Surprise! GDP is UNEXPECTEDLY Revised Downward

Via Beege Wellborn, the government "revised" its previous estimate of last quarter's growth.

You will not be surprised that the Bureau of Economic Analysts once again over-estimated the growth of the economy under a Democrat president.

It was projected to be low at 1.6%. Now it's even worse at 1.3%.

As Biden babbles and lies that you've never had it better, and that your delusionary belief that prices are higher and your income is lower is all due to "corporate greed" and "sizeflation," the grim reality is that Americans have lost $1.3 TRILLION in disposable income since Biden was installed-through-"fortification" into office.

More at the link. Manufacturing has tipped into recession territory, too.

VodkaPundit: The recession's back on, Jack!

The bad news the media and Regime have been hiding for so long is now trickling out.

Yahoo Finance: US economy grew at a slower pace than initially thought in Q1. "The update to the first quarter growth metric 'primarily reflected a downward revision to consumer spending,' per the BEA. Personal consumption in the first quarter grew at 2%, down from a prior reading of 2.5%."

...

NAR: Pending Home Sales Slumped 7.7% in April. "The Pending Home Sales Index (PHSI)* -- a forward-looking indicator of home sales based on contract signings -- decreased to 72.3 in April. Year over year, pending transactions were down 7.4%. An index of 100 is equal to the level of contract activity in 2001."

People buying homes generate all kinds of positive downstream effects as they fill those homes with new furniture and appliances. Plus, real estate agent's livelihoods depend on sales commissions. When home sales dry up, so do the downstream benefits.

CNN: Why the Dow has fallen 1,000 points in the last three days. "New economic data on Thursday showed that US gross domestic product in the first quarter was revised lower (1.3% from 1.6%) and that personal consumption is slowing. That's a sign that economic expansion is cooling."

But how robust is that economic expansion, truly? Despite the low unemployment rate and big population growth fueled by massive illegal immigration, there are still fewer full-time jobs than there were before the COVID lockdowns. If you subtract Biden's massive deficit spending -- inflationary funny money printed up to goose growth -- we've been in a recession for almost his entire administration.

I don't care how "robust" anybody tries to tell me the economy is when I read headlines like this one from KABC: Nearly 80% of Americans now see fast food as a 'luxury,' survey says.

I have always considered fast food to be a luxury. I guess I'm just Streets Ahead of the Trend.

Tell your friends and loved ones-- My boy Ace, he's Streets Ahead of the Trend.

Billionaires are defecting to Trump.

A flood of elite GOP donors and Trump-curious tycoons have come off the sidelines in recent weeks in support of the former president, who is rapidly closing his fundraising gap with President Biden.

The big picture: Trump's mega-donors defected in droves after Jan. 6 and Republicans' abysmal performance in the 2022 midterms. After flirting with alternate candidates in the GOP primary, many are getting back behind Trump.

The latest is casino billionaire Miriam Adelson, who plans to pour millions into reviving the pro-Trump super PAC Preserve America, Politico reported Thursday.

...

Driving the news: Hedge fund billionaire Bill Ackman, who has crusaded against DEI policies and antisemitism on college campuses, is likely to endorse Trump as well, the Financial Times reported Thursday.

Blackstone CEO Steve Schwarzman told Axios last week that he would support and donate to Trump after previously calling for "a new generation of leaders."

Activist investor Nelson Peltz, who said he regretted voting for Trump after the Capitol attack, hosted the former president at his Florida mansion in March.

Elon Musk, who met with Trump at Peltz's home, now speaks to the former president multiple times per month and is organizing dinner parties to whip elite opposition against Biden.

David Sacks and Chamath Palihapitiya, tech investors and hosts of the popular "All In" podcast, are hosting a Silicon Valley fundraiser for Trump on June 6.

Between the lines: Trump, who spent much of the primary season drowning in legal bills, has ramped up his fundraising appeals with audacious promises to top donors, the Washington Post reports.

"Audacious promises." Nothing like Biden tyrannically ordering billions of dollars of wealth transfers from Trump voters to Biden voters!

Unrelated: A snap poll finds that Trump gained favorability since the verdict.

I got this from Ed Morrissey, who says snap polls are usually unreliable. I have no idea either way about snap polls specifically, but take a grain of salt.

But take that grain of salt later, after you've allowed yourself to gloat about this for an hour or so.

Donald Trump gets a SIX-POINT bump in approval after being found guilty on 34 counts according to snap Daily Mail poll: 'I think it was a waste of taxpayer money'

JL Partners used a panel of 403 likely voters to asses the impact of guilty verdict

The results showed an improvement in Trump's favorability ratings

Read more: The blunders that undermined Trump's defense in hush money case

Teflon Don rides again, according to an exclusive snap poll for DailyMail.com which found that the guilty verdict in Manhattan only improved the former president's standing with likely voters ahead of the 2024 election.

Of those who said the 34 guilty counts had changed their view of Donald Trump, 22 percent said they now had a more favorable rating compared with 16 percent who said they viewed him more negatively.

That six-point net positive result is another sign of the way the businessman-turned-politician seems able to ride out crises that would sink anyone else.
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In a tight election, it could be enough to get him across the finish line.

'I think it was a waste of taxpayer money and will help propel Trump to a victory,' said a 42-year-old hip hop DJ from Illinois, who voted for Joe Biden in 2020.
J.L. Partners polled 403 likely voters immediately after Thursday's guilty verdict to assess its impact on the November election. The results suggest a slight bump for Trump

J.L. Partners polled 403 likely voters immediately after Thursday's guilty verdict to assess its impact on the November election. The results suggest a slight bump for Trump.

In particular, the numbers show a four-point net positive impact among independent voters, the group that could decide who is the next president in November.

At the same time, the Trump campaign said it had enjoyed a fundraising bonanza in the hours after the verdict, bringing in $34.8 million from small dollar donors--nearly double its record daily haul.

Our poll was conducted in the hours after a jury foreman at Manhattan criminal court announced 34 guilty verdicts.

J.L. Partners used an online panel of 400 likely voters to assess the impact on the election.

Respondents were asked to explain their opinion.

Not surprisingly, many Trump fans denounced the trial as a 'sham' or a 'witch hunt,' using the candidate's own language.

This doesn't sound credible to me:

But plenty of people who voted for him in 2020 said they were horrified by what it said about the man.

'For a Republican like myself it's all very embarrassing,' said a retired electrician in North Carolina, one of the battleground states. 'It's like finding out your sister is a prostitute.'

Republican and former voter, you say?

posted by Disinformation Expert Ace at 01:10 PM

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