The US economy is doing way better than the rest of the rich world

[Beachnutt]

BusinessInsider

The US is performing much better than many other wealthy nations when comparing economic growth and inflation rates.
The US had the highest GDP growth since the start of the pandemic among the G7 countries, an informal group of industrialized democracies.
This data further suggests the US is not heading toward a recession.
snip
https://www.businessinsider.com/us-economy-doing-way-better-than-rest-of-rich-world-2023-7

[onecaliberal]

1. Oh but just wait for the fed... there will be a recession if they have anything to say about it.

Just think how much better we'd be doing if they weren't constantly trying to throw a wrench in the economic wheels.

[Fiendish Thingy]

3. If the Fed hadn't hiked rates, inflation would be at or above 15%

Instead of the the current 3.4%

The target is 2%, so another hike or two may be coming.

Since congress can’t/won’t act to strengthen the economy by raising taxes on the rich, the only tool left is rates hikes by the fed.

Historically, prior to the GFC of 2008, Fed rates averaged 5-7%; currently, the Fed funds rate is 5.5%.

While I think Powell waited too long to begin hikes (he should have started a year earlier than he did), which necessitated larger, more rapid hikes, we are now at a point where inflation is cooling, unemployment is at record lows, even with some significant tech layoffs, and wages are starting to catch up with inflation.

The Fed isn’t going to trigger a recession; if anything, Powell has helped engineer a soft landing.

[Wednesdays]

2. You'd never know it by listening to MSM news.