The U.S. economy shrank in the spring for the second consecutive quarter, entering a technical recession as rampant inflation and higher interest rates forced consumers and businesses to pull back on spending.
Megan Henney for FOX Business:
Gross domestic product, the broadest measure of goods and services produced across the economy, shrank by 0.9% on an annualized basis in the three-month period from April through June, the Commerce Department said in its first reading of the data on Thursday. Refinitiv economists expected the report to show the economy had expanded by 0.5%.
MacDailyNews Take: Bzzt! Wrong yet again, “experts.”
Economic output already fell over the first three months of the year, with GDP tumbling 1.6%, the worst performance since the spring of 2020, when the economy was still deep in the throes of the COVID [response]-induced recession.
Recessions are technically defined by two consecutive quarters of negative economic growth and are characterized by high unemployment, low or negative GDP growth, falling income and slowing retail sales, according to the National Bureau of Economic Research (NBER), which tracks downturns.
With back-to-back declines in growth, the economy meets the technical criteria for a recession, which requires a “significant decline in economic activity that is spread across the economy and that lasts more than a few months.” Still, the NBER — the semi-official arbiter — may not confirm it immediately as it typically waits up to a year to call it.
MacDailyNews Take: As we wrote earlier this week, unfortunately, in an indictment of the U.S. education “system,” for new generations, tough lessons have to be retaught and learned the hard way.
Stop the misguided crusade against domestic energy production and profligate federal spending and inflation will be stopped dead in its tracks. It’s not difficult. – MacDailyNews, May 11, 2022
‘Tis best to get a handle on inflation, if you know how, while you still can. – MacDailyNews, May 11, 2021
In January, Interactive Brokers founder Thomas Peterffy said, “Inflation is 7% — 1% or 2% [in interest rate hikes] doesn’t mean anything. If they really wanted to stop inflation, they would have to raise rates to 4%, 5%, 6%.”
Inflation is repudiation. — Calvin Coolidge
When a business or an individual spends more than it makes, it goes bankrupt. When government does it, it sends you the bill… [which] comes in two ways: higher taxes and inflation. Make no mistake about it, inflation is a tax and not by accident. — Ronald Reagan
As we continue the slog through this malaise, remember: It’s always darkest before the dawn.
Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you!
Shop The Apple Store at Amazon.
See you at the midterms! 😄
No votes for RINOS! 🇺🇸 MAGA 🇺🇸
Elections stolen via the stuffing of unconstitutionally installed, Zuckerberg-bought drop boxes lacking a chain of custody have consequences – especially when an establishment- and China-owned puppet who needs to be drugged just to be semi-coherent is installed.
Something very wrong in happening in the U.S. The FBI and DOJ are clearly corrupt. This country has no effective borders. Drugs are flooding in. Human trafficking is exploding. Crime is out of control. The Democrat cities are warzone cesspools. “Biden” is waging war on the only truly effective and proven energy sources we have…
Stagflation is next. Carter II. Or worse.
Hopefully this rolling Democrat disaster leads us to another Reagan Revolution and, in 2025, when President Trump gets back in, he has a real plan for cleaning out the corruption in the FBI, DOJ, etc.
Is that what Foxy Nooze Whinertainment tells you? That the FBI and DOJ are now responsible for enforcing drug laws? Stop embarrassing yourself, TROLL.
Since you enjoy spreading vile lies and socialistic nonsense, trying to stop others from expressing their opinions: “WHY THE F*** DON’T YOU JUST LEAVE THIS SITE?”
Answer: because deep in your chest, like all of your ilk, beats the heart of a petty propagandist commissar who should have been a functionary in the former Soviet Union. You would have been happy there, tormenting normal citizens who just want to be left alone by onerous government. Here you are:
At the core of liberalism is the
– miserable, as
all spoiled children are,
unsatisfied, demanding, ill-
disciplined, despotic and
useless. Liberalism is a
philosophy of sniveling brats.
Gotta love how you make up definitions for others for the purpose of slander & division. You have no clue what others believe, you simply make it up as you go along like your political liser idol. How much does Putin pay per post these days?
Funny, because after years of political propaganda and juvenile insults, it’s obvious Firstfuck can’t see shit. Go back to Moscow.
Fake President Asterisk’s past and future statements summarized:
When you have no solutions, all you can do is repost lies from a teevee talkin head. You must live on Faux like your fat orange hero.
“Rural School Dropouts For Dumpty“ sorry to read you dropped out of class, guess the childish name calling didn’t substitute for a passing grade…
To be fair, there are a lot more dropouts from the sticks than there are women of African heritage stupid enough to vote directly against their interests. This isn’t a partisan point, this is a basic fact. Trump offers minorities nothing.
Everyone but MDN knows Dumpty is done. He’s not running again, he knows he will never get the GOP nomination. Too many lies have burned the support he took for granted from real conservatives. You don’t have to be a Democrat to oppose a liar. So MDN, you and your 5 alter egos don’t have to post incendiary missives accusing everyone who dislikes Trump of being liberal. Real conservatives cannot stand Trump. The reasons are too numerous to list.
“To be fair, there are a lot more dropouts from the sticks”
No, not fair, educate yourself: “The status dropout rate in rural areas (11 percent) was higher than in suburban areas (9 percent), but lower than in cities (13 percent). No measurable difference was detected between the status dropout rate in rural areas and towns.”
Also: “The status dropout rate in 2018 was higher for males (6.3%) than female youth (5.1%). In 2018, the dropout rate for white youth (4.5%) remained below the rate for black youth (5.8%) and Hispanic youth (9.0%). Overall, the dropout rate in 2018 (5.7%) reached its lowest level since 1975.”
2018 figure another feather in Trump’s MAGA hat I was previously unaware.
“African heritage stupid enough to vote directly against their interests. Trump offers minorities nothing.”
Although a much smaller number compared to Democrats, Black voters in 2020 DOUBLED their support for Trump over 2016. The stupid part is voting for the same party over and over that repeatedly FAILS it’s citizens.
“Everyone but MDN knows Dumpty is done. He’s not running again, he knows he will never get the GOP nomination.”
Your arrogant opinion is neither Outside Observer or FACTUAL, no one knows at this point.
“You don’t have to be a Democrat to oppose a liar.”
OK, so, where are the Democrats that do not hold Biden accountable while lying repeatedly any day of the week?
“So MDN, you and your 5 alter egos don’t have to post incendiary missives accusing everyone who dislikes Trump of being liberal.”
I read many more “incendiary missives” from liberals, extreme leftists and Democrats than Republican supporters mainly exposing lies backed by facts. On the flip side, I read the majority of Democrat supporters spouting MORE dogma and worn out talking points instead of facts. Your post is a prime example and Exhibit A for the MDN jury.
“Real conservatives cannot stand Trump. The reasons are too numerous to list.”
Majority of conservatives supported Trump winning the 2016 election. The reasons are too numerous to list why Biden achieved the LOWEST approval rating in HISTORY for a president a little over one and a half years in office…
Amen, brother! Sweep the CHEATING Dumbocrats out of office!!!
Get back to Trump’s economic policies of energy and economic prosperity for ALL citizens. Not the carve outs for indentured party servants, illegal border crossers and corrupt unions as we have now.
Yes, the RECESSION has OFFICIALLY BEGUN. Completing the full career circle of 50 years in the swamp, namely the INCOMPETENT grifter in Chief. Spare yourself the tortured Democrat tripe struggling to REDEFINE recession the administration parrots will be spewing in full court press the next couple days and on the Sunday talk shows.
The self proclaimed all knowing Washington statesman [Biden] and fixer of every problem on Earth and in the atmosphere — knows NOTHING, fixes NOTHING and makes problems WORSE. Reality is day by day only bad policies that do not work, and lack of policies that do work.
FAKE Big Media let’s Biden and cronies skate free and lie with impunity. ZERO investigative reporting and accountability by the laughable guardians of the fourth estate. Remember the NYT Pulitzer for Trump’s supposed Russian collusion stealing the election? FALSE, ask Mueller and $32 million WASTED taxpayer dollars.
NYT triumphant headline: “Pulitzer Board Rejects Trump Request to Toss Out Wins for Russia Coverage.” Can you believe it? Today the award still hangs inside the newspaper offices in Manhattan. Credibility SHOT, no shame or remorse, only self righteous journalism malfeasance and tireless obsession to take down a great policy president. That would be NYT, WP and the Pulitzer committee forever tainted and never to be trusted again.
Just shameful not a millionth of the same attention Big Media paid to Trump 24/7. Hanging on every word, like a buzzard circling a fresh kill — just waiting to knock the man down. Meanwhile, the mumbling, bumbling, stumbling, master mangler of words SKATES FREE. Looks like Hunter’s dirty deeds are going to be swept under the corrupt Justice Dept. rug just in time for the midterms. How politically convenient, they’ll gladly take it and more drop boxes, please.
The politicians in the USA have never been close to this bad and corrupt in history. Sadly, that goes for the woke destroyed party of JFK, as well.
November can’t come to the RESCUE soon enough and also the 2024 presidential election. CNN actually published a poll recently 75% of Democrats want someone other than Biden to run. Rare, but they deserve credit.
BOTTOM LINE: The political incompetence, splintering citizens into groups and green madness has to end. Yes indeed, the RECKONING is on its way good citizens… 🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸
“Can you believe it? Today the award still hangs inside the newspaper offices in Manhattan. Credibility SHOT, no shame or remorse, only self righteous journalism malfeasance and tireless obsession to take down a great policy president.”
Indeed! Shame and Remorse, two Trumpian hallmarks! 😉
The greatest first term economic turnaround president in history! NO shame or remorse necessary for HERCULEAN ACCOMPLISHMENTS. 🙄
We’re talking about the lying woke inglorious bastards at the New York Times!… 🤥
But you still need to be able to recognize it both ways.
Both ways does not break down 50/50.
Good to see the unscientific voters support your comment, certainly was not always the case.
Man, the things I do for you… 😉🤪🤣
you’re really longing for me to put my manhood in your pie hole.
You are a serial sodomizer of little boys.
Same as the rest of the world! You’re not that special
Yes we are.
Being the world’s largest economy, we are the first domino in line.
You can always start the fall anywhere AFTER the first domino, but when the FIRST one goes, so do the rest.
Deal with it….
Who’s the biggest, TowerTone?
The USA has coasted too long. Debt and wasteful lifestyles have caught up. There are many things the USA does well, but … economic sustainability, long term planning, wise fiscal balance, and cooperative pragmatic nonpartisan collaboration are simply not happening enough today. It was a good run.
In an indictment of the U.S. education “system,” for new generations, tough lessons have to be retaught and learned the hard way.
The AppleH8ing twins, AppleBSCynic, are yet to learn those hard lessons, and just wallow in continued ignorance. It’s sad, but true.
They are the fractured, but whole. Hole in tbe head.
How do you deal with recession? You redefine the word to mean something else
Well they did it to ‘marriage’ and ‘affordable’ so…
What is a “woman” was answered unabashedly with ambiguity/uncertainty.
The goal posts for “recession” were changed, despite broad economist’s agreement.
The number of justices “needs” to change.
Oh, The Filibuster….
Rules are so problematic…that’s why I’m a progressive.
Breaking rules is the PROBLEM. Nothing progressive about extreme leftist stupidity creating chaos…
“… In an indictment of the U.S. education “system,” for new generations”
this video proves you wrong, the U.S. education is doing a fabulous job training the youth to be useful slaves to the CCP.
the best part is @ 3:21 when the brilliant young lady effortlessly names all the Kardashian sisters.
Two thumbs up for public eduction. The future is so bright with this next generation. So glad they will determine our retirement years.
Anti-elitism on display, just the way MAGAs like it!
Keep working on that collage, friend.
Since it occurred in NYC and they speak English (w/o accent), I’ll amend….
“U.S. education is doing a fabulous job training the youth to be useful slaves to the State (US).”
1st graders 3 decades ago would have answered correctly. 1st graders 50-70 years ago could have been their teachers.
Their answers were unbelievable and profoundly sad. I bet they can rattle off pronoun crap, though.
the funny part was their lack of basic math and finance. Its telling when they can’t calculated 3 x 3 x 3 = ?
but the dancing in the background was really impressive and the expensive label fashion wear was equally impressive for people that can’t do basic calculations. But least I forget, no math needed to use their parents credit card.
You’re the ones advocating that every sperm is sacred. If you’re too cheap to educate your offspring after birth to be productive, then you should get fixed. Your 2000 year old textbook allows it.