US economy grew at 6.9% annualized rate in Q4 of 2021 (+5.7% for the year!!!)

[Johnny2X2X]

Last edited Thu Jan 27, 2022, 10:06 AM - Edit history (1)

https://finance.yahoo.com/news/q4-gdp-us-economic-activity-recovery-192945002.html?.tsrc=372

Smashed expectations of 5.5%.

Joe Biden has been a stunning success on the economy! Most jobs added in first year of presidency in US history, best growth in generations. Stock Market up 15%. Quickest recovery in US history!

[Johnny2X2X]

1. 2021 economy for the whole year grew at 5.7%

These should be the headlines today, best economy in almost 40 years!

[PatSeg]

12. Sadly, Democrats rarely get recognition

for their successes until years later.

I agree this definitely should be the headlines, but unfortunately it will probably be drown out by the upcoming Supreme Court nomination.

[spanone]

2. ...K&R...

[Johnny2X2X]

3. If Dems don't spend all week bragging about this they are missing out

Biden's recovery is smashing records, this should be all that gets talked about today. Stunning success on the recovery.

[onetexan]

6. Exactly! They need to be screaming it from the rooftops, MSM, social media, everywhere!

This is what competence and excellent leadership achieves. Thank you MoJoe!!

[Johnny2X2X]

7. Hope they do

We can't even get people excited about it here though.

And 2021 wage growth broke records too.

Even DUers are conditioned to go, "what about inflation?" Yeah, what about it? It's a global issue that the US is doing a better job of combating than most countries are and it's starting to ease already.

And then people say, well we had a pandemic in 2020...we had one in 2021 too, but Joe was able to get vaccines in arms, masks to people, and guidelines for schools and businesses to be able to remain open. Joe's leadership on Covid is why the US has just went through the fastest economic recovery in US history. If Trump would have stayed in power, the 2021 economy would have sputtered because he had no plans to deal with Covid.

[onetexan]

11. umm...i'd say ppl are excited here, i know i am. The problem is there's a different set of standards

for Biden & the Con as far as the MSM is concerned. What Biden does correct, or exceeds expectations, is EXPECTED. What the Con does is given he's so incompetent it's touted up. We need to change that mindset. Easier said than done i know but it has to start somewhere.

[Johnny2X2X]

14. Agree

And people in the media need to talk about Trump's economic record before Covid more critically, he averaged 2.5% growth and jobs growth was tepid too. Yet he pretends he built a great economy, it was just averaged for growth and jobs, the only thing that was outstanding was the UE rate which he mostly inherited.

[Lovie777]

4. Yes the economy is recovering . ...

but but but but "inflation" . ..

Employment is up especially with better paying jobs . ... but "inflation"....

Inflation is a world wide problem . ... but corporate media focus on just the USA's problem and bashing Pres Biden and the Democrats for it....

Gas and groceries prices are up and continuing to rise all over the world, but, corporate media blames Pres Biden.

[Johnny2X2X]

5. Bingo

Inflation is a global problem and the US has fared better than most countries on it.

And wage growth in 2021 also broke records.

If Biden were a Republican, they'd literally be holding parades for him right now with his performance on the economy, Dems need to get out there and brag all day today and all weekend, force this to the headlines, it's a massive story.

[Klaralven]

8. Biggest component is restocking of inventories by businesses. Won't continue next quarter.

GDP grew at a 6.9% pace to close out 2021, stronger than expected despite omicron spread

Inventories added 4.9 percentage points to the headline growth, boosted in particular by motor vehicle dealers, the Bureau of Economic Analysis said.

https://www.cnbc.com/2022/01/27/gdp-grew-at-a-6point9percent-pace-to-close-out-2021-stronger-than-expected-despite-omicron-spread.html

[Johnny2X2X]

9. Well of course 5.7% won't continue indefinitely

But we'll have solid growth in 2022 too and this recovery has been amazing. Remember how much people complained about the Obama recovery from the Bush Great Recession and how slow it was? The Trump/Covid recession was awful and because Biden put money in people's hands and aggressively dealt with Covid the economy took off quickly.

And restocking inventories is crucial in the fight against inflation. Getting inventories all out of whack because of Covid driven sporadic buying patterns was a driver of cost to firms.

[LetMyPeopleVote]

10. Biden says it is "no accident" that the U.S. economy grew 5.7% during his first year in office

Link to tweet

[onetexan]

13. Yall go in to Twitter, like and retweet!! We need to help POTUS gloat his accomplishments!!

[LetMyPeopleVote]

15. Spot the difference

Link to tweet

[Johnny2X2X]

16. Classic

They should make one with Trump's tiny tiny hands being the focus too.

[gratuitous]

19. The former guy often bragged about how he was going to have 5% growth

But he never achieved that lofty number, because his economic strategy of just handing the Treasury over to already-wealthy people left out the engine that drives the nation's GDP: Labor.

Then again, the goal was never to improve the lives of the poors (everyone below the 80th or 90th percentile), but to shovel more money upward to the richest of the rich.

[JCMach1]

17. So what we are experiencing is 'realized' inflation

Of the economy.

i.e. QE continued while 'real' growth was occurring hence inflation

[Johnny2X2X]

18. More to do with supply chain issues

The pandemic through off ordering and inventories globally, it all the sudden cost firms more to ship, stock, and store goods, those escalating prices were passed onto consumers.

There were shortages, there were overstocks, there were shipping slowdowns, everything got out of sorts. Took some time to get back to normal, but we're getting there. QE can cause inflation too, but the Fed has been artful for the last couple decades on when to use it.

[JCMach1]

20. That's also part of it as demand stripped ability to supply

And some businesses took advantage of that.

Almost 6% is heavy growth