Sponsored Content

Intermarkets' Privacy Policy

« Biden Seeks Sweeping New Powers To Confiscate Wealth to Fight The Enemy | Main | Sad Dull Pudgy Clown Chuck Todd: "Voters Just Don't Care About January 6th At All" »
April 28, 2022

We're Officially Unofficially In a Recession as the Government Reports the First Quarter GDP Shrank 1.4%


Unexpectedly, the most incompetent and socialist (fake) president in history delivers the expected bitter fruits of incompetence and socialism.

The U.S. economy cooled markedly in the first three months of the year, as snarled supply chains, record-high inflation and labor shortages weighed on growth and slowed the pandemic recovery.

Gross domestic product, the broadest measure of goods and services produced across the economy, shrank by 1.4% on an annualized basis in the three-month period from January through March, the Commerce Department said in its first reading of the data on Thursday.

Refinitiv [an analysis/data firm] economists expected the report to show the economy had expanded by 1.1%.

There's your "unexpectedly."

It marked the worst performance since the spring of 2020, when the U.S. economy was still deep in the throes of the COVID-induced recession.

"Today's shock drop in GDP is a wake-up call that the economy isn't as strong as we all thought," said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. "It's possible that GDP gets revised higher next month, as this is just the first release and there will be two revisions, but it is a warning sign."

I've previously quoted analysts who offered their suspicion that we're currently in a recession, which would soon be officially confirmed as one.

The strict technical definition of a recession is "Two consecutive quarters of negative growth" (shrinkage, as noted economist Costanza would say).

They were pretty certain that given the huge amounts of inflation, and the diminishing "growth" returns from simply coming out of a self-imposed national lockdown, that the second quarter, the upcoming quarter, would be recessionary one.

And they also suspected that the current quarter -- which was actually the one that just passed, the first quarter -- would also turn out to be a quarter of contracting economic activity.

So their idea was:

The then-future second quarter: Just about guaranteed to be a recessionary quarter

The then-current first quarter: Likely to turn out to be a recessionary quarter

So the quarter which they judged to be less likely to be recessionary, the first quarter, just turned out to be recessionary.

The next quarter will almost surely be another quarter of economic contraction, and thus our decrepit, dying-brained Fake President will have created a f***ing recession due to toxic levels of overspending when all he had to do was just open the economy and let the natural rebound effect produce quarter after quarter of growth.

And I can't wait for all the excuses.

And I can't wait for the claims that we just have to spend more and more trillions to fight the inflation caused by the last pile of trillions we injected into the economy, which caused the inflation.

And I can't wait for the media to parrot these claims, and I can't wait for the government's new Disinformation Governance Board to rule that any claim that pouring trillions of Fake New Dollars into an economy causes the value of every dollar in the economy to decline, due to the ancient and iron law of supply and demand, is Russian Disinformation, and that social media companies are required to provide warnings stating that it is such.

digg this
posted by Ace at 01:17 PM

| Access Comments

Recent Comments
Eromero: "175 It is true that one thing coming out of the Uk ..."

NaCly Dog (u82oZ): "Ex-ex You can rent a propane tank for less tha ..."

Ex-ex: "I was looking at something like a 6K dual fuel. I ..."

Walter Freeman: "[I]@178: "I think Joe's brain is in storage on ali ..."

templetontherat: "*Screams into a void* Now that's over, I am proud ..."

Eromero: "184 Well, well, well.Robert Hanssen dies in prison ..."

Ciampino - felines, cats, kitties: "[b]Ciampino's Rescue kitties[/b] https://is.gd ..."

NaCly Dog (u82oZ): "Ex-ex A small gasoline generator can do that. H ..."

NaCly Dog (u82oZ): "Ex-ex They are nice, especially to keep my wife ..."

Paul: "In the last 12 months Disney has earned a profit o ..."

Ex-ex: "I haven't worked on any whole house generator syst ..."

runner: " Well, well, well.Robert Hanssen dies in prison. ..."

Recent Entries

Polls! Polls! Polls!
Frequently Asked Questions
The (Almost) Complete Paul Anka Integrity Kick
Top Top Tens
Greatest Hitjobs

The Ace of Spades HQ Sex-for-Money Skankathon
A D&D Guide to the Democratic Candidates
Margaret Cho: Just Not Funny
More Margaret Cho Abuse
Margaret Cho: Still Not Funny
Iraqi Prisoner Claims He Was Raped... By Woman
Wonkette Announces "Morning Zoo" Format
John Kerry's "Plan" Causes Surrender of Moqtada al-Sadr's Militia
World Muslim Leaders Apologize for Nick Berg's Beheading
Michael Moore Goes on Lunchtime Manhattan Death-Spree
Milestone: Oliver Willis Posts 400th "Fake News Article" Referencing Britney Spears
Liberal Economists Rue a "New Decade of Greed"
Artificial Insouciance: Maureen Dowd's Word Processor Revolts Against Her Numbing Imbecility
Intelligence Officials Eye Blogs for Tips
They Done Found Us Out, Cletus: Intrepid Internet Detective Figures Out Our Master Plan
Shock: Josh Marshall Almost Mentions Sarin Discovery in Iraq
Leather-Clad Biker Freaks Terrorize Australian Town
When Clinton Was President, Torture Was Cool
What Wonkette Means When She Explains What Tina Brown Means
Wonkette's Stand-Up Act
Wankette HQ Gay-Rumors Du Jour
Here's What's Bugging Me: Goose and Slider
My Own Micah Wright Style Confession of Dishonesty
Outraged "Conservatives" React to the FMA
An On-Line Impression of Dennis Miller Having Sex with a Kodiak Bear
The Story the Rightwing Media Refuses to Report!
Our Lunch with David "Glengarry Glen Ross" Mamet
The House of Love: Paul Krugman
A Michael Moore Mystery (TM)
The Dowd-O-Matic!
Liberal Consistency and Other Myths
Kepler's Laws of Liberal Media Bias
John Kerry-- The Splunge! Candidate
"Divisive" Politics & "Attacks on Patriotism" (very long)
The Donkey ("The Raven" parody)
Powered by
Movable Type 2.64