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Joe Biden Train Wreck

TigerGrowls

Woodrush
Gold Member
Dec 21, 2001
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China Joe is obliterating the economy of most states.


Bidenomics: 46 states saw GDP decline in first quarter of 2022, federal data shows​

Americans also experienced a decrease in their savings and disposable income in the first quarter of 2022.

By The Center Square Staff
By Casey Harper
Updated: June 30, 2022 - 11:14pm
Forty-six of the 50 U.S. states saw a decline in gross domestic product in the first quarter of 2022, newly released federal data shows.
The Bureau of Economic Analysis reported Thursday that only Massachusetts, Michigan, New Hampshire and Vermont bucked the trend with increases in GDP in the first three months of this year.
Data released earlier this week showed that U.S. GDP decreased by 1.6% overall in the first quarter, but states’ GDPs varied because of a range of factors.
“Mining, quarrying, and oil and gas extraction contributed decreases in 49 states,” the Bureau of Economic Analysis said. “This industry was the leading contributor to the decreases in 10 states, including Wyoming, Alaska, North Dakota, West Virginia, and New Mexico – the 5 states with the largest decreases in real GDP. Government and government enterprises was the leading contributor to the increases in New Hampshire and Massachusetts – the states with the largest and third-largest increases in real GDP, respectively.
“Agriculture, forestry, fishing, and hunting was the leading contributor to the increase in Vermont – the state with the second-largest increase,” BEA added, saying that utilities were “the leading contributor to the increase in Michigan – the only other state with an increase.”
Meanwhile, the Personal Consumption Expenditure, a key BEA indicator for inflation, showed what other federal inflation markers have shown: higher inflation in the last year.
“The PCE price index for May increased 6.3 percent from one year ago, reflecting increases in both goods and services…” BEA said. “Energy prices increased 35.8 percent while food prices increased 11.0 percent. Excluding food and energy, the PCE price index for May increased 4.7 percent from one year ago.”
As The Center Square previously reported, Americans also experienced a decrease in their savings and disposable income in the first quarter of 2022.
“Disposable personal income decreased $58.8 billion (revised), or 1.3 percent, in the first quarter, in contrast to an increase of $72.4 billion, or 1.6 percent, in the fourth quarter,” BEA said. “Real disposable personal income decreased 7.8 percent (revised), compared with a decrease of 4.5 percent. Personal saving was $1.02 trillion in the first quarter (revised), compared with $1.45 trillion in the fourth quarter. The personal saving rate – personal saving as a percentage of disposable personal income – was 5.6 percent (revised) in the first quarter, compared with 7.9 percent in the fourth quarter.”
 
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This is the most ANTI-American administration that has ever existed.

Their goal is to destroy this country and our people.

These people are EVIL, and ALL of them have disregarded their oath of office. NONE of these people have the country they live in as the highest priority.
 
I mean the real story here is ... who is this 15% that Approve of the job Biden is doing?

My goodness, I can understand disagreeing with the other side, but ... how can anyone look around and say "yup, this is going well"

Its the epitome of this meme

this-is-fine.gif
 
I'm not sure Biden understands the difference between up and down at this point. His admin and econ advisors no doubt know this is an outright con job with full media support, though.

I’m not sure if he and his administration is completely clueless, or more likely, they know that half the country and much of their voting block is pretty stupid. Keep in mind that nearly half the county has a double digit IQ. They are just playing to the simps at this point because anyone with half a brain knows they are incompetent.
 
Recession now just about official.


DEVELOPING: Atlanta Fed Announces GDP for Second Quarter at Minus 2.1 — Confirms US Economy Under Joe Biden Is Facing a Recession​

By Jim Hoft
Published July 5, 2022 at 10:15am
market-down-screengrab.jpg

This didn’t make any headlines for some reason.
The Atlanta Federal Reserve announced on Friday that the second quarter of 2022 saw a GDP of minus 2.1 percent.
Breitbart.com reported:
The Federal Reserve Bank of Atlanta’s GDPNOW economy tracker plunged even deeper into negative territory on Friday, falling from minus one percent to -2.1 percent. For nearly two weeks prior to this week, the tracker had shown zero growth.
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The Atlanta Fed reported on Friday.
Recent forecasts for the GDPNow model are available here. More extensive numerical details—including underlying source data, forecasts, and model parameters—are available as a separate spreadsheet. You can also view an archive of recent commentaries from GDPNow estimates.
Please note that we no longer support the GDPNow app. Download our EconomyNow app or go to our website to continue to get the latest GDP nowcast and more economic data.

Latest estimate: -2.1 percent — July 1, 2022​

The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2022 is -2.1 percent on July 1, down from -1.0 percent on June 30. After this morning’s Manufacturing ISM Report On Business from the Institute for Supply Management and the construction report from the US Census Bureau, the nowcasts of second-quarter real personal consumption expenditures growth and real gross private domestic investment growth decreased from 1.7 percent and -13.2 percent, respectively, to 0.8 percent and -15.2 percent, respectively.
The next GDPNow update is Thursday, July 7. Please see the “Release Dates” tab below for a list of upcoming releases.
The GDP shrank by 1.6 percent in the first quarter of 2022.
As we reported previously, the US GDP is on a downturn and has been down with the last all-time high being in October of 2021. That is now more than six months ago.
For the record — Recessions are typically marked by an economy shrinking in back-to-back quarters, measured by gross domestic product.
The numbers reported by the Atlanta Fed will make the second quarter of negative growth.
This means the US is currently in recession — with skyrocketing inflation. Thank you, Joe Biden and Nancy Pelosi!
 
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US Workers Have Lost $3,400 In Annual Wages Due To Biden’s Inflation – “Crushing The Middle Class”​

By ProTrumpNews Staff
Published July 13, 2022 at 12:30pm
BidenDidThat.jpg

Inflation exploded in June with the inflation rate increasing 9.1% year over year.
This was the biggest increase since February 1981.
BLS:
The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.3 percent in June on a seasonally adjusted basis after rising 1.0 percent in May, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 9.1 percent before seasonal adjustment.
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The increase was broad-based, with the indexes for gasoline, shelter, and food being the largest contributors. The energy index rose 7.5 percent over the month and contributed nearly half of the all items increase, with the gasoline index rising 11.2 percent and the other major component indexes also rising. The food index rose 1.0 percent in June, as did the food at home index.

The all items index increased 9.1 percent for the 12 months ending June, the largest 12-month increase since the period ending November 1981. The all items less food and energy index rose 5.9 percent over the last 12 months. The energy index rose 41.6 percent over the last year, the largest 12-month increase since the period ending April 1980. The food index increased 10.4 percent for the 12-months ending June, the largest 12-month increase since the period ending February 1981.
This inflation is hurting American workers.
The average US worker is losing $3,400 annually due to inflation – for married couples, the number is $6,800.
Fox Business reported:
The average U.S. worker has lost $3,400 in annual income as a result of skyrocketing inflation since President Biden took office nearly 18 months ago.

“There are plenty of families that that’s more than their food budget a year,” Antoni told Fox Business in an interview. “I can’t emphasize enough how much this is really crushing consumers.”
“It’s truly crushing the middle class and then the White House spokesperson says these garbage lines like ‘the economy is in transition,’” he continued. “Transition in the same sense, I suppose, that an iceberg transitioned the Titanic into a submarine.”
Biden has been a complete disaster!
 
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BIDEN ECONOMY: Inflation Explodes to 9.1% – The Largest 12-Month Increase Since the Period Ending November 1981​

By Joe Hoft
Published July 13, 2022 at 8:00am
inflation-photo.jpg

The Bureau of Labor Statistics minutes ago released the June inflation numbers. They are not good.
The BLS shared:
The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.3 percent in June on a seasonally adjusted basis after rising 1.0 percent in May, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 9.1 percent before seasonal adjustment.
The increase was broad-based, with the indexes for gasoline, shelter, and food being the largest contributors. The energy index rose 7.5 percent over the month and contributed nearly half of the all items increase, with the gasoline index rising 11.2 percent and the other major component indexes also rising. The food index rose 1.0 percent in June, as did the food at home index.
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The index for all items less food and energy rose 0.7 percent in June, after increasing 0.6 percent in the preceding two months. While almost all major component indexes increased over the month, the largest contributors were the indexes for shelter, used cars and trucks, medical care, motor vehicle insurance, and new vehicles. The indexes for motor vehicle repair, apparel,
household furnishings and operations, and recreation also increased in June. Among the few major component indexes to decline in June were lodging away from home and airline fares.
The all items index increased 9.1 percent for the 12 months ending June, the largest 12-month increase since the period ending November 1981. The all items less food and energy index rose 5.9 percent over the last 12 months. The energy index rose 41.6 percent over the last year, the
largest 12-month increase since the period ending April 1980. The food index increased 10.4
percent for the 12-months ending June, the largest 12-month increase since the period ending
February 1981.
Energy is up more than 40% for the year according to the BLS.
CPI-June.jpg

These are the worst numbers many Americans have ever seen or lived through.
 
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I’m not sure if he and his administration is completely clueless, or more likely, they know that half the country and much of their voting block is pretty stupid. Keep in mind that nearly half the county has a double digit IQ. They are just playing to the simps at this point because anyone with half a brain knows they are incompetent.

They are completely clueless they would rather play to woke ideology than try and understand basic economics. Even when it devastates the people to purportedly try to help. Worst president in US history and that is not hyperbole.
 
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BREAKING SURVEY: Majority of Top Biden Officials Have ZERO Business Experience​

By Joe Hoft
Published July 14, 2022 at 6:45pm
Biden-Cabinet.jpg

The majority of Biden’s top officials have zero experience in business.
The Committee to Unleash Prosperity performed a survey of the Biden camp showing that most of the Biden gang have no business experience.
According to the committee:
  1. Most of Biden’s top 68 officials have zero work experience.
  2. Most of these people have no business experience.
  3. Most of Biden’s gang are professional politicians and lawyers.
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Majority-of-Biden-Officials-have-Zero-Work-Experience.jpg

And you wonder why the economy is totally destroyed under these radical lunatics.
 
I'm not sure Biden understands the difference between up and down at this point. His admin and econ advisors no doubt know this is an outright con job with full media support, though.
Press sec: economy as strong as ever

Jay powell: we have tools to control inflation and know what were doing
-Then inflation will be moderate and transitory
-Inflation is hotter than we expected and will be around longer, dont see any chance of recession
-We may have made a mistake in not hiking soon enough, still think soft landing is possible
-Still think recession is not unavoidable
…these are all paraphrased statements from the fed chair over tim

janet yellen: we werent expecting this, still doesn't think we cant avoid recession

they are all idiots. The latter two are among the smartest of the idiots. The biden admin in the wh looks like when farmer fran runs practice in the waterboy

at least as far as central banks are concerned, while ours are morons who blindly follow their dgsm models and the philips curve, we have it better than europe. The queen of failing upwards christine lagarde has a plan to have a plan…or something

cpi print at 9.1, jobless claims up again, 2s10s at a horrific -19bps, eurodollar curve more inverted than late 07, consumer confidence in the toilet, 10y swap spreads somewhere around -30bps, dollar ripping …. Absolutely massive global dollar (collateral) shortage as the economy is slowing by just about every measure and the fed is going all gas no brakes on rate hikes. No one in the press questions this delusional response. Not that anyone in the white house would know what half those measures are or indicate. Media is absolutely every bit as culpable for their role in communicating the establishment talking points without any serious challenges to their glaring deviations from reality.

when the floor finally falls out from under this economic clusterfk, guarantee youll see
 

BIDEN ECONOMY: US Existing Home Sales Drop for 5th Straight Month But Inflation Keeps the Price of Homes at Record Highs​

By Joe Hoft
Published July 20, 2022 at 3:30pm
markets-600x338.jpg

The sales of existing homes decreased for the 5th straight month. However, the price of homes has remained at all-time highs due to inflation.
Bloomberg reported on the housing markets:
Sales of previously owned US homes fell in June to a two-year low as a surge in borrowing costs continues to erode affordability.
Contract closings fell 5.4% from May to an annualized 5.12 million, figures from the National Association of Realtors showed Wednesday. The median estimate called for 5.35 million in a Bloomberg survey of economists.
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The latest decline in sales marks the fifth straight — the worst streak since 2013 — and it’s likely to deepen further. The Federal Reserve is aggressively increasing interest rates to combat inflation, a pivot that’s chilled the broader housing market.

Steve Cortez was on the War Room where he discussed the economy. He shared that home sales were down but the prices of homes remain high due to inflation.

See video on TGP.
 





 
Likely b
It's all good. He will back up to 63% before midterms!

He doesn't have to do anything. The media and "progressives" will simply effectuate doublethink as was prophesied in 1984.

In 1984, Oceania's all-controlling Party brainwashed the population into unthinking obedience to its leader, Big Brother. The Party created a propagandistic language known as Newspeak, which is designed to limit free thought and promote the Party’s doctrines. Its words include doublethink (belief in contradictory ideas simultaneously), which is reflected in the Party’s slogans: “War is peace,” “Freedom is slavery,” and “Ignorance is strength."

Redefining "recession" is one of the latest examples. The mainstream media acts the role of the Thought Police, drumming Party lines into the lemming classes of American society.

Always look beyond the word at the actions. Pulling the curtain of Oz back really is enlightening.
 
He is def kicking ass and taking names right now.
Hes had covid for 3 weeks? Was it the 780 billion dollars he printed in the name of inflation reduction? Or china giving him a swirlie? I guess now that i think about it thats really a pretty good week for him
 
This is the most ANTI-American administration that has ever existed.

Their goal is to destroy this country and our people.

These people are EVIL, and ALL of them have disregarded their oath of office. NONE of these people have the country they live in as the highest priority.
They are engaging in infant sex trafficking at the pizza hut and dominoe's.
 
This is the most ANTI-American administration that has ever existed.

Their goal is to destroy this country and our people.

These people are EVIL, and ALL of them have disregarded their oath of office. NONE of these people have the country they live in as the highest priority.
That’s saying something considering the last guy wanted to stage a coup 😉
 
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