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September 29, 2022

Fox News: Final Revision of Second Quarter GDP Is Negative 0.6%, "Cementing Start of Recession"

The Dow fell another 458 points. We'll be under 29,000 next week. And then Katie Bar the Door.

The estimate for the next quarter has continued to fall and is now down to 0.2%, and that's an optimistic 0.2%.


But the previous quarter, the spring quarter, is now finally fixed at having contracted 0.6%. And, as Fox Business says, this cements the start of the recession that Biden's henchmen say they're just not quite ready to declare yet. They need more data, you see.

cementrecession.jpg

The U.S. economy shrank for the second consecutive quarter in the three months ended June, according to the final estimate from the Bureau of Economic Analysis, meeting the criteria for a so-called technical recession as raging inflation and higher interest rates weighed on spending.

The updated report, released Thursday, showed that gross domestic product (GDP), the broadest measure of goods and services produced across the economy, shrank by 0.6% on an annualized basis in the second quarter. That is below the initially reported 0.9% decline and unchanged from the second reading of a 0.6% decline.

Economic output already fell over the first three months of the year, with GDP tumbling 1.6%, the worst performance since the spring of 2020, when the economy was still deep in the throes of the COVID-19 induced recession.

...

With back-to-back declines in growth, the economy meets the technical criteria for a recession, which requires a "significant decline in economic activity that is spread across the economy and that lasts more than a few months." Still, the NBER -- the semi-official arbiter -- weighs multiple factors when calling a recession and typically takes up to a year before announcing the decision.

Only "semi-official." Nothing stops the media from recognizing the obvious and saying that this fits the age-old "technical" definition of a recession, except for partisan allegiance to a lying Democrat "president." Rigging the news like they rigged an election.

I'm glad Fox finally stopped the charade, for its part.


Meanwhile, Biden has now wiped out nine trillion dollars in American wealth, because his economy is so strong. Call it "the Putin Boost" or whatever.

Americans' holdings of corporate equities and mutual fund shares fell to $33 trillion at the end of the second quarter, down from $42 trillion at the start of the year.

With major market indexes falling further since July, experts say losses from financial markets could total $9.5 trillion to $10 trillion.

Economists say the drops could add pressure to Americans' balance sheets and possibly hurting spending.

No shit really economists? Wow thank you for your sage prognostication. Say, Professor Fuckface, what do you advise re: my shoving your pointy head into the boys room toilet?

Weird how you guys are constantly predicting that the economy will grow under Democrat presidents and then when we lose NINE FUCKING TRILLION FUCKING DOLLARS your new prediction is, "We expect this might put a crimp in your spending plans. Whoopsie. M'bad."

Mark Zandi, chief economist of Moody’s Analytics, said the losses could reduce real GDP growth by nearly 0.2 percentage points over the coming year.

But you're still predicting positive growth, right? Like 0.1%? Anything positive so you can continue to pretend the president you rigged the election for hasn't driven us into a recession, right?

You fucking leftwing imbeciles.

"Listen to us, trust us, obey us! We're smart!" -- the people who get everything wrong literally all the time.

Meanwhile, the White House is in, get this, disarray, and has a "major shake-up" for its economic team "top of mind."

According to Axios, White House officials (notice they say White House officials, not Biden) are considering a "broad reorganization of President Biden's economic team." This is part of a shake-up being done by White House Chief of Staff Ron Klain, who has former administration officials Jeff Zients and Natalie Quillian making up lists of people for Cabinet and senior administrative positions.


Among the people who the report is pointing to as likely to get the boot are Treasury Secretary Janet Yellen and Brian Deese, the director of the National Economic Council.

The decision is not final and is expected to hinge on the outcome of the midterm elections, sources familiar with the matter told Axios. Yellen's successor will need to be confirmed by the Senate, posing a challenge if the Republican Party takes control of the upper chamber. [....]

Deese, speaking at the Economic Club of D.C. on Tuesday, said he had "no plans to leave" the Biden administration.

"I've got my head down, and I'm certainly fully, fully absorbed in the work we're doing," Deese added.

Treasury spokeswoman Lily Adams said Yellen has no plans to leave.

The White House did not respond to a comment request.

A statement from Anita Dunn is intriguing, "While we are prudently planning for potential transitions post-midterm, neither Secretary Yellen or Brian Deese are part of those plans."

So not part of our plans because they're out? Or not part of our plans because they're not out? That comment is typical Biden confusion, it could be read two ways.

They're shaking up the economic team because the economy is so damn strong. That's when football teams declare rebuilding years, you know -- when they're strong enough to win the Super Bowl. That's when they fire the coaches and trade the quarterback.

Everyone knows that.

Janet, where are you? Where's Janet?


digg this
posted by Ace at 04:03 PM

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