Gross domestic product in the second quarter was expected to show a 2.1% annualized increase.
  • @givesomefucksEnglish
    16•4 months ago

    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.

  • @RapidcreekOP
    14•4 months ago

    You know, I think Democrats might just be good for the economy.

    • @kescusayEnglish
      14•4 months ago

      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!

      • Billiam
        4•4 months ago

        Trickle-down economics works perfectly. People just misunderstand who it is supposed to work for.

        • @ieatpwns
          3•4 months ago

          Did someone mention couch fucking?

  • @blazeraEnglish
    7•4 months ago

    The metrics for measuring the performance of the economy need to be changed

  • Verdant Banana
    5•4 months ago

    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

  • @ghostdoggtv
    3•4 months ago

    The amount of money has grown but most people aren’t getting any of it. Better headline.