Economy
Related: About this forumWill GDP Growth reach 4%??
Surging consumer spending is driving GDP well above prior estimates, and it is now tracking near 4 percent for the second quarter.
That's almost double the pace of the first quarter.
Economists say the consumer is seeing the impact of the tax cuts and is spending, as a result of more disposable income.
Read more at CNBC...
https://tinyurl.com/yb7cc9xw
Kablooie
(18,634 posts)Nobody gets them until next year,
quartz007
(1,216 posts)So tax cut must have become effective in Feb 2018.
sandensea
(21,639 posts)My guess is that he's already asked Sleepy Wilbur to lean on BEA staff (part of the Dept. of Commerce) to use a little creative math to make it happen.
"Fuzzy" math, as Dubya so memorably put it in 2000.
quartz007
(1,216 posts)where they ignore millions who are not out looking for jobs.
Fuzzy math is government's standard operating procedure.
sandensea
(21,639 posts)Typically published as 3.3% (a sly nod to his Masonic brothers?).
Who can forget that second term of his: the double-digit food, rent, and health insurance hikes, plus soaring gas prices ($5 a gallon in California, during the hot summer of '08), on one hand;
and the Wall Street Journal, Investors Business Daily, and other bankster mouthpieces crowing about the "3.3%" inflation, on the other.
I'll never forget John Fund's condescendingly sniffing on some CNN show, in mid-2008, that "the economy was still growing."
"Sure!" his Democratic counterpart replied, "because the administration claims inflation is at 3.3%!"
"When we're actually in a deep recession."
quartz007
(1,216 posts)and that is CPI. It is a sad cruel joke. They give us social security raises which are a cruel joke compared to our actual cost of living. I would be less angry, if they just told us that there is not enough money available for adequate raises, so this is best they can do.
sandensea
(21,639 posts)which, as you know, are even more understated than the CPI.
Since 2000, so they tell us, "implicit GDP prices" have risen by 1,9% a year on average - or 38.5% in all.
38.5%, since 2000?
Where can I find that store?! Or that city?