1st Quarter GDP Revised Down To 1.6%

[gab13by13]

70% of GDP comes from consumer spending.

We need to start thinking outside the box economically and politically.

We have always had 2 economies, one for the rich and one for the poor, but this fact is on steroids today.

We are living in a K economy, the rich are doing super well with the stock market explosion and the people in the bottom half of the K are living in a recession.

We need to start thinking outside the box, the data that we use to gage a recession is outdated, so many Americans are in a recession right now.

I support Democrats.

[Fiendish Thingy]

1. Q2 GDP numbers will have the full impact of the Iran war

Of course, it too will be revised downward…right around Labor Day…Will it be negative GDP?

And then initial Q3 GDP numbers will be released in October, right before the midterms…

[Johnny2X2X]

2. Q4 of 2025 was 0.5.

So 0.5 and 1.6 two quarters running. If Biden were presiding over this they'd be calling for him to resign.

Next week's jobs report will be bad too, but they've been pretending bad reports are good lately. As if 115,000 new jobs isn't a terrible number.

It's a bad situation because people are scared and not spending and inflation is a real concern again. What makes it potentially catastrophic though is that the Trump administration and the media will pretend it's not as bad as it is for a long time before doing anything to stop the slide.

Consumer sentiment is at record lows, and consumer spending is what drives everything. And we have a donut hole of a jobs market where 2025 basically created no new jobs, that is an albatross around the American worker that is going to keep hitting for years. An entire year without creating jobs is just hard to imagine after the millions of jobs a year Joe Biden produced for 4 years.

Stock markets are great and people with 401Ks love that, but the spending is going to dry up and companies are going to lose money.

[Ziggy Beans]

3. Start with requiring every company to pay a living wage

Not a minimum wage, but an actual living wage where someone that works 40 hours a week can afford a place to live, enough food to eat, and enough left over to pay for other necessities

Next would be single-payer healthcare

[Johnny2X2X]

4. Long-term unemployment hits decade high

https://finance.yahoo.com/economy/articles/long-term-unemployment-hits-decade-070000200.html?fr=sycsrp_catchall

The working class is good and screwed. Going to take a decade of suffering to get back what we are losing.