But even worse, new data from the Atlanta Federal Reserve’s GDPNow data set show the economy is clearly tanking. GDPNow tells you what the economy has done so far in the quarter. With just over two weeks to go, the GDPNow growth estimate — based on real numbers, not future estimates — is 0.5% annual growth for the third quarter, down from 1.3% just two weeks ago.
That means incoming data are much weaker than anticipated. We’re just one or two “unexpectedly weak” economic reports away from shrinking for a third-straight quarter.
Don’t worry. If it happens, the Biden administration and its shills in the media will again deny the economy’s in recession. Or blame Donald Trump. …
From steady, consistent growth of 2.5% a year, stock market gains of nearly 35%, and low inflation averaging around 2% during the Trump years, we have descended to this economic hell, created by an incompetent president and his team that brags about his terrible performance.
The very term “Bidenomics” is a travesty. Want your old economy back? Change who’s in charge, starting in this November’s midterm elections.
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