In the history of mankind, many republics have risen, have flourished for a less or greater time, and then have fallen because their citizens lost the power of governing themselves and thereby of governing their state. TR

Wh3

Biden economy hits the brakes with 2% growth in the third quarter

The economy is tanking as inflation picks up and the job market remains tight. Not a good look.

According to the Wall Street Journal:

The U.S. economy grew by 2.0% in the third quarter, with the Delta variant of Covid-19 and supply issues dampening gains.

Such a pace marked a sharp slowdown from robust gains earlier this year. Gross domestic product grew at a historically fast annual rate of 6.3% in the first quarter and 6.7% in the second quarter as an infusion of government stimulus, widespread business reopenings and rising vaccination rates fueled spending.

Those spending drivers faded from July to September. Two additional factors arose over the summer to damp third-quarter growth: a surge in virus cases and deepening supply bottlenecks.

The Commerce Department’s third-quarter GDP estimate released Thursday said consumer spending rose at an annual rate of 1.6% in the third quarter, a sharp slowdown from a 12% increase in the prior quarter. That reflected weakness in spending on long-lasting goods whose availability was limited by supply issues.

Supply-chain disruptions such as backups at U.S. ports and overseas manufacturing disruptions contributed to a sharp increase in inflation and pose a risk to the economic outlook. Despite supply-side challenges, many analysts expect the economy to regain momentum in the final months of the year as long as Covid-19 cases continue to fall.

2 thoughts on “Biden economy hits the brakes with 2% growth in the third quarter”

  1. 2% growth … back in time … to the bad years of the horrible obama era when he said “2%, that’s the new normal” Clown obuma never did anything to improve the economy. I wonder if senile joe and his retard administration will say the same thing, “hey, this is the new normal, live with it, it’s all trump’s fault”. Add to this the horrible current inflation rate …. what can I say …. we are screwed. It took Carter 4 yrs to get to that point (I remember well, I was in my 20s). It only took senile joe and his corrupt enablers/handlers, haters of America, only 10 months!

    1. “I wonder if senile joe and his retard administration will say the same thing,”

      Many of the same people are running things now . . . this is essentially Obama’s third term.

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