It's Official The Recession Has Started

The Atlanta Federal Reserve GDP tracker is reporting that economic growth for the 2nd quarter (April - June 2022) has experienced a negative 1.0% growth for the quarter

www.platoscave.org...

As the AtlantaFed notes, "The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2022 is -1.0 percent on June 30, down from 0.3 percent on June 27. After recent releases from the US Bureau of Economic Analysis and the US Census Bureau, the nowcasts of second-quarter real personal consumption expenditures growth and real gross private domestic investment growth decreased from 2.7 percent and -8.1 percent, respectively, to 1.7 percent and -13.2 percent, respectively, while the nowcast of the contribution of the change in real net exports to second-quarter GDP growth increased from -0.11 percentage points to 0.35 percentage points."

This comes after the 1st quarter (January - March 2022) had experienced a 1.6% negative growth rate (revised down from negative 1.5% earlier )

The classic definition of a recession is 2 (or more) successive quarters of negative growth

The Obama year (2009 - 2017) experienced a cumulative total growth of only 2.9%, the only president who had not experienced a growth of 3 % for his term

Way to go FJB ........

a reply to: firerescue

Insolvency is getting close at this rate.

I hope all the ATSers are taking measures to mitigate the impending effects.

Don’t worry. Your money will be stolen through some emergency tax or what have you and given to the real victims of this: the wealthy.

Who is going to try to explain this to Joe Biden? I mean, is there an economic coloring book on this or something?

a reply to: beyondknowledge

a reply to: beyondknowledge

Does anyone really believe that he would do anything other than blame Putin?

An economic depression is a period of sharp and sustained decline in economic activity that typically includes negative gross domestic product growth and a substantial rise in unemployment, poverty and homelessness.

During economic depressions, the stock market drops significantly, and there is a large uptick in personal and business bankruptcies.

There is no universal definition of an economic depression, but some commonly used criteria include more than a 10% drop in GDP, around a 20% unemployment rate and a prolonged economic downturn that lasts more than one or two years.

Wiki describes it as:
"An economic depression is a period of sustained, long-term downturn in economic activity in one or more economies. It is a more severe economic downturn than a recession, which is a slowdown in economic activity over the course of a normal business cycle.

Economic depressions are characterized by their length, by abnormally large increases in unemployment, falls in the availability of credit (often due to some form of banking or financial crisis), shrinking output as buyers dry up and suppliers cut back on production and investment, more bankruptcies including sovereign debt defaults, significantly reduced amounts of trade and commerce (especially international trade), as well as highly volatile relative currency value fluctuations (often due to currency devaluations). Price deflation, financial crises, stock market crash, and bank failures are also common elements of a depression that do not normally occur during a recession."

I'm not sure what the plan is to stop this train wreck from getting worse. Everything being done seems to be making it worse.


[money.usnews.com...]

originally posted by: JinMI
a reply to: firerescue

Insolvency is getting close at this rate.

I hope all the ATSers are taking measures to mitigate the impending effects.

Im ready over here.

I was off for 26 months. I went back to work for 2 months to touch bases and pass out contact information to all of me mates. I let them know that I will feed their families when store shelves are bare. I am completely set up now. Everything you can think of. So much food, I could never eat it all. Really good stuff too!

Angus beef up the ying, Pounds and pounds of Texas wild gulf shrimp, Non antibiotic chicken, Pork ribs, fruit, vegetables, giant sacks of non GMO grain in my freezers. Everything vac locked and chest freezers set at sub zero. Solar panels, battery banks, generators. Guns, and mega ammo. Hundreds of plates, bowls, utensils , plastic cups, coffee cups, pounds of green un roasted coffee beans from around the world, ready for me to fresh roast. Lobsters, crab, sea and bay scallops, clams, muscles, calamari, cooking fuel up the ying. And so much more. firewood. Im set, and so are all my friends through me.

I just put in my one week notice. Im done working. Money, gold, silver, and lots of lead. Im ready!

originally posted by: beyondknowledge
Who is going to try to explain this to Joe Biden? I mean, is there an economic coloring book on this or something?

Maybe we can get hunter to explain to Pops that if the money
dries up how will he buy his hookers?

originally posted by: firerescue
…..

The Obama year (2009 - 2017) experienced a cumulative total growth of only 2.9%, the only president who had not experienced a growth of 3 % for his term

........

I’m not sure where you’re getting your information, but here’s what the Federal Reserve says about it:

“ Here’s a look at annual U.S. GDP growth during Trump’s presidency. The 2020 estimate comes from the Federal Reserve:

2017: +2.3%

2018: +3%

2019: +2.2%

2020: -3.7%

…..

How Trump Compares: Overall, U.S. GDP growth has averaged about 0.95% during Trump’s first term in office. Here’s a look at how that GDP growth stacks up to his predecessor, President Barack Obama:

2009: -2.5%

2010: +2.6%

2011: +1.6%

2012: +2.2%

2013: +1.8%

2014: +2.5%

2015: +3.1%

2016: +1.7%

In his eight years in office, U.S. GDP growth averaged 1.62% under Obama, about 70% higher than Trump’s growth rate.

Here’s a look at average GDP growth rates under the last six U.S. presidents:

Jimmy Carter (D): 3.25%

Ronald Reagan (R): 3.48%

George H.W. Bush (R): 2.25%

Bill Clinton (D): 3.88%

George W. Bush (R): 2.2%

Barack Obama (D): 1.62%

Donald Trump (R): 0.95%

In his first four years in office, Trump has had by far the lowest average U.S. GDP growth rate of any of the last seven U.S. presidents.”

Obama’s best year was better than Trumps best year. Trump’s worst year was worse than Obama’s worst year. Obama’s average was quite a bit better than Trump’s average.

www.yahoo.com...

a reply to: 1947boomer

Relax, this is much easier.

Market books its worst half since 1962

America　異ｓインあDEPRESSION ALONG WITH ALL COUNTRIES

a reply to: 1947boomer

To be fair I think something might’ve happened in 2020 that upset the numbers a bit.

Get cash rich now.

Inflation will not last long. You're going to start hearing about a liquidity crisis.

The fed will print to deal with it but I have no confidence it will be able to abate the amount of deflation that occur as the economy contracts.

originally posted by: beyondknowledge
Who is going to try to explain this to Joe Biden? I mean, is there an economic coloring book on this or something?

Too bad Mr. Rogers passed away.

a reply to: visitedbythem

Good setup. Bless you for looking out for others.

We've been doing the same but theres a limit.

a reply to: projectvxn

Precious metals (brass, lead) and bacon seeds!

Looking forward to bartering skillsets. Not associated with the above though.

a reply to: 1947boomer

Problem With Trump was that Covid kicked the economy in the nuts for 2020 which lowered his average

a reply to: visitedbythem

Been buying staples at ALDI, 5 lb of flour is about (For Now !) 1.50 also buying cornmeal , rice , sugar , spices

Been looking over means of primitive cookery

John Townsend 18th century Cooking on You Yube

Also Civil War Digital Digest for how the average civil war soldier took flour, cornmeal, salt pork and rice and turned it
a meal with just some tinned iron plates, kettle and tin cup over a campfire

This was coming no matter what.

So far, I am unaffected. My $30 tank of gas is now $40, and it costs a little more to feed the wife and kids. END. OF. THE.WORLD.

And totally Joe Biden's fault.