> Fed officials have acknowledged the pickup in growth, which could potentially undercut their efforts to fight inflation. Brisk consumer spending typically leads companies — those that sell physical goods as well as those, like restaurants and entertainment venues, in the economy’s vast service sector — to raise prices, thereby fueling inflation.
>But Fed Chair Jerome Powell, in a discussion last week, said he was generally pleased with how the economy was evolving: Inflation has slowed to an annual rate of 3.7% from a four-decade high of 9.1% in June 2022. At the same time, steady growth and hiring have forestalled the recession that was widely predicted at the end of last year.
>**If those trends continue, it could allow the Fed to achieve a highly sought-after “soft landing,” in which the central bank would manage to slow inflation to its 2% target without causing a deep recession.**
Americans give Biden horrible marks on his handling of the economy. But the soft landing seems well within reach and that would be quite a feat.
I’m just happy for some good news man
This is terrible news for Biden…
It’s so bizarre how dead-set the majority of people are in believing the economy is terrible given that it’s growing rapidly, unemployment is super low, wages are rising, finally growing faster than inflation, and inflation is coming down rapidly.
ETA: Lots of good responses below. Yes, even though inflation is coming down, it definitely took a toll. And for low earners, that toll was especially noticeable. I would still argue that the fed has managed a really impressive feat of bringing inflation down from over 9% to 3.7% without an 80s-style spike in unemployment. But it’s hard to ask people who are struggling financially to appreciate things not being even worse.
If the media and right-wing would stop wishing for the American economy to fail, people might understand that Bidenomics is doing a pretty good job navigating the post-pandemic era.
Results like these make me wonder why anyone in their right mind would vote for Trump.
So why do we all feel so goddamn broke? I make more than I’ve ever made and I’m struggling more than I’ve ever struggled.
Whatever they are seeing, they better look at things from our side if they want to continue keeping their jobs.
Hmm that’s weird, Republicans told me that the economy is doomed and Bidenomics is failing.
Slap a ‘Biden Did That’ sticker on it.
Gdp growth isn’t benefitting the average person in a meaningful way, we are all still struggling w stagnant wages and corporate price gouging is pushing everything further out of reach. Fed rate actions have also now made home ownership feel like a pipe dream. Metrics and stats are great but my ever-increasing grocery bill tells the real story
That’s great, but how will the inevitable shutdown impact things? I’m convinced Rs are hell bent to crash the economy so people won’t vote for Biden next year.
Good. Stop the price fixing and gouging, then we can talk.
Stock market: *”And I took that personally”*
“Economy doing great! Why this is bad news for Democrats” -New York Times, probably
Biden inherited a terrible economy, supply chain crisis, inflation, and a pandemic that had been completely ignored. Within the first month of his Presidency, he had our ports running 24/7 (Previously they ran on only 2 shifts) and had fixed vaccine distribution. The only people who seem to forget 2020 was the year Trump tanked America and the Obama Economy is the MAGA Taliban. And the Muscovy MAGAS in Congress fought to keep the economy in the dumps every step of the way, producing zero legislation that benefits the economy.
When will the majority of the population see the windfall from that? You know, the other 90%?
Biden’s economy is booming by traditional measures.
However, it cannot be trivialized that median wage or lower earners are still feeling pinched by the large increase in food and shelter costs last year.
This leads to a large number of Americans missing out, or feeling like they’re missing out, from this boom. Again.
I think addressing the wage gap between executives and workers is smart. And this UAW strike is a great way for workers to reclaim some of those profits. So by encouraging unions, which Biden et all have done, they are already taking steps to address this.
Just distributing money or demanding private corporations change their prices are impossible asks from our government. So we need practical ideas for addressing this concern.
This is an example that trickle down economy only benefit the rich! It never reach the needy where it’s needed the most!!
We’re still poor and Elon Musk wants to buy Wikipedia for $1B to make himself look cooler than what he actually is.
Edit: Lol at the down votes and “reddit cares” messages. People really love to be cucked by capitalism.
“Don’t worry everyone! The rich are doing really well again! Especially after the 20% increase on the cost of groceries.”
“The Economy” is generally a reference to Wall Street and not indicative of what your average person is feeling on Main Street. The Dems need to find a way to bridge that gap
Somebody help me identify a metric that most closely summarizes efficiency in society. High GDP sounds good, but if many people are working second jobs, or unpaid jobs (taking care of aging family), or borrowing a bunch to spend, or spending on goods or services that are unnecessary or wasted, high crime that destroys productive lives and property that must be replaced, that seems bad to me. Not saying that is what is causing this high GDP in this last quarter. But what metric would demonstrate people have enough money to get what they want/ need, but with more time not spend on work, and less waste?
Sure wish it would start trickling down.
Any time now.
Now if only wages could go up. Cuz, you know, inflation has been going up non-stop.
The media have been predicting a recession for the past 3 years. Instead of the gloom of recession we have experienced solid growth. There was always going to be some covid hardships but we have come out of it stronger than expected.
Too bad Democrats are horrible at getting their message out.
Maybe they should hire a Trump impersonator to help them out, “Great, strong terrific GDP, amazing full employment, low unemployment, slowing covid inflation. The best economy ever.”
The economy was improving at the end of Obama. So Trump was lucky to inherit an economy on the upswing. Unlike what Biden inherited from Trump. I wonder what Trumps recovery strategy would have been post – Covid (more tax cuts)?
“And here’s why it can hurt Biden in 2024”
NY Times headline I’m sure
Economy continues to be great under Democrat leadership and always tanks when Republicans are elected.
Independents: “I sTiLl TrUsT rEpUbLiCaNs MoRe On ThE eCoNoMy”
Reminder that under Trump and the MAGA Republicans GDP growth, and jobs growth, was the WORST SINCE THE GREAT DEPRESSION. (making sure those in back can hear me).
Yet people still complain and give Biden zero credit. I know it’s not all him, but a sane and steady hand helps. As opposed to ….the Clown Car Congress
Until pay even begins to match the rising cost of living in the country, it will not feel like the economy is doing okay and that is a political problem. Biden has done a phenomenal job, but he cannot force private employers to stop fucking over their workers, and that will always be a challenge in the ballot box.
To turn the economy around the way it did after Covid is a massive feat of strength.
This is great… I support Biden and the dems, I loathe the GQP, and I’m happy any time Biden is able to show republicans how to actually get anything done. Problem is, I’m still paying $4/gallon for gas, and I can’t go to the grocery store without spending $100. Corporate greed is what needs to be reeled in, and I don’t see that happening in my lifetime, which is depressing.
Great to know I don’t need a second job anymore to barely scratch by and have just barely enough food for my family. Such great news!!!! I’m going to cut the second job and reduce my primary jobs hours with this good report.
33 comments
> Fed officials have acknowledged the pickup in growth, which could potentially undercut their efforts to fight inflation. Brisk consumer spending typically leads companies — those that sell physical goods as well as those, like restaurants and entertainment venues, in the economy’s vast service sector — to raise prices, thereby fueling inflation.
>But Fed Chair Jerome Powell, in a discussion last week, said he was generally pleased with how the economy was evolving: Inflation has slowed to an annual rate of 3.7% from a four-decade high of 9.1% in June 2022. At the same time, steady growth and hiring have forestalled the recession that was widely predicted at the end of last year.
>**If those trends continue, it could allow the Fed to achieve a highly sought-after “soft landing,” in which the central bank would manage to slow inflation to its 2% target without causing a deep recession.**
Americans give Biden horrible marks on his handling of the economy. But the soft landing seems well within reach and that would be quite a feat.
I’m just happy for some good news man
This is terrible news for Biden…
It’s so bizarre how dead-set the majority of people are in believing the economy is terrible given that it’s growing rapidly, unemployment is super low, wages are rising, finally growing faster than inflation, and inflation is coming down rapidly.
ETA: Lots of good responses below. Yes, even though inflation is coming down, it definitely took a toll. And for low earners, that toll was especially noticeable. I would still argue that the fed has managed a really impressive feat of bringing inflation down from over 9% to 3.7% without an 80s-style spike in unemployment. But it’s hard to ask people who are struggling financially to appreciate things not being even worse.
If the media and right-wing would stop wishing for the American economy to fail, people might understand that Bidenomics is doing a pretty good job navigating the post-pandemic era.
Results like these make me wonder why anyone in their right mind would vote for Trump.
So why do we all feel so goddamn broke? I make more than I’ve ever made and I’m struggling more than I’ve ever struggled.
Whatever they are seeing, they better look at things from our side if they want to continue keeping their jobs.
Hmm that’s weird, Republicans told me that the economy is doomed and Bidenomics is failing.
Slap a ‘Biden Did That’ sticker on it.
Gdp growth isn’t benefitting the average person in a meaningful way, we are all still struggling w stagnant wages and corporate price gouging is pushing everything further out of reach. Fed rate actions have also now made home ownership feel like a pipe dream. Metrics and stats are great but my ever-increasing grocery bill tells the real story
That’s great, but how will the inevitable shutdown impact things? I’m convinced Rs are hell bent to crash the economy so people won’t vote for Biden next year.
Good. Stop the price fixing and gouging, then we can talk.
Stock market: *”And I took that personally”*
“Economy doing great! Why this is bad news for Democrats” -New York Times, probably
Biden inherited a terrible economy, supply chain crisis, inflation, and a pandemic that had been completely ignored. Within the first month of his Presidency, he had our ports running 24/7 (Previously they ran on only 2 shifts) and had fixed vaccine distribution. The only people who seem to forget 2020 was the year Trump tanked America and the Obama Economy is the MAGA Taliban. And the Muscovy MAGAS in Congress fought to keep the economy in the dumps every step of the way, producing zero legislation that benefits the economy.
When will the majority of the population see the windfall from that? You know, the other 90%?
Biden’s economy is booming by traditional measures.
However, it cannot be trivialized that median wage or lower earners are still feeling pinched by the large increase in food and shelter costs last year.
This leads to a large number of Americans missing out, or feeling like they’re missing out, from this boom. Again.
I think addressing the wage gap between executives and workers is smart. And this UAW strike is a great way for workers to reclaim some of those profits. So by encouraging unions, which Biden et all have done, they are already taking steps to address this.
Just distributing money or demanding private corporations change their prices are impossible asks from our government. So we need practical ideas for addressing this concern.
This is an example that trickle down economy only benefit the rich! It never reach the needy where it’s needed the most!!
We’re still poor and Elon Musk wants to buy Wikipedia for $1B to make himself look cooler than what he actually is.
Edit: Lol at the down votes and “reddit cares” messages. People really love to be cucked by capitalism.
“Don’t worry everyone! The rich are doing really well again! Especially after the 20% increase on the cost of groceries.”
“The Economy” is generally a reference to Wall Street and not indicative of what your average person is feeling on Main Street. The Dems need to find a way to bridge that gap
Somebody help me identify a metric that most closely summarizes efficiency in society. High GDP sounds good, but if many people are working second jobs, or unpaid jobs (taking care of aging family), or borrowing a bunch to spend, or spending on goods or services that are unnecessary or wasted, high crime that destroys productive lives and property that must be replaced, that seems bad to me. Not saying that is what is causing this high GDP in this last quarter. But what metric would demonstrate people have enough money to get what they want/ need, but with more time not spend on work, and less waste?
Sure wish it would start trickling down.
Any time now.
Now if only wages could go up. Cuz, you know, inflation has been going up non-stop.
The media have been predicting a recession for the past 3 years. Instead of the gloom of recession we have experienced solid growth. There was always going to be some covid hardships but we have come out of it stronger than expected.
Too bad Democrats are horrible at getting their message out.
Maybe they should hire a Trump impersonator to help them out, “Great, strong terrific GDP, amazing full employment, low unemployment, slowing covid inflation. The best economy ever.”
The economy was improving at the end of Obama. So Trump was lucky to inherit an economy on the upswing. Unlike what Biden inherited from Trump. I wonder what Trumps recovery strategy would have been post – Covid (more tax cuts)?
“And here’s why it can hurt Biden in 2024”
NY Times headline I’m sure
Economy continues to be great under Democrat leadership and always tanks when Republicans are elected.
Independents: “I sTiLl TrUsT rEpUbLiCaNs MoRe On ThE eCoNoMy”
Reminder that under Trump and the MAGA Republicans GDP growth, and jobs growth, was the WORST SINCE THE GREAT DEPRESSION. (making sure those in back can hear me).
https://www.bloomberg.com/opinion/articles/2021-08-02/trump-s-gdp-growth-was-the-worst-since-the-great-depression
https://www.the-independent.com/news/world/americas/us-politics/gdp-growth-trump-worst-hoover-b1895500.html
https://capaction.medium.com/president-trump-has-the-worst-economic-record-in-recorded-history-65f632376fef
https://finance.yahoo.com/news/trump-leave-office-worst-jobs-030044152.html
Yet people still complain and give Biden zero credit. I know it’s not all him, but a sane and steady hand helps. As opposed to ….the Clown Car Congress
Until pay even begins to match the rising cost of living in the country, it will not feel like the economy is doing okay and that is a political problem. Biden has done a phenomenal job, but he cannot force private employers to stop fucking over their workers, and that will always be a challenge in the ballot box.
To turn the economy around the way it did after Covid is a massive feat of strength.
This is great… I support Biden and the dems, I loathe the GQP, and I’m happy any time Biden is able to show republicans how to actually get anything done. Problem is, I’m still paying $4/gallon for gas, and I can’t go to the grocery store without spending $100. Corporate greed is what needs to be reeled in, and I don’t see that happening in my lifetime, which is depressing.
Great to know I don’t need a second job anymore to barely scratch by and have just barely enough food for my family. Such great news!!!! I’m going to cut the second job and reduce my primary jobs hours with this good report.