mugabe had 8 years of virtually free money. We should have had boom city.

 

[WW HEISENBERG]

https://www.zerohedge.com/political/can-biden-really-flaunt-strongest-growth-four-decades

 

[NavigatorII]

The White House is trying to prepare Americans for a 'distorted' jobs report

Ahead of Friday's jobs report, the White House is lowering expectations about a number they say could be hard hit by both the Omicron variant and a quirk of how the data is gathered each month.

finance.yahoo.com

 

[WW HEISENBERG]

The White House is trying to prepare Americans for a 'distorted' jobs report

Ahead of Friday's jobs report, the White House is lowering expectations about a number they say could be hard hit by both the Omicron variant and a quirk of how the data is gathered each month.

finance.yahoo.com

Ha They were right... ADP Jan LOST 301k jobs and Dec number downward revision.
There will be at most 2 rate hikes and only if they do it quickly. This economy is in the crapper. Wait and see

 

[Orangeclad]

Trump handed Biden an annual inflation rate of 1.4 %. Now it's 7%. What's that, a coincidence? And these idiots want to spend trillions more.

"Waiter, waiter, this food tastes lousy and the portion size is too small too."

 

[WW HEISENBERG]

I'm sure the crappy employment figures are just TRANSITORY, just like the inflation.

 

[CFAGator]

Ha They were right... ADP Jan LOST 301k jobs and Dec number downward revision.
There will be at most 2 rate hikes and only if they do it quickly. This economy is in the crapper. Wait and see

Love the short memories around here. Last month when ADP showed a gain of 800k, everyone spent all day arguing that it wasn't the "real employment report". As I mentioned several times last month, ADP has wild swings from month to month, so you should use the 3 month average (+324k) for a more accurate view of the employment environment.

ADP average is probably still a little high, versus BLS which is about 200k/month recently. BLS will definitely be a bad number on Friday, close to zero or possibly negative, which everyone not trying to make a political argument will just ignore, particularly the Fed and the stock market.

The right will jump on Friday's BLS report as an example of Biden destroying the economy, while the left will jump on next month's report when we see a huge snapback from January's omicron effect. Neither side will use multi-moth averages like they should.

 

[GhostOfMatchesMalone]

I'm sure the crappy employment figures are just TRANSITORY, just like the inflation.

Gas up 15 cents here in the last week. Back up over $3 a gallon.

What a growing economy we have.

 

[Capt Ron 1]

Let me explain something to my patriotic friends(not any democrat is patriotic) Trying to change a snowflakes mind is harder to do than telekinesis. They do not use anything but agenda to make decisions. They want socialism/communism, race and gender wars, world governing, government making decisions, instead of personal freedoms. THIS is what and why they argue. And if you think that you know one that is somewhat smart...ask them who they voted for, and that will clear everything up for you! Remember what Ronnie said...."They just know so many things that are not true".

 

[BSC911]

Let me explain something to my patriotic friends(not any democrat is patriotic) Trying to change a snowflakes mind is harder to do than telekinesis. They do not use anything but agenda to make decisions. They want socialism/communism, race and gender wars, world governing, government making decisions, instead of personal freedoms. THIS is what and why they argue. And if you think that you know one that is somewhat smart...ask them who they voted for, and that will clear everything up for you! Remember what Ronnie said...."They just know so many things that are not true".

Is that what they told you at the Trump rally?

 

[GhostOfMatchesMalone]

They want socialism/communism, race and gender wars, world governing, government making decisions, instead of personal freedoms. THIS is what and why they argue.

I actually disagree with this. I don't think the average dem really wants any of these things.

I think the average dem wants someone to take care of them and tell them what to do and how to think. Government fills the role of 'parent' in their lives. The government gives them food and clothing, and in exchange they are happy to give up their vote, personal freedoms and the ability to make their own decisions.

The average dem is a child and government is mama. So whatever mama wants, the child supports cause mama takes care of the child.

 

[Orangeclad]

Growth and job stats are skewed forever by virtue of an economy being shut down because of a pandemic. Why wouldn't we have growth and people going back to work when an economy starts to reopen.
But let's say the pandemic never happened and Biden's economy is free of any pandemic affect. Does anybody really think a Biden economy would be any better or much better than the economy that he and Obama ran?

I will even dismiss the Obama first term given what he inherited. A whole 4 years to get his economy running. But I won't dismiss his second term where no annual growth was over 2 point something.

Biden effs up everything he touches and there is no evidence based on his track record that he would have a robust economy UNAIDED by a pandemic.

 

[Gator Fever]

Growth and job stats are skewed forever by virtue of an economy being shut down because of a pandemic. Why wouldn't we have growth and people going back to work when an economy starts to reopen.
But let's say the pandemic never happened and Biden's economy is free of any pandemic affect. Does anybody really think a Biden economy would be any better or much better than the economy that he and Obama ran?

I will even dismiss the Obama first term given what he inherited. A whole 4 years to get his economy running. But I won't dismiss his second term where no annual growth was over 2 point something.

Biden effs up everything he touches and there is no evidence based on his track record that he would have a robust economy UNAIDED by a pandemic.

The fed is really in a bind now. They either have to do some hikes or this inflation wont be brought under control. If they do what needs to be done a recession is basically a guarantee I think.

 

[WW HEISENBERG]

The fed is really in a bind now. They either have to do some hikes or this inflation wont be brought under control. If they do what needs to be done a recession is basically a guarantee I think.

That was the gist of my 8:20 post... They desperately want to hike to stave off the "transitory" inflation but they see that this economy is going to tank.. Basically the feds next moves will be one or two hikes at most, followed by cuts...

 

[fatman76]

You guys were constantly hyping GDP growth when Trump was president.

Because it matters. So does the year(s) prior.

 

[fatman76]

Correction: Earlier I said "Painter's Choice" at Sherwin-Williams. It's Painter's Edge. An S-W brand for professionals only. I use bunches of it. Lately there's been shortages.

We have 4 liquor stores in town, all state run.

They are all out of Tito’s, Knob Creek and Woodford. The last two supply trucks were cancelled. This weekend I had to drive 45 mins away to Martinsburg WV to buy Vodka. We had been out for over a week.

We’ve had massive shortages of lettuce, bread, milk and eggs at local grocery stores for months.

Something isn’t right.

 

[fatman76]

The fed is really in a bind now. They either have to do some hikes or this inflation wont be brought under control. If they do what needs to be done a recession is basically a guarantee I think.

And several posters on this board will disappear.

 

[CFAGator]

The fed is really in a bind now. They either have to do some hikes or this inflation wont be brought under control. If they do what needs to be done a recession is basically a guarantee I think.

I pretty much agree, I think they'll raise in March, May and probably June, and by that point inflation should be much lower due to:

- slower growing economy (not recession, just back towards 2% normal growth)
- base effects of inflation being measured compared to summer after prices had risen
- supply chain improvements (already seeing inventory levels improve)
- consumer spending shifting back towards services, particularly travel, instead of the surge in goods purchases we've seen since beginning of Covid.

 

[Capt Ron 1]

I actually disagree with this. I don't think the average dem really wants any of these things.

I think the average dem wants someone to take care of them and tell them what to do and how to think. Government fills the role of 'parent' in their lives. The government gives them food and clothing, and in exchange they are happy to give up their vote, personal freedoms and the ability to make their own decisions.

The average dem is a child and government is mama. So whatever mama wants, the child supports cause mama takes care of the child.

Why did they, and still do vote for it? The people you speak of do NOT control the party. The people who do...want EXACTLY what I posted.

 

[Capt Ron 1]

Why did they, and still do vote for it? The people you speak of do NOT control the party. The people who do...want EXACTLY what I posted. If they do not want that...why do they have open borders? Because they are humanitarians?? LOLOL BS. P O W E R. And many are FINALLY admitting to wanting socialism.You do realize that Bernie SHOULD have wan the nomination, if not for some last hour deal making with the black caucas. A COMMUNIST. Gillum ALMOST won the governorship in Florida...a COMMUNIST.

 

[GhostOfMatchesMalone]

Why did they, and still do vote for it? The people you speak of do NOT control the party. The people who do...want EXACTLY what I posted.

Because the dems view government as mama. If mama wants something, the dems will support whatever mama wants.

Even if it hurts them.

Look at tax cuts. Tax cuts help everyone....but mama tells the dems not to support tax cuts cause they will help 'the rich', and the dems will vote against tax cuts.

Every.
Single.
Time.

Whatever mama supports, the dems support. Blindly.

 

[Capt Ron 1]

Because the dems view government as mama. If mama wants something, the dems will support whatever mama wants.

Even if it hurts them.

Look at tax cuts. Tax cuts help everyone....but mama tells the dems not to support tax cuts cause they will help 'the rich', and the dems will vote against tax cuts.

Every.
Single.
Time.

Whatever mama supports, the dems support. Blindly.

I do not disagree with anything you said above...I just believe it runs WAY deeper than this. Ultimately, they want socialism, a world government, and ever lasting power to keep all of that.

 

[fatman76]

Because the dems view government as mama. If mama wants something, the dems will support whatever mama wants.

Even if it hurts them.

Look at tax cuts. Tax cuts help everyone....but mama tells the dems not to support tax cuts cause they will help 'the rich', and the dems will vote against tax cuts.

Every.
Single.
Time.

Whatever mama supports, the dems support. Blindly.

Companies unexpectedly cut 301,000 jobs in January as omicron slams labor market, ADP says

Private payrolls fell by 301,000 for the month versus the estimate for a 200,000 gain, according to payrolls processing firm ADP.

www.cnbc.com

 

[GhostOfMatchesMalone]

I do not disagree with anything you said above...I just believe it runs WAY deeper than this. Ultimately, they want socialism, a world government, and ever lasting power to keep all of that.

The dems in charge absolutely want that. So do their bosses. They want to consolidate power into the 'elites', and use the common people of the source of that power. Rob the people of their power and make them beholden to the people in charge.

And the dems go along with all of this, cause it's what mama government wants.

What was the core platform of Trump's campaign? Above everything else?

Killing the Deep State and returning power to the people.

How do you not support that?????

And yet.....the sheep hated Trump with a passion......because that's what mama government told them to do.