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Long_Raspberry1068 t1_j5zr3sk wrote

All this means is that the economy is fine and companies have been freely price gouging us and will continue to do so with impunity aka "inflation"

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Bullmoose39 t1_j603ese wrote

This is positive news and can we stop talking about recession. A recession is multiple quarters negative growth. Not almost 3% growth in the GDP. Time to start looking at other reasons for costs going up, and it isn't wage growth.

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pab_guy t1_j60ef0j wrote

If that's 3% YoY it may not be growth at all factoring in inflation.

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neuronexmachina t1_j6189hm wrote

It's real GDP, which adjusts for inflation. Without factoring inflation the growth would be 6.5%: https://www.bea.gov/news/2023/gross-domestic-product-fourth-quarter-and-year-2022-advance-estimate

> (GDP) increased at an annual rate of 2.9 percent in the fourth quarter of 2022 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 3.2 percent.

> ... Current‑dollar GDP increased 6.5 percent at an annual rate, or $408.6 billion, in the fourth quarter to a level of $26.13 trillion. In the third quarter, GDP increased 7.7 percent, or $475.4 billion (tables 1 and 3).

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pab_guy t1_j61cylq wrote

So it appears we have broken the back of inflation while retaining growth? At least for the moment?

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MsFrecklesSpots t1_j5z653n wrote

For me, how we calculate GDP is so out of date that it is meaningless.
Not only is GDP an odd set of factors, GDP is also missing a ton of other valuations which I see as better reflecting ‘production.’

Our economic analysis is so out of date that it is pointless to even read them.

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Libertadportodos t1_j60c4e0 wrote

Can you please expand on what are those valuations that would better reflect production? And what is being used today, that should be left out? Thanks

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lehigh_larry t1_j5zbg5c wrote

Clear case of “I don’t like what the polls are saying, so they must be wrong!”

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ExchangeKooky8166 t1_j5zosuv wrote

Most of Reddit is a "socialism is inevitable" circlejerk with no nuance allowed, all capitalism bad.

I'm all for more social spending and a rework of welfare programs, but human prosperity has increased because of capitalism.

Rwanda, Cote d'Ivoire, India, Bangladesh, Malaysia, etc are countries that have experienced fast economic growth by embracing free market principles.

Is it horrible that these people have low wages and many live in poverty? Yes. But the alternative is much worse, and history is full of full-on socialist regimes in lesser developed countries that failed.

Compare Bangladesh from independence to today. Those people are happy that you bought those clothes from their country.

I blame the Nordic circle-jerking for this attitude.

EDIT: Conservatives are also obsessed with this "left-wing economic collapse" too, it's all propaganda. Biden has done a good job.

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imafraidofmuricans t1_j5zsut5 wrote

Humans progressed under feudalism, as well. That's a nonsense argument.

At best you are doing your own circle jerk of how smart and reasonable and centrist you are. You haven't exactly revealed information that leftists don't already know. You've just severely misunderstood leftism because you haven't ever looked in to it, you are just assuming you already know everything there is to know about it.

The alternative to feudalism was also worse. Does that make feudalism good? Does that make feudalism "the best we can do"? No, if course not.

You are arguing that what we have is the best that we can do because you can't imagine an alternative. But you haven't even tried.

"History is full of full -on socialist regimes in lesser countries that fell". That really sums it up for me. You know nothing about the history of socialism. Because that's s complete nonsense statement. You don't even do the bare minimum of asking "how did they define socialism" and "how did it fail". There was no intellectual process. You just assume you already know everything.

Is it a failure of socialism if the US murders your government?

Is a country socialist because they say they are, or because they perform socialism? Can a country be socialist if it does not fulfill the basic principles of socialism?

Then the final question for you: if socialism is inherently a failure, why does this mean there is no alternative to capitalism? Why is suffering of others (you aren't sacrificing yourself doing near slave labor, it's always somebody else) necessary?

Compare your own country to Bangladesh. Would you accept their working conditions? Why not? Why do you think you deserve better but they don't? Are they not equals?

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knowitallz t1_j60f6l8 wrote

With 7% inflation and 3% growth. Does that mean you are negative 4% net? I guess not everything is bought every quarter....

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distes t1_j60qecu wrote

I'm no economist, but I don't think you can use that inflation percentage in the same context as the gdp growth percentage, these numbers represent two wildly different things. To see the correct percentage, you will have to get the inflation number as it relates to gdp.

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st3llablu3 t1_j63u5jj wrote

What if they had a recession and nobody participated?

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CryptoYaar t1_j62hjok wrote

Recession fears loom? Boy, oh boy, I have a news for you here.

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Tguns96 t1_j638w60 wrote

We are already in a recession, so tired of this Reddit hive mind acting like our politicians are doing a good job currently. They are not. You are only lying to yourself. Therefore I do not care reddditttt

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Pickin_n_Grinnin t1_j648td6 wrote

Republicans and their lapdogs in the media are trying their hardest to manufacture a recession to help their electoral chances.

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th30be t1_j64d9c6 wrote

This is not uplifting in anyway. Just means the greedy execs got more money.

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Athena5898 t1_j66v1j4 wrote

This is only good knews if you are a ceo who is the reason there is a fear of recession in the first place.

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drewbrewski t1_j602hsz wrote

All you have to do is look at all the layoffs happening right now, it's the best predictor for what's coming...

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