Shout it and flout it

Created
Fri, 27/01/2023 - 02:30
Updated
Fri, 27/01/2023 - 02:30
Let people know whom to blame when the GOP strangles the recovery Democrats should promote the hell out of the Biden recovery (Washington Post): The U.S. economy grew by 2.1 percent in 2022, notching six months of solid growth despite widespread concern that the country might be on the brink of a recession. Those fears have been assuaged — at least for now. The economy posted another consecutive quarter of steady expansion between October and December, with economic activity increasing at a 2.9 percent annual rate. Consumer spending contributed to the strong fourth-quarter showing, especially given the slumps in large parts of the economy, including housing and manufacturing. Admit weak spots where they exist (inflation is coming down, but is still too high), but trumpet the upsides. The GOP would even in a downturn. “You may see [growth] and think the economy is out of the woods, but that would be entirely the wrong read,” said Joseph LaVorgna, chief economist at SMBC Nikko Securities America who expects a recession midyear. “There are a lot of variables that are all pointing in the same direction: There’s a housing recession. Manufacturing looks like it’s approaching recession. We’re seeing weakness in temp hiring. And it’s doubtful we’ve felt the full effects of all of the Fed’s rate hikes.” The 2022 economy was, in many ways, defined by stubborn decades-high inflation. Higher prices on housing, food and gas strained family budgets and cut into corporate profits. The economy unexpectedly shrank in the first half…