The Biden Recession

[Tecumsehsbones]

Or not.

U.S. economy grows in third quarter, reversing a six-month slump​

Latest GDP report shows the economy expanded at an annual rate of 2.6%, even though many signs point to slowdown​

By Abha Bhattarai
October 27, 2022

The U.S. economy grew at an annual rate of 2.6 percent in the third quarter, marking its first increase in 2022 and a sharp turnaround after six months of contraction — despite lingering fears that the country is at risk of a recession.

The third-quarter gross domestic product figures, released Thursday by the Bureau of Economic Analysis, provide an upbeat snapshot less than two weeks before midterm elections, in a year that has seen the economy and high inflation become a persistent challenge for Democrats.

“The irony is, we’re seeing the strongest growth of the year when things are actually slowing,” said Diane Swonk, chief economist at KPMG. “There are some real cracks in the foundation. Housing is contracting. The consumer is slowing. GDP is growing, but not for all of the right reasons.”

Link

So, apparently KPMG's message is "Ignore the facts. Things are REALLY, REALLY bad!"

 

[pgs]

Or not.

U.S. economy grows in third quarter, reversing a six-month slump​

Latest GDP report shows the economy expanded at an annual rate of 2.6%, even though many signs point to slowdown​

By Abha Bhattarai
October 27, 2022

The U.S. economy grew at an annual rate of 2.6 percent in the third quarter, marking its first increase in 2022 and a sharp turnaround after six months of contraction — despite lingering fears that the country is at risk of a recession.

The third-quarter gross domestic product figures, released Thursday by the Bureau of Economic Analysis, provide an upbeat snapshot less than two weeks before midterm elections, in a year that has seen the economy and high inflation become a persistent challenge for Democrats.

“The irony is, we’re seeing the strongest growth of the year when things are actually slowing,” said Diane Swonk, chief economist at KPMG. “There are some real cracks in the foundation. Housing is contracting. The consumer is slowing. GDP is growing, but not for all of the right reasons.”

Link

So, apparently KPMG's message is "Ignore the facts. Things are REALLY, REALLY bad!"

Blame Bush .

 

[The_Foxer]

So - for those who clearly have no understanding of basic economics .....

There has long been predicted that there will be a recession. This is believable for several reasons. One good reason is that to fight the runaway inflation that biden's policies have grossly exacerbated the feds are pushing up interest rates rapidly. The specific intent of that is to slow the economy down, and the rate at which they have to do that almost guarantees a recession will be inevitable.

But it takes the better part of a year to two years for rate changes to be fully felt. So people have been predicting a recession - beginning sometime in 2023.

So trying to point to a quarter of very mediocre growth now as proof that the recession won't happen is as dumb as claiming global warming can't exist because your room is cold right now.

There is close to a 100 percent certainty of a recession. ANd the us won't be alone, Canada's disastrous fiscal planning will ensure we're in the same boat.