Weak Q1 GDP Report

[snarlcakes]

The economy is starting to look shaky. Inflation has increased the past 3 months and GDP growth came in weak. Looks a lot like stagflation. Maybe we can let another 10 million illegals in and print 7 trillion more? These are pathetic numbers considering the amount of debt we are accruing. I wouldn’t want to be President the next 4 years, it could be ugly.

 

[TDHoosier]

When I'm spending 13.00 for a six inch sub combo at Subway it is easy to see how this is going to blow up in the next year or two. Glad my debt is low, just hope my job weathers the storm. Should be interesting this November to see what people value the most.

 

[mcmurtry66]

When I'm spending 13.00 for a six inch sub combo at Subway it is easy to see how this is going to blow up in the next year or two. Glad my debt is low, just hope my job weathers the storm. Should be interesting this November to see what people value the most.

Trannies. And pronouns. And willful ignorance.

 

[UncleMark]

When I'm spending 13.00 for a six inch sub combo at Subway it is easy to see how this is going to blow up in the next year or two. Glad my debt is low, just hope my job weathers the storm. Should be interesting this November to see what people value the most.

Wages are keeping pace with inflation and unemployment is low. In any other time we would consider the economy to be in good shape, not the hellscape some are making it out to be. I've lived through far far worse times.

 

[mcmurtry66]

Wages are keeping pace with inflation and unemployment is low. In any other time we would consider the economy to be in good shape, not the hellscape some are making it out to be. I've lived through far far worse times.

Not really. You’re looking at 40 year high spikes for inflation. Highest housing price jump ever. Record credit card debt. Etc

 

[mattndallas]

No make insult to Uncle Mark. This man has plenty influence in this place...

 

[TDHoosier]

Wages are keeping pace with inflation and unemployment is low. In any other time we would consider the economy to be in good shape, not the hellscape some are making it out to be. I've lived through far far worse times.

Most of the lower than expected numbers were due to decreased consumer spending. The cost of goods will catch up to those who continue to spend. I think I read where CC debt is at an all time high, many are supplementing their income with credit looks like that might be running dry?

Hard to say, we have a growing area where I live and still I see stores and restaurants closing all the time.

 

[mcmurtry66]

Most of the lower than expected numbers were due to decreased consumer spending. The cost of goods will catch up to those who continue to spend. I think I read where CC debt is at an all time high, many are supplementing their income with credit looks like that might be running dry?

Hard to say, we have a growing area where I live and still I see stores and restaurants closing all the time.

Yep. Credit card debt is at an all time high. Over a trillion.

 

[snarlcakes]

Good explanation of stagflation and the problems it causes. The quickest way out of it, is government cuts, which isn’t happening.

 

[UncleMark]

Hard to say, we have a growing area where I live and still I see stores and restaurants closing all the time.

Sure, don't we all. Been happening for forever.

Arby's just closed downtown. Is that because of Biden? Or is it because the homeless have taken over the area and people are staying away?

 

[IUNorth]

Wages are keeping pace with inflation and unemployment is low. In any other time we would consider the economy to be in good shape, not the hellscape some are making it out to be. I've lived through far far worse times.

My simple view...

A LOT of industries saw record business and profits for the 12-18 COVID months. The world economy was hurt initially by Covid, but that massive influx of business, and profits, for many markets and industries, has sustained the overall economy and shielded the usual really bad impacts of inflation.

I fear we're getting to the point where businesses, and individuals, have essentially run out of the "equity" that the Covid business gave them. And we're going to start to see quite a lot of scaling back, layoffs, families hunkering down, etc...

In short...I fear the recession that was predicted post Covid...is finally happening now.

I don't think all the political reasons both sides reference have a ton to do with it. And I don't think either Presidential candidate will have great answers for it. We don't do austerity well in this country. Trumps Covid response was just as "spendy" as any one else's would have been. And when he inherits a raging recession, he'll try to spend us out of it too. Only this time, that probably won't work.

 

[mcmurtry66]

Sure, don't we all. Been happening for forever.

Arby's just closed downtown. Is that because of Biden? Or is it because the homeless have taken over the area and people are staying away?

Both. Anything this batch of Dems gets near they wreck. Worst admin ever. Influence prices until places run out of business don’t enforce crim laws and create and leave homeless wherever. This truly is their america. But it won’t change bc you can see just how out of touch posters are on this board. Our electorate is clueless

 

[BadWakeboarder]

Yep. Credit card debt is at an all time high. Over a trillion.

We shouldn’t be discussing real numbers. Everything is going to be higher over time due to inflation - even in times of lower inflation. We should be looking at rates - not real numbers.

 

[El Drado]

My simple view...

A LOT of industries saw record business and profits for the 12-18 COVID months. The world economy was hurt initially by Covid, but that massive influx of business, and profits, for many markets and industries, has sustained the overall economy and shielded the usual really bad impacts of inflation.

I fear we're getting to the point where businesses, and individuals, have essentially run out of the "equity" that the Covid business gave them. And we're going to start to see quite a lot of scaling back, layoffs, families hunkering down, etc...

In short...I fear the recession that was predicted post Covid...is finally happening now.

I don't think all the political reasons both sides reference have a ton to do with it. And I don't think either Presidential candidate will have great answers for it. We don't do austerity well in this country. Trumps Covid response was just as "spendy" as any one else's would have been. And when he inherits a raging recession, he'll try to spend us out of it too. Only this time, that probably won't work.

We provide products to the food and beverage industry, lumber industry, and the biggest packaging companies in the states.....and we have seen a pretty big slowdown in the last few months. My UPS acct mgr recently told me during covid around 2/3rds of his 170+ accts had higher volumes, now over 2/3rds have lower volumes. We use to have to beg our outside proccessors (painters/finishers) for our stuff back in 2 weeks, now i get them back in 2 days.
That is all anecdotal, but things aren't great.

 

[DANC]

Wages are keeping pace with inflation and unemployment is low. In any other time we would consider the economy to be in good shape, not the hellscape some are making it out to be. I've lived through far far worse times.

Well that's because you're a Boomer and you got wealthy by being born at the right time.....

 

[DANC]

Sure, don't we all. Been happening for forever.

Arby's just closed downtown. Is that because of Biden? Or is it because the homeless have taken over the area and people are staying away?

The one on Walnut?

 

[mcmurtry66]

We provide products to the food and beverage industry, lumber industry, and the biggest packaging companies in the states.....and we have seen a pretty big slowdown in the last few months. My UPS acct mgr recently told me during covid around 2/3rds of his 170+ accts had higher volumes, now over 2/3rds have lower volumes. We use to have to beg our outside proccessors (painters/finishers) for our stuff back in 2 weeks, now i get them back in 2 days.
That is all anecdotal, but things aren't great.

Concur. Was in a factory last week that does nothing but cut material for products and they said they are extremely slow.

 

[mcmurtry66]

We provide products to the food and beverage industry, lumber industry, and the biggest packaging companies in the states.....and we have seen a pretty big slowdown in the last few months. My UPS acct mgr recently told me during covid around 2/3rds of his 170+ accts had higher volumes, now over 2/3rds have lower volumes. We use to have to beg our outside proccessors (painters/finishers) for our stuff back in 2 weeks, now i get them back in 2 days.
That is all anecdotal, but things aren't great.

Joe Biden and Harris don’t have a clue about business. Lifelong gov ees. Every week it’s something new. This week it is playing with overtime eligibility.

 

[mrhighlife]

Interest rates are in a good position to weather on incoming storm. Unfortunately nothing else is. Obama then Trump then Biden are all equally to blame for that. To say otherwise is just biased bullshit...

 

[mcmurtry66]

Interest rates are in a good position to weather on incoming storm. Unfortunately nothing else is. Obama then Trump then Biden are all equally to blame for that. To say otherwise is just biased bullshit...

To not put most of this on Biden and the Dems is uninformed biased bullshit. Never lump Biden with Obama and trump. Biden is uniquely awful. 40 year high in this. Record this. You keep posting bullshit. Read. There are consequences to draconian lockdowns and transformative freebies.

 

[DDE-6-20-23]

Sure, don't we all. Been happening for forever.

Arby's just closed downtown. Is that because of Biden? Or is it because the homeless have taken over the area and people are staying away?

Not gonna lie I see it a couple times a week on my news feed about retailers closing numbers of stores. I got Express yesterday closing 95 stores, before that was some deli group out of Chicago Foxtrot and Doms closed 30 stores.

 

[DDE-6-20-23]

Not really. You’re looking at 40 year high spikes for inflation. Highest housing price jump ever. Record credit card debt. Etc

BYE-DEN-OM-ICKS

 

[snarlcakes]

We shouldn’t be discussing real numbers. Everything is going to be higher over time due to inflation - even in times of lower inflation. We should be looking at rates - not real numbers.

Not for Bitcoiners.

 

[snarlcakes]

Interest rates are in a good position to weather on incoming storm. Unfortunately nothing else is. Obama then Trump then Biden are all equally to blame for that. To say otherwise is just biased bullshit...

Not if inflation continues to increase or is sticky.

 

[UncleMark]

The one on Walnut?

Yup. Across from the post office and the pawn shop.

 

[mcmurtry66]

Yup. Across from the post office and the pawn shop.

5 for $5.55

 

[UncleMark]

5 for $5.55

Those were the days.

 

[mcmurtry66]

Those were the days.

I used to love Arby’s sauce. I don’t even know where an Arby’s is today

 

[DANC]

I used to love Arby’s sauce. I don’t even know where an Arby’s is today

They have the meats! I remember my first Arby's was on the one on College coming into town from the north. Unlike any other fast food out there at the time.

I was hooked on the sauce right away.

 

[mrhighlife]

To not put most of this on Biden and the Dems is uninformed biased bullshit. Never lump Biden with Obama and trump. Biden is uniquely awful. 40 year high in this. Record this. You keep posting bullshit. Read. There are consequences to draconian lockdowns and transformative freebies.

I was talking about doing things to help against a recession in the future. None of the 3 mentioned did much if anything to prepare for a future down turn. It's all about "now and getting votes now" these days.

 

[mrhighlife]

Not if inflation continues to increase or is sticky.

Wouldn't cutting rates help stagflation? I thought that was your worry?

 

[mrhighlife]

To not put most of this on Biden and the Dems is uninformed biased bullshit. Never lump Biden with Obama and trump. Biden is uniquely awful. 40 year high in this. Record this. You keep posting bullshit. Read. There are consequences to draconian lockdowns and transformative freebies.

However If you want to say this then I would argue that Obama built a house of matches, Trump lit on fire and biden dumped gasoline on all of it. I guess you can Biden is more at fault. He is the one holding the gas can... Currently.

 

[mcmurtry66]

However If you want to say this then I would argue that Obama built a house of matches, Trump lit on fire and biden dumped gasoline on all of it. I guess you can Biden is more at fault. He is the one holding the gas can... Currently.

biden is unfit to do anything other than eat pudding in a home. even before his decline he was a fing moron. a lifelong gov leech. all he knows is to give away everything he can to pander to his constituents, scream maga, and watch - he'll start taxing the shit out of people and businesses to raise money for his totally inept gov. oh and we'll see what incompetents he can add to it. can you imagine working your entire life and you have to give more of your earnings to this administration of misfits to piss away

 

[snarlcakes]

Wouldn't cutting rates help stagflation? I thought that was your worry?

If the FED cuts rates, inflation would also increase. They don’t want runaway inflation either. Nobody does. I don’t think they’ll cut this year, unless the economy falls off a cliff.

 

[TDHoosier]

If the FED cuts rates, inflation would also increase. They don’t want runaway inflation either. Nobody does. I don’t think they’ll cut this year, unless the economy falls off a cliff.

There was hope rates would be cut by the fall, but with numbers not being favorable I don't see this happening. This is a great time for those with money, in banking we call this the rich getting richer. lol I've giving 5.3% on CD's and close to 5% on MM all day long. The big balance depositors are holding us over a barrel as every bank is starving for deposits so when rates drop they can lend it all back out 10X.

 

[IUNorth]

To not put most of this on Biden and the Dems is uninformed biased bullshit. Never lump Biden with Obama and trump. Biden is uniquely awful. 40 year high in this. Record this. You keep posting bullshit. Read. There are consequences to draconian lockdowns and transformative freebies.

The Draconian Lockdowns started and mostly happened under Trump...not sure why Biden gets lumped in to that. Democrats, sure. But Trump was the president, and GOP had half of Congress... Biden had nothing to do with the lockdown...other than he didn't lift them immediately upon entering office.

Just a point of contention...he has been awful in many other areas, enough that he doesn't need blamed for something he had nothing to do with.

I think Biden's biggest failure has been to cater too much to the far left factions of his party...at a time when America, and the World, needed someone to move closer to the center. That need was created by a lot of things, but front and center in those causes was Trump. However you want to look at his time in office, there's no way to argue that he didn't destroy many, maybe even nearly all, aspects of our government and how it has functioned for multiple centuries. Maybe it was time to do that, maybe it needed it...but he did it. And Biden was ill suited to being the guy that would come in and take those shattered pieces and put something good back together with them. So much so ill suited, that he has made things markedly worse.

The shitty thing...someone needs to fix it, and soon. And we're gonna be forced to choose between Trump and Biden...neither of which have a "fixing it" bone in their body.

 

[mcmurtry66]

The Draconian Lockdowns started and mostly happened under Trump...not sure why Biden gets lumped in to that. Democrats, sure. But Trump was the president, and GOP had half of Congress... Biden had nothing to do with the lockdown...other than he didn't lift them immediately upon entering office.

Just a point of contention...he has been awful in many other areas, enough that he doesn't need blamed for something he had nothing to do with.

I think Biden's biggest failure has been to cater too much to the far left factions of his party...at a time when America, and the World, needed someone to move closer to the center. That need was created by a lot of things, but front and center in those causes was Trump. However you want to look at his time in office, there's no way to argue that he didn't destroy many, maybe even nearly all, aspects of our government and how it has functioned for multiple centuries. Maybe it was time to do that, maybe it needed it...but he did it. And Biden was ill suited to being the guy that would come in and take those shattered pieces and put something good back together with them. So much so ill suited, that he has made things markedly worse.

The shitty thing...someone needs to fix it, and soon. And we're gonna be forced to choose between Trump and Biden...neither of which have a "fixing it" bone in their body.

Blue States Are Failing Their Students by Not Reopening Schools

Here's how they got it so wrong

time.com

It was blue states and counties where they continued on for far too long. Don’t you recall Desantis and Florida getting dragged. The free state of fla. In Missouri the AG finally had to sue school districts. It became a progressive cult virtue signal. And yes Biden gets dragged a bit unnecessarily but that’s the company he keeps so….

 

[IUNorth]

Blue States Are Failing Their Students by Not Reopening Schools

Here's how they got it so wrong

time.com

It was blue states and counties where they continued on for far too long. Don’t you recall Desantis and Florida getting dragged. The free state of fla. In Missouri the AG finally had to sue school districts. It became a progressive cult virtue signal. And yes Biden gets dragged a bit unnecessarily but that’s the company he keeps so….

Definitely was. Just not sure this should be one of the things pegged on Biden. Trump was not typical brazen Trump on this issue either. His biggest contributions were ridiculous suggestions like drinking hand sanitizer. His lack of leadership in this area left a huge void for Fauci and, as you mentioned, "blue state" leaders, to go overboard and lock everything down.

When Trump was faced with a real crisis, he froze. And if he thought liberals, and guys like Fauci were diphshits, why did he let them control the decisions and the narrative. In the biggest, and most important moments of his Presidency, he was weak as shit. Trump is literally the mouthy rich kid that talks shit non stop, then walks away and lets his body guards take beatings for him.

What is Trump going to do when America plunges in to an actual real recession as he's taking office? When the biggest percentage of his supporters are the ones that end up getting hit the hardest, and they start to lose their jobs and houses? My guess is he freezes again, and others will be forced to fill that leadership void. Does Trump get the blame when that happens?

They're both such ridiculously bad options for what we're facing right now.

 

[DDE-6-20-23]

watch - he'll start taxing the shit out of people and businesses to raise money for his totally inept gov. oh and we'll see what incompetents he can add to it. can you imagine working your entire life and you have to give more of your earnings to this administration of misfits to piss away

Hate to be the bearer of bad news...OUCH

Biden doubles down on tax hikes and regulations | Fox Business Video

Steve Forbes and John Carney react to President Biden attacking former President Trump's tax cuts and how Americans are paying more under Biden on 'Kudlow.'

video.foxbusiness.com

 

[mcmurtry66]

Definitely was. Just not sure this should be one of the things pegged on Biden. Trump was not typical brazen Trump on this issue either. His biggest contributions were ridiculous suggestions like drinking hand sanitizer. His lack of leadership in this area left a huge void for Fauci and, as you mentioned, "blue state" leaders, to go overboard and lock everything down.

When Trump was faced with a real crisis, he froze. And if he thought liberals, and guys like Fauci were diphshits, why did he let them control the decisions and the narrative. In the biggest, and most important moments of his Presidency, he was weak as shit. Trump is literally the mouthy rich kid that talks shit non stop, then walks away and lets his body guards take beatings for him.

What is Trump going to do when America plunges in to an actual real recession as he's taking office? When the biggest percentage of his supporters are the ones that end up getting hit the hardest, and they start to lose their jobs and houses? My guess is he freezes again, and others will be forced to fill that leadership void. Does Trump get the blame when that happens?

They're both such ridiculously bad options for what we're facing right now.

Agreed