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US Gross Domestic Product, Second Quarter 2022 (Advance Estimate)

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Re: US Gross Domestic Product, Second Quarter 2022 (Advance Estimate)

#101

Post by jeffbee »

thepasswordis wrote: post #91

The way that the White House, and by extension the administrative branch of the government has decided to redefine "recession" and imply that the economy is doing really well right now is actually scary. These people do have huge levers that control our lives that they can pull. Their actions do have massive effects on the American economy, and by extension the economy of the rest of the world. The actions they're ta…

Direct actions like what? U.S. crude production is near all-time highs. Gas is expensive because ridiculous Americans will pay it and the oil companies figured that out. Shell just announced a $12 billion quarterly profit.

The only thing I want to see out of Biden on gas prices is a windfall tax on oil companies where the funds are dedicated to lithium exploration.

Re: US Gross Domestic Product, Second Quarter 2022 (Advance Estimate)

#102

Post by [deleted] »

Workaccount2 wrote: post #76
boredumb wrote: post #37

Earlier quoted context omitted.

It's fairly obvious there are political bias in american media and always has been. If your party is hostile to increasing federal government or regulatory capture you will be under a microscope and even sacrifice some credibility to attack you, otherwise you can bumble around, redefine common terms, deflect and mislead and have the entirety of relevant and 'trusted' media sources run cover for you indefinitely.

Quoted post unavailable.

[deleted]

Re: US Gross Domestic Product, Second Quarter 2022 (Advance Estimate)

#103

Post by disantlor »

andrew_ wrote: post #85
disantlor wrote: post #80

Earlier quoted context omitted.

But you DO look past the purpose of that injection of money, which was to protect jobs/economy. Whether it could have been implemented is one thing to be debated; to assume/pretend it had absolutely no positive effect, and that we would have been off than we are currently without it, seems disingenuous.

To the argument within my comment, the purpose of the money is of no consequence. It is merely fact that the money was injected. The moral consequences or beneficiary of that money don't have bearing on the fact that the money was injected, and would have negative long-term effect.

Right, and not injecting the money would have a negative long-term effect. I'm saying while it's difficult to be sure, it's at least reasonable to conclude that we traded a short term disaster for smaller long-term pain.

Maybe you disagree, but I don't get why people are acting like this is sinister.

Re: US Gross Domestic Product, Second Quarter 2022 (Advance Estimate)

#104

Post by s1artibartfast »

spywaregorilla wrote: post #61
tiahura wrote: post #39

Earlier quoted context omitted.

The lying is the present attempt to tell us we’re not in a recession. And her failure to appreciate the scale of the price inflation problem was not just a case of being “wrong.” She was unable to see the worst inflation in 40 years when it was standing right in front of her. She’s a miserable failure.

You're changing your story now though. You now have new information that wasn't available at the time of the transitory comment. Information that would all but guarantee large inflation problems.

I think it is pretty clear. Wrong once, Wrong twice, and then now misleading.

Re: US Gross Domestic Product, Second Quarter 2022 (Advance Estimate)

#105

Post by tiahura »

NovemberWhiskey wrote: post #74
tiahura wrote: post #55

Earlier quoted context omitted.

Every day for a year, every single business leader in every single industry, has been on CNBC warning about inflation. The only ones who didn’t get it are in the present administration.

Not so much. https://www.nytimes.com/2021/07/17/business/dealbook/inflati...

Austen Goolsbee? He was part of the Biden campaign and not a CEO. He seems like a good guy, but he’s a hack.

Most of the executives quoted said inflation was an issue, but that they thought they would be able to raise prices to match (ie we’re going to do our part to make it persistent).

Edit: A very important article. Basically the academic center-left consensus was 100% wrong, and everyone else was right.

Re: US Gross Domestic Product, Second Quarter 2022 (Advance Estimate)

#107

Post by [deleted] »

pgrote wrote: post #25
2OEH8eoCRo0 wrote: post #11

Earlier quoted context omitted.

What conclusion are you trying to draw from this subjective view?

That the definition of a recession has always been 2 quarters of negative GDP. The administration now believes there is nuance in the numbers, so what was the accepted definition in the past is no longer. The fact the media on whole has decided it's ok to redefine a commonly accepted definition when the administration promotes it lends itself to the media being a mouthpiece for the administration. I am willing to und…

[deleted]

Re: US Gross Domestic Product, Second Quarter 2022 (Advance Estimate)

#108

Post by lumost »

melling wrote: post #69
yuan43 wrote: post #43

> Real gross domestic product (GDP) decreased at an annual rate of 0.9 percent in the second quarter of 2022 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP decreased 1.6 percent. That makes two back-to-back quarters of real GDP contraction. To some, this is a recession, but it's the NBER that puts the stamp on it. AFAIK, NBER has never failed…

Doesn’t a Fed typically lower rates during a recession? At least at some point, in order to bring a country out of the recession.

There have been predictions that the Fed would exhaust its capability to regulate the economy through monetary stimulus for years with the end result being inflation and recession. Anecdotally, over the course of my life the size of fiscal and monetary stimulus has only increased. During the 90s we would stimulate with a few points of interest reduction, then in the 2000s we had 08 leading into permanent QE through the 10's. The 2020's have seen stimulus activities far in excess of '08.

Re: US Gross Domestic Product, Second Quarter 2022 (Advance Estimate)

#109

Post by jhoward321 »

thepasswordis wrote: post #91

The way that the White House, and by extension the administrative branch of the government has decided to redefine "recession" and imply that the economy is doing really well right now is actually scary. These people do have huge levers that control our lives that they can pull. Their actions do have massive effects on the American economy, and by extension the economy of the rest of the world. The actions they're ta…

They didn't redefine recession, that's been defined by NBER. I agree there's some spin, but this statement isn't correct.
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