Fiscal Forecast America: Media Wrong on GDP Growth
The official story is that the U.S. economy grew by 1.1% in the first quarter. This number is heavily modified and tells us nothing. We have the real numbers.
The official story is that the U.S. economy grew by 1.1% in the first quarter. This number is heavily modified and tells us nothing. We have the real numbers.
With a welfare state that dominates their budgets, European governments are exceedingly vulnerable to a recession. When tax revenue declines and entitlements force governments to spend more, the inevitable result is larger budget deficits. What will the ECB do in response to that?
While it is correct that a recession is defined by two consecutive quarters of declining GDP, it is not correct that the American GDP declined two quarters in a row. Unfortunately, all the economists and analysts who made the recession call were wrong.
At 3.0%, Sweden ranked lowest in year-to-year GDP growth; Germany came in second from the bottom at 3.7%
The Spanish will be, along with the Japanese, the only citizens of a large, developed economy who will end 2022 poorer than in 2019. Although Spain’s economic growth rate for 2022 is higher than both the global and Eurozone average, growing more than anyone is not enough, after having fallen further than everyone else.
Despite the strong growth rates in the 4th quarter, the European economy has only barely recovered from the pandemic.
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