I thought the Economy is getting better? CNBC reports a Recession is coming next year

https://www.cnbc.com/2022/06/10/inflation-consumer-woe-add-to-worries-that-recession-is-already-here.html

• Reports Friday showing blistering inflation and historic lows in consumer sentiment painted an increasingly dark economic picture.
• A strong labor market has been the principal firewall against a downturn, but even that has shown some c****s lately.
• “We’re in technical recession but just don’t realize it,” said Bank of America chief investment strategist Michael Hartnett.

Yeah

it's trash 👍

Wonder where matt is. He usually is here shilling for Bidens trash economy.

A recession next year? That's a half a year away. 🤣

Probably still recovering from the last time Kadin beat their asses on economics.

Prediction? I'll wait and see if it's reality. But do clutch your pearls.

I'm at the age now (close to 40) where I view these things as cyclical; I've seen enough of them in my adult life to know it's just part of the routine. Just bide your time, don't look at your savings (if you even have any), and watch your month-to-month finances.

My concern however is the potential for "stagflation". However unemployment is pretty low and people are still consuming, so I don't think this is likely.

I don't imagine things will get as bad as they did in 2008. If you're looking for someone to blame, blame Putin I guess or the oligarchs that actually run things.

lol right?

Oddly enough it's still better than Trump's so far. Too bad about the global inflation.

It sure is

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There's absolutely a good chance for a recession in the next year or so. But I have to ask when CNBC started to become citable for Trump sycophants? I thought the MSM was beneath you, or is it OK to cite it when it benefits you?

The best recovery ever.

Maybe learn to actually let people that don't align with your political thoughts and engage instead of pretending that politics is like system wars?

https://datavisualizations.heritage.org/markets-and-finance/the-biden-inflation-tracker/

What are you talking about? I'm actively agreeing with the basic premise of the article you linked (in some form). I'm simply musing over the use of CNBC as a source given MAGA mouth breathers insistence that the MSM is 'bad'.

The important thing is YOU believe they are credible.

Why is that called "Biden Inflation Tracker", the US inflation (and global) started in 2020.

Oh wait, The Heritage Foundation. And here I thought you were going to find a non Cult member source. Ironic considering the bullshit spiel you wrote before linking it.

I addressed that global covid caused issue that started in 2020 in bold. Apart from that, yeah it's better.

lol everyone acting like we've never been in a recession before.

grow up, kids.

if this quarter's GDP growth is negative then we're already in one.

That tends to happen when implement contractionary fiscal and monetary policy.

Oh, I give Trump plenty of credit as well. The CARES Act was the first volley into backfilling the fallen demand, resulting in the fast GDP recovery and job growth.

As for where I've been, it's the swim team season. Time is often short these days.

Yeah, people are still scarred from the Great Recession. Most recessions are not The Great Depression or The Great Recession.

@mattbbpl: hey I agree the Cares act is partially to blame. The lockdowns were very much to blame. Never should of been done. Now we get to feel the pain.

Do you miss the pain of the unnecessarily long and deep 2008-2009 recession that much?

I certainly don't. The problem here is we overcorrected with an economy that rebounded faster. Still, if you were to let me choose I'd pick today any day of the week. Horsesh*t austerity measures cause too much undue pain and prolonged post 2008 recovery.

Plus, as I've mentioned before, people are actually polling very well for their own financial well being. The highest point since 2013. Their 'sentiment' as measured in the OP is a conflicting narrative where everyone is doom and gloom about the big picture.....but they're doing personally fine. This is what a constant barrage of negative and partisan discourse gets us. The big question is whether or not that negative consumer sentiment will translate into reduced spending.

https://www.federalreserve.gov/publications/files/2021-report-economic-well-being-us-households-202205.pdf

"The share of adults doing at least okay financially rose to the highest level since the survey began in 2013.2 Although financial challenges and risks to the recovery remain, this generally positive assessment of financial well-being was consistent with improved economic conditions and additional COVID-19 relief measures in 2021. The increase in financial well-being occurred broadly across the population and was especially large among parents. Even so, existing gaps by education and by race and ethnicity persisted."

"At the end of 2021, 78 percent of adults were doing at least okay financially, meaning they reported either “doing okay” financially (39 percent) or “living comfortably” (39 percent). The rest reported either “just getting by” (16 percent) or “finding it difficult to get by” (6 percent). The 78 percent of adults doing at least okay financially in 2021 was up 3 percentage points from 2020 and was well above the 62 percent doing at least this well in 2013."

I find it funny you're citing an outlet you would find "fake news"...

Oh yeah, because we all know you're an angel on that front...

You're basically that one comic/meme where a Christian wacks someone with a big cross and lays insults, but when the victim fights back, he panics and says "Let's be civil".

doubt it. These banks are dumb af. After the two years we had of lockdowns, shutdowns etc, the demand and activity will literally push everything else aside, even inflation. The problem is supply right now, and the russia/ukraine was is making it all the worse.

I am blaming Russia for causing oil and petrol prices to skyrocket.

ROFLMAO at people still blaming Covid, and Russia. What's the next excuse? The red spot on Jupiter disappears for a couple weeks?

What are your suggestions then?

@nintendoboy16: And you’re not saint neither

I'm not the one preaching moral messages after siding with folks that said "let's be less politically correct."

Well, the administration can take responsibility for example. What is their plan? More drilling? Ramp up production? Incentivize more output? Nope, none of that, not a fucking thing but "it's Putin's fault" and "but..but... COVID!" They're excuses, sad attempts to shift blame. And that's on top of the massive inflation we told you people we were going to be suffering if we continued to pass $2 trillion spending bills most of which was pork and nonsense that helped nobody.

Inflation and gas prices are both explicitly the fault of poor leadership at the federal level, and Covid, and Putin are excuses, nothing more.

There are 9000 leases that have not been used. Also the government doesn't own the oil industry. How bizarre that you thin they do.

You guys spend every waking moment extolling the virtues of the free market its principles, and its independence from government, until the moment that same free market becomes inconvenient, then all of a sudden you claim government has been running it behind the scenes all along, as if the American president is sitting behind his desk all day on the phone making private financial and operational decisions for multinational oil companies.

The federal government doesn't make plans for private industry.

Do you not see how completely absurd this narrative looks to normal, well adjusted people with the ability to think critically?

Now that's funny!

It's the oil companies who doesn't want to drill more. Should government override their decisions?

Inflation is an issue worldwide.

Sounds like the right really does want socialism.

Of course this will be politicised, at this point is to be expected.

But either you have a left or right wing government there's probably a global recession coming your way. This is how populism rises, when the answer to an issue is not simply binary and people start looking for saviours and their magical "solutions".

I really hope the republican party has more than Trump to offer because it will be a global catastrophe, made worse because he probably is unelectable vs Biden. So in the current context it's Biden or worse.

For me, not for thee. Don't forget that.

"I'll take responsibility. I'll acknowledge my mistakes when I make them. And I'll level with the American people."

"I’ll take responsibility instead of blaming others."

Two laughable quotes by then candidate Biden which we knew would be boldfaced lies. Another $1.2 billion in aid to Ukraine was announced today. Nothing is going on here at home, thankfully!

Yup, not sure he has ever told the truth in his life. Well, the stuff he probably truly believed.

@horgen: How’s Germany? I heard they’re restarting their coal burning plants again

https://www.nytimes.com/2022/06/19/world/europe/germany-russia-gas.html

Archived version to bypass paywall

https://archive.ph/ONAwp

Yeah, the possible global recession and global gas price issues....caused by Biden?

This guy gas-lights in every thread he posts in at this point. How someone can be so wrong all the time is amazing actually.

Eh not sure what you trying go for here. I live in a country with hydro and windpower enough to sell to Germany among other countries.

Was he trying to compare Germany to Norway? Do you think your country's power output could remain on course with it's hydropower and wind to supply power to... Let's say 12x it's current energy output? A tiny 5 million compares to 83 million people is quite the difference.

Yeah, you live in a country with up to 5.5 million vs 83 million which is Germany. Guess Renewables only works well with smaller populated countries

@Stevo_the_gamer: per capita Norway uses over 3 times more than Germany.

https://www.statista.com/statistics/1262218/per-capita-electricity-consumption-europe-by-country/

Why Germany thought it was a good idea to shut down its nuclear power I can not answer for. As for Norway, we can build huge amounts of offshore windpower.

Yeah, there's a global recession coming. Though a recession isn't the end of the world.

Now, of course we're on an unprecedented time where a significant part of the US population celebrates it and wants it to get even worse so that their traitorous cult leader might have a chance to keep pushing his totalitarian agenda. So that's a significant new variable, because traditionally the US was a nation where the idea of union was prevalent.

Says the kid who's not realized inflation now hasn't been this bad in over 40 years if not longer (I believe it's actually 41 years). Last month gas prices broke the record from back I believe when Crapbama was in office.

Don't even get me started on housing when in the 60's you could buy a home (3 rooms/1br/car port) under $8,000 costing $47 a month. The minimum wage in 1960 was $1, so literally a little over a week of work can get you a house.

As someone who's been in retail for over 12 years the past 5 months have gotten bad, people are having to choose between gas or food. Not to mention the increase to energy, internet and taxes all within the same 2 years.... sh17 is about to hit the fan hard. Is the world gonna be "Mad Max" most likely no, but the mass spending the government has done the last year along side of the billions lost last year in tax payers money doesn't help. I've lost count on how many times people have flipped their crap over the price of avocados.

If there was a check list of how to fubar your country's economy, this current government is checking off 90% of that list.

I love how some Americans are so impervious to facts that they can't see the pandemic has caused GLOBAL inflation.

Inflation in Turkey is at +70%. People there are going mad at the avocados price!

i've lived through a few already, thanks. i think forgoing the guac for a while is a sacrifice we're prepared to make. we all gotta do our part.

Uh, pretty sure CNBC is a right wing publication. They’ve never said a good thing about a democrat, like…..almost never.