GDP: US economy grows at 3.3% annual pace in fourth quarter, faster than expected

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The US economy grew at a faster rate than expected in the fourth quarter, capping off a year many expected to end in recession with one final economic surprise.

The Bureau of Economic Analysis's advance estimate of fourth quarter US gross domestic product (GDP) showed the economy grew at an annualized pace of 3.3% during the period, faster than consensus forecasts. Economists surveyed by Bloomberg estimated the US economy grew at an annualized pace of 2% during the period.

https://finance.yahoo.com/news/gdp-us-economy-grows-at-33-annual-pace-in-fourth-quarter-faster-than-expected-133828802.html

[bubblegum]

OMG some US people won't be happy with this news.

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Here's a link to a video from Steve Schwartzman, the head of Blackrock which is the largest asset manager in the world. He is also a prominent supporter of the Republican party, so he wouldn't have any political incentive to skew his observations about the economy. Basically, he says that inflation already is at 2 percent. 

https://www.barrons.com/video/ceo-steve-schwarzman-makes-the-case-for-buying-blackstone-stock/2D010246-E91F-459F-91C8-85577D9CF47B.html

[impulse]

GDP is up by 3.3% and the national debt is up by about 6.7%, same year.

 

GDP went up by $1.5T and the debt went up by $2.2T

 

I don't know how much more of this winning we can afford. 

 

https://fred.stlouisfed.org/series/GFDEBTN

 

[thaicurious]

Citibank CEO Jamie Dimon says we've got about 10 years to get debt under better control or we might be taking the world down with us.*

 

By that, if the US doesn't handle this right, things could get interesting late 1st term of whatever presidency follows Biden's 2nd term.

 

Meanwhile peak COVID Q2 2020 Debt to GDP was at 133%, since then down to 120% Q3 2023. So that's what a pandemic does when 1,100,000 Americans lost their lives to this war.

 

The ratio had gone up to about 120% for WWII when 420,000 Americans lost their lives to that war.

 

Then the ratio went from 120 i think 1945 or so down to 20 or 40something% (feel free to check my ballpark numbers/dates) 1970s, so it sounds to me that this is still quite fixable and I'm guessing it was inevitable to keep not just the US but the world from falling into covid chaos now.

 

Meanwhile, by all the numbers aggregated, I don't know how anyone could say that Biden and his administration haven't steered a prosperous course for America. By the economic data available, he absolutely deserves a 2nd term to carefully (as it is not a cakewalk) continue building upon & strengthening this path.

 

Now picture if Orange were to raise as he says he will a 10% tariff on all imported goods? Good luck maintaining even a comfy lower cost expat living under that.

 

https://www.americanactionforum.org/research/trumps-proposed-10-percent-tariff-considering-the-impact/

Conclusion Former President Trump’s 10 percent tariff proposal would have a substantially negative impact on the U.S. economy.

 

* https://finance.yahoo.com/news/jamie-dimon-says-washington-faces-115018135.html

...Dimon added, saying: "It is a cliff. We see the cliff. It's about 10 years out."

[heybruce]

On 1/29/2024 at 8:44 AM, impulse said:

GDP is up by 3.3% and the national debt is up by about 6.7%, same year.

 

GDP went up by $1.5T and the debt went up by $2.2T

 

I don't know how much more of this winning we can afford. 

 

https://fred.stlouisfed.org/series/GFDEBTN

 

We certainly can't afford more of what Trump calls winning.  If he becomes President we can expect more tax cuts justified with the discredited Laffer curve nonsense, followed by a rapid increase in the deficit.

 

Historically Democratic administrations increase deficits when the economy is in trouble and reduce it when the economy is doing well.  Republicans increase deficits regardless of the circumstances.  https://www.thebalancemoney.com/us-deficit-by-year-3306306

[impulse]

12 minutes ago, heybruce said:

We certainly can't afford more of what Trump calls winning.  If he becomes President we can expect more tax cuts justified with the discredited Laffer curve nonsense, followed by a rapid increase in the deficit.

 

Historically Democratic administrations increase deficits when the economy is in trouble and reduce it when the economy is doing well.  Republicans increase deficits regardless of the circumstances.  https://www.thebalancemoney.com/us-deficit-by-year-3306306

 

Not a big fan of either party when it comes to spending money we don't have in return for donations and votes.

 

But this topic seems to contend that things are getting better under Bidenomics.  Which voters aren't feeling.  Case in point, Credit Card Debt.  Which, I'd contend, is nearer and dearer to the voters' hearts than GDP or stock prices.  (Edit:  What old timers called "kitchen table issues")

US credit card balances see largest yearly leap on record

https://edition.cnn.com/2023/11/07/economy/household-debt-credit-card-delinquencies-q3/index.html

Edited February 1 by impulse

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1 minute ago, impulse said:

 

Not a big fan of either party when it comes to spending money we don't have in return for donations and votes.

 

 

But this topic seems to contend that things are getting better unde Bidenomics.  Which voters aren't feeling.  Case in point, Credit Card Debt. 

Actually, you're wrong. Voters clearly are feeling it.

 

https://www.axios.com/2024/01/19/us-consumer-sentiment-index-umich

 

In a way, this poll reflects what Americans already were believing believe about their own economic prospects vs the prospects of the economy as a whole. Several different polls from different organization have results that show more Americans are optimistic about their own prospects than are pessimistic. But when asked about the economy as a whole, they were still believing it was in bad shape. Do I need to point out the contradiction here? This is like the results that educational surveys come up. When asked about the state of education as a whole in the USA, more believe it's in bad shape. But when asked about their local school systems, they mostly approve.

 

And there's this from the Fed.

https://chippewa.com/news/nation-world/business/economy/us-economic-outlook-optimism-americans-wages-outpace-prices-inflation-slows/article_23756d5b-1578-5ef4-98d2-41df316dc88d.html#:~:text=A recent survey by the,highest level since June 2021.

[impulse]

4 minutes ago, placeholder said:

Actually, you're wrong. Voters clearly are feeling it.

 

We'd call that one (count 'em, one) a spurious data point...

 

And if they decide to act on that newfound optimism and their credit cards are maxed out?

 

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1 minute ago, impulse said:

 

We'd call that one (count 'em, one) a spurious data point...

 

And if they decide to act on that newfound optimism and their credit cards are maxed out?

 

Actually there have been several, I cited 2 not one. And your speculation is totally irrelevant to the question of current consumer sentiment.