The Biden Economy

[Chicks]

Yet another HUGE rally in the markets, thanks to Biden's inflation reduction act causing the Fed to cut back on their rate hikes. Thanks, Joe!

[Chicks]

The US economy’s growth was stronger than expected in the third quarter
https://www.cnn.com/2022/11/30/econo...ter/index.html

Once again, the Biden economy proves the doomsayers wrong. Sorry, Whell!

The US economy grew much faster than expected in the third quarter, according to the latest gross domestic product report, which showed GDP rose by an annualized rate of 2.9%.

That’s an improvement from the initial government reading in October that showed 2.6% growth in economic activity, and better than the Refinitiv forecast of 2.7%. And it’s a marked turnaround from economic contractions of 1.6% in the first quarter of the year and 0.6% in the second.

The better-than-expected growth came as consumer spending increased more than in the goverment’s previous reading, while the value of imports was revised down. Imports are subtracted from GDP, which is the broad measure of economic activity within the country.

[Rajoo]

Another win for Mr. Joe Biden.

Senate passes bill to prevent rail strike, which could have wreaked havoc on economy before holidays

I am posting the Faux link just because their readers comments can be quite illuminating in a perverse way.

https://www.foxbusiness.com/politics...rt-rail-strike

[bobabode]

November jobs report: Unemployment rate held steady at 3.7% with 263,000 jobs added - USA Today

[whell]

Federal Deficit Widened to a Record $249 Billion Last Month

https://www.wsj.com/articles/federal...th-11670871622

The Biden economy continues to set records...

[Chicks]

November CPI: Inflation rose at annual 7.1% over last year, less-than-expected
https://finance.yahoo.com/news/novem...141704698.html

The report propelled U.S. stocks forward and sent Treasury yields lower as Wall Street weighed the implication of softer prints on Federal Reserve policy. Contracts on the S&P 500 rallied 2.8%, while futures on the Dow Jones Industrial Average soared more than 700 points. Nasdaq futures jumped 3.8%.

...and once again, the markets take off... Thanks, Joe! We'll recover from those nasty Trump tax cuts for the rich one of these days!

[Rajoo]

Originally Posted by whell

Federal Deficit Widened to a Record $249 Billion Last Month

https://www.wsj.com/articles/federal...th-11670871622

The Biden economy continues to set records...

Isn't that normal (cumulative deficits) considering the US has been in deficit territory since Reagan? Or is this another gotcha on Joe Biden?

[Rajoo]

Yet another Oh Shit moment for the Repugnants.

Prices cooled last month, raising hopes that inflation is easing

Prices cooled again in November, giving some relief to households and businesses being squeezed by high inflation and the Federal Reserve’s ongoing fight to slow the economy.

Data released Tuesday morning by the Bureau of Labor Statistics showed that prices rose 7.1 percent in November compared with last year, the smallest year-over-year increase since last December. Prices also climbed 0.1 percent over October, beating analysts’ expectations. And a measure known as “core inflation,” which strips out volatile categories like food and energy, rose 0.2 percent — the smallest increase since August 2021.

Not to fear folks, they still have a laptop to investigate and twitter to lambaste.

OTOH, this my be what a real POTUS can accomplish when given half a chance.

https://www.washingtonpost.com/busin...inflation-fed/

[Rajoo]

$3.99/gallon Regular at a Sunnyvale, CA gas station this morning! Thanks Joe.

[nailer]

Originally Posted by Rajoo

Isn't that normal (cumulative deficits) considering the US has been in deficit territory since Reagan? Or is this another gotcha on Joe Biden?

There have been four surplus years since Regan, 1998 -2001, and nine prior, 1969, 1957, 1956, 1951, 1949,1948, 1947, 1930 and 1929. (https://www.thebalancemoney.com/us-d...y-year-3306306)