reagan was battling some really stiff inflation too....it happens. Neither reagan, nor Ford nor Biden caused that inflation.
These statements about transitory inflation are bs, it is INFLATION!
- Thread starter wildchild
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Doesn't matter whether they caused it. They'll get the blame or the credit. Carter got the blame, Reagan got the credit for defeating it.
How many of the common folk know who Paul Volcker is?
agreed, no doubt how blame is laid, but there are many people here who actually believe the president has this magic power....i hate to burst their political bubble so keep it between us.
I think there was some poll that showed that 75% of the public thought the Federal Reserve was a national system of parks.
Doesnt feel like a recession when consumers are still spending boatloads of.money and we are not even in the holiday season yet....
See, that's where you're wrong. The Biden administration (and associated media personalities running cover for it) just told us yesterday and the day before (coincidence??) that this wasn't how you define a recession. So please get with the program or your rations are forfeit.
There’s zero doubt the economy is slowing and going negative but what Powell is saying is there’s still a pulse in the labor market so we may stagger a few steps before we completely collapse, not to mention he is stabbing the economy in the back with large rate hikes as it is staggering. I disagree.
Consumers have moved to credit cards to keep up with prices, homes sales have dropped and people can’t afford basics on cash in cash out right now. The tech industry is laying off and banks have slowed hiring. We are at the beginning. Will it get worse? Probably. Inflation has taken its toll and the Fed decided “leeching” the economy for the sake of inflation was the appropriate course. If this isn’t recession we are in right now then normal sucks. But if you want to wait to call it a recession until you feel and see it that’s ok too but it’s here and been here for a couple of months now.
This is the release and it reads poorly, especially after Walmart’s release and outlook:
https://www.bea.gov/news/blog/2022-07-28/gross-domestic-product-second-quarter-2022
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The one thing I can predict with certainty given it is a major election year...
GOP will claim we are in a recession and the Dems caused it and only highlight data to support their point
Dems will claim the economy is as strong as ever and only highlight data to support their point
The economy is a political weapon so niether side will label it clearly or consider all the data....
going to be fun.
GOP will claim we are in a recession and the Dems caused it and only highlight data to support their point
Dems will claim the economy is as strong as ever and only highlight data to support their point
The economy is a political weapon so niether side will label it clearly or consider all the data....
going to be fun.