12mo ago

U.S. economy grew at a 2.8% pace in the second quarter, much more than expected

www.cnbc.com

News @lemmy.world

bobalot @lemmy.world

12mo ago

U.S. economy grew at a 2.8% pace in the second quarter, much more than expected

www.cnbc.com /2024/07/25/us-gdp-q2-2024.html

11 comments

Everyone should read the full article, but:
However, the report also indicated that the personal savings rate continues to decelerate, at 3.5% for the quarter, compared to 3.8% in Q1.
There have been signs of cracks lately in the consumer picture.
A report Wednesday from the Philadelphia Federal Reserve showed credit card balances at an all-time high for data going back to 2012. Revolving debt balances also reached a new high even as banks reported tightening credit standards and declining new card originations.
"The economy" went up because prices keep going up.
Regular Americans have less, because they're spending more then ever on necessities.
I don't know why people would brag about this like Americans not being able to save and going into credit card debt just to live. It's bad for the vast majority of us, and only good for the richest. That's where all that money is going.
- If inflation out passes growth, the US is in stagnation. So... That sounds fun
You know, I think Democrats might just be good for the economy.
- You mean, trickle-down economics doesn't actually work? And when rich people get a tax cut, they don't immediately reinvest their personal income windfalls into their businesses and employees?!? Quick, someone fetch my fainting couch!
  
  Trickle-down economics works perfectly. People just misunderstand who it is supposed to work for.
  
  No! Don't touch the couch!
The metrics for measuring the performance of the economy need to be changed
total horseshit
an economy that includes wages that are lower than food and housing costs combined it is not growing period
shit is shit no matter how you dress it up
not even the $15 an hour Biden forgot about would cover anyone's bills
just to work a job in a place with no public transportation would have you paying gas, maintenance, insurance, property tax, and a monthly car payment if it is not paid off and if the vehicle is used upon purchase the maintenance could cost more plus your housing and food all add up to more than some make a month
and that is not including a person's healthcare which at this point is state by state so depending on location the cost is astronomically higher due to travel costs if you can afford it both cash and time wise
nor is that including utilities or entertainment or anything else
The amount of money has grown but most people aren't getting any of it. Better headline.

11 comments