30 Jun 2023 2:35 pm
I was first taught economics in high school, right in the middle of the 73-4 recession, which was caused by an oil shock, not Nixon or Ford.
And except for brief recessions in 1980, 81-2, 91, 01, 08-9, and Covid, which is a black swan event, it has been accurate to say that like today, these are the best times ever in America, and in all recorded human history, regardless of which party held power at any given time.
You might be having a hard time, but some day you are going to lay down and die, too. The world will not skip a beat when you do. This world is not set up for your constant gratification.
Another thing I’ve noticed is Democrats reject economic data when Republicans are in power and when Democrats are in power Republicans reject the same numbers.
On this day, the United States economy is growing at at an inflation adjusted rate of 2%
—-
Current‑dollar GDP increased 6.1 percent at an annual rate, or $391.8 billion, in the first quarter to a level of $26.53 trillion, an upward revision of $43.5 billion from the previous estimate
US gross domestic product was revised up notably to a 2% annualized advance in the first quarter, data showed Thursday.
The government’s third estimate of GDP for the period reflected upward revisions to exports and consumer spending. Household spending, the engine of the US economy, rose at a 4.2% pace — the strongest in nearly two years — as services outlays were adjusted higher.
—-
The fed funds rate is 5.25%
Inflation at 4% and falling each month
Unemployment at 3.7%
Deficits under Biden have fallen by half, largely because of the end of Covid. Last years deficit was 1.4 trillion (5.5% gdp down from 2.8 trillion (12.5% gdp) under Trump. It’s not a fair comparison but it’s accurate. Trump’s vaccines broke Covid, and he’d reaped the same reductions had he won, and he nearly did win.
And something else I’ve learned, from fifty years of watching current events.
Barring a recession next year Biden will be re-elected with a greater margin than 2020.
People vote their pocketbooks.
And except for brief recessions in 1980, 81-2, 91, 01, 08-9, and Covid, which is a black swan event, it has been accurate to say that like today, these are the best times ever in America, and in all recorded human history, regardless of which party held power at any given time.
You might be having a hard time, but some day you are going to lay down and die, too. The world will not skip a beat when you do. This world is not set up for your constant gratification.
Another thing I’ve noticed is Democrats reject economic data when Republicans are in power and when Democrats are in power Republicans reject the same numbers.
On this day, the United States economy is growing at at an inflation adjusted rate of 2%
—-
Current‑dollar GDP increased 6.1 percent at an annual rate, or $391.8 billion, in the first quarter to a level of $26.53 trillion, an upward revision of $43.5 billion from the previous estimate
US gross domestic product was revised up notably to a 2% annualized advance in the first quarter, data showed Thursday.
The government’s third estimate of GDP for the period reflected upward revisions to exports and consumer spending. Household spending, the engine of the US economy, rose at a 4.2% pace — the strongest in nearly two years — as services outlays were adjusted higher.
—-
The fed funds rate is 5.25%
Inflation at 4% and falling each month
Unemployment at 3.7%
Deficits under Biden have fallen by half, largely because of the end of Covid. Last years deficit was 1.4 trillion (5.5% gdp down from 2.8 trillion (12.5% gdp) under Trump. It’s not a fair comparison but it’s accurate. Trump’s vaccines broke Covid, and he’d reaped the same reductions had he won, and he nearly did win.
And something else I’ve learned, from fifty years of watching current events.
Barring a recession next year Biden will be re-elected with a greater margin than 2020.
People vote their pocketbooks.