The great American boom is finally running out of steam, leaving mountains of debt
The great American boom is finally running out of steam, leaving mountains of debt
High borrowing and low personal savings are dashing hopes of an economic soft landing
Americans have depleted their excess savings and are now depleting their credit lines as well. The percentage with delinquent credit card debt is approaching the peak at the end of the dotcom bubble.
Yeah, I can’t believe Biden caused the dot com bubble and now he’s causing global inflation.
Even here in Germany my cost of living is higher now, thanks to Biden.
Yes.
Is this a legit site? Seems like some sort of capitalist propaganda outlet.
The Telegraph is sometimes called the Torygraph for its deeply conservative leanings. Curious to see who uses and spreads such right-wing sources.
"Citigroup has become the first big American bank to warn that the US has already tipped into a recession."
A recession is commonly defined as "two consecutive quarters of decline in a country’s real (inflation-adjusted) gross domestic product (GDP)".
https://www.bea.gov/data/gdp/gross-domestic-product
Q4 2023 - +3.4%
Q1 2024 (2nd) - +1.3%Next announcement is 6/27.
So, no, we aren't in a recession YET. Even if the 2nd quarter is a decline, we'd need a decline in the 3rd quarter as well to officially call it.
Okay, but what you’re presenting here still shows growth in GDP in Q1 ‘24. It’s decelerated, but it’s still growth. It’s not a decline.
Recession has no real definition until after the fact.
