Q2 GDP Comes in at -0.9%

The -0.9% decline in Q2 is on top of the -1.6% decline in Q1:

Gross Domestic Product, Second Quarter 2022 (Advance Estimate) | U.S. Bureau of Economic Analysis (BEA)

It wouldn't be a shocker if this gets revised up a bit. Q1 was first reported as -1.4% and then was revised upward to -1.6%. The Q2 revision date is August 25.

Technical Notes with Release:

tech2q22_adv.pdf (bea.gov)

It's transitory inflation all over again with the Biden Administration and the Federal Reserve. "Nothing to worry about here, don't let the pain in your lives fool you into believing you are in a recession."

 

Bidencession which is the cousin of Bidenflation is official with two consecutive quarters of negative GDP:

GDP Report Makes Biden Recession Official (townhall.com)

The Bureau of Economic Analysis reported that the decrease in real GDP "reflected decreases in private inventory investment, residential fixed investment, federal government spending, state and local government spending, and nonresidential fixed investment that were partly offset by increases in exports and personal consumption expenditures (PCE)" while imports, which are a subtraction in the calculation of GDP, increased."

As Townhall reported in April, initial data for Q1 showed GDP declining 1.4 percent, a negative read that was revised last month to an even greater contraction of -1.6 percent.

House Republicans on Twitter: ""We are officially in recession," - Fox Business' @MariaBartiromo on Q2 GDP report. https://t.co/Sc65QGNF3E" / Twitter

Dagen McDowell on Twitter: "The 10 times since World War II the US economy has contracted two straight quarters it was eventually labeled by NBER as a recession, Kevin Hassett." / Twitter

 

Yes, and the democrat socialists are preparing to tax and spend like a drunken sailor on Saturday night if Kyrsten Sinema goes along with the Manchin/Schumer deal. This wouldn't take effect until 2023, but it will be another layer of stagflation to fight off.

Sure, close up the loopholes on big corporations with a minimum 15% tax. No problem says the corporation, we'll pass the cost of increased taxes down to the American people in the form of increased prices for goods and services.

Nobody making less than $400,000 will pay an increased tax, but this takes in small businesses who are the backbone of job creation in America. There goes job creation.

There is nothing in the bill that will require the Biden Administration to relent on its war on the fossil fuel industries. Joe Manchin can kiss away any hopes he has for becoming West Virginia's governor.

There is $7,500 for the purchase of an electric car. The problem is I think I'd rather wait for a hydrogen powered car. However, if I did purchase an ev, it would be a Tesla S model. I don't want any ev that doesn't have a range of 400 miles. My gas powered Honda Accord has a range of 445 miles. The S model has a range of 405 miles. The price tag? $100,000! I don't have $92,500 to pour down the drain on an electric vehicle.

Not only is November a lost cause, 2024 will be a slam dunk to have all levers of the federal government controlled by America First republicans come January 2025.

Forget the word recession, we are looking down the barrel of a depression.

 

Very conservative. The republicans will end up with 235+ seats in the house. We aren't looking at a red wave in the house, we are looking at an historic red tsunami. I wish the same were true for the senate which is going to be a 50:50 proposition on who takes the leadership.

 

There are generic ballots with republicans holding a 48-40 lead that say otherwise.

The more the dems run against Trump which is all they have to run on as you can't run on Biden's record, the more people will vote for republicans.

We are less than 3 months and 1 week away from the red tsunami. Let's enjoy the wrap up of the August primaries, have some good ones coming up next week.

 

Are you saying money is on both the house and senate going republican or just the house? I'd obviously be ecstatic if it were both, but the senate seems to be too close to call in 22. You are going to be shocked with the results in the house races. Time will tell.

 

The economy is in recession, no need to argue over definitions which only points to not wanting to officially recognize what is happening to the economy.

Real wages are down 3.6% annually, can't keep up with inflation.

We have fewer people working in June 2022 than in January 2020.

Energy policy is a no-win situation. Gas and oil will only get more expensive and produce more inflation. Fossil fuels must be part of an all-inclusive plan without a 3-to-5-year window.

The federal reserve while getting started late is single handedly fighting stagflation. The federal government? Drunken sailors on a Saturday night intent on taxing and spending another $1 trillion+ on two bills which will suppress hiring and increase inflation. Inflation is already at its highest in 41 years. I lived through that stagflation monster. The federal government apparently learned no lessons from it. Government continues to appreciate increased spending will increase inflation and increased taxes will lead to fewer jobs.

If one is above middle-class America, I understand those people are impervious to the pain that is happening. However, the majority of people who are in the middle class knows well how inflation has negatively impacted their lives and their families.

 

That's just it, they are right. Did you believe inflation was transitory and do you now believe the US is not in recession?

 

That's why polls don't mean crapola and elections mean everything. The majority of people will turn out and vote with their pocketbook. This does not favor the democrats. I don't believe any poll that shows democrats leading so there is that.