GDP GREW 5.7% IN 2021,BEST YEAR SINCE 1984

Real GDP accounts for inflation. It's the most accurate info we have.

 

The dollar is what it is solely because it is the world's monetary lingua franca. Take that status and the dollar like all other Fiat currency is just weirdly colored toilet paper.

 

If you think the inflation has only been 7% this last year, you have not been watching very close.

 

~7% is the current estimate for 2021, yes.

 

I can't think of anything that has only gone up 7%.

 

Or an education on why inflation at 7% and GDP at 5% isn't something to brag about

 

What you can or can't think of doesn't matter.

 

REAL GDP. REAL. That's GDP in REAL DOLLARS. That means 5% AFTER YOU'VE ACCOUNTED FOR INFLATION. This ain't rocket surgery, folks. I'm pretty sure even high school econ classes cover this.

 

What? NO WAY!!!

 

When the much right wing loved Reagan had this high a GDP in 1984 it was also accompanied by 19% mortgage lending rates????

 

Our economy grew by 5.7% during calendar year 2021
You should read the OP before commenting

 

I have. And I've read the rest of the thread. And I've actually looked into real GDP growth. You should actually do homework before just copy/pasting the latest RW fearmongering talking point.

But if you aren't willing to look it up, @Quantum Nerd has already done your homework for you:

 

IT'S REAL, THAT MEANS IT IS AFTER INFLATION IS ACCOUNTED FOR. How difficult is that to understand?

Of course, we already know the other Trumper excuses as to why 5.7% REAL GDP growth, more than their hero ever achieved, is actually bad:

-It's easy to achieve GDP growth coming out of a recession
-it should have been faster
-It's really a delayed effect of Trump policies
-High GDP growth is despite Biden, not because of Biden

And the list of arguments to rationalize their sour grapes about high GDP growth under Biden goes on. It's as if they want to see the country fail, only to get their hero installed back into the WH.

 

These are the same people I've spent years trying to teach the difference between quarterly and annual GDP.

 

@Condor060
Here's a quote from the Drudge Report reference mentioned in the OP:
"GDP, which measures the value of all goods and services produced in the economy, is typically reported after adjusting for inflation. Without inflation, growth in 2021 would have been 10.0 percent, meaning some of the year’s growth was offset by rising prices."

 

That should make our working poor feel much better.

 

@kriman

Here's a breakdown of inflation and how they arrived at 7%. It can provide you details in all of the things that didn't rise by 7% (and in some cases even became cheaper): https://www.bls.gov/news.release/pdf/cpi.pdf

 

Verifies what I suspected. Vehicles and energy are up much more. There is a hidden cost in food. You can't always get the less expensive items and you are forced to buy more expensive items.

I know that without really ever going anywhere or doing anything, our expenditures have gone up several hundred dollars a month. We have gone from saving every month to a shrinking bank account.

 

You can just read the report if you want. It details how you are wrong.

Growth eclipsed inflation. And by more than it has in decades. You can complain about that growth benefiting the 1% or whatever if you want, but it remains a fact.

 

Yep, here we go, 430,000 new car deliveries were just cancelled in Germany:

https://www.focus.de/auto/news/chip...nierungen-der-autohersteller_id_44174085.html

What do you think that does to car prices? Car prices have been through the roof here because of the chip shortage, same in Germany, same in the whole world.

But, it must be Biden's fault, right?

 

The bact remains

The fact remains that the real inflation is more than 7%.

I did not blame it on anyone. I am saying that the 7% inflation rate put out by the government is not right and I explained why I think so.

 

The fact remains that the evidence says you are wrong. Your claim is based solely on your subjective feelings.

 

Their calculations do not take into account that you cannot always get what you want and you are forced to buy something more expensive. We also ran into that on a home improvement project that cost several thousand more than the original estimate. They do not take into account that not everyone's spending habits are the same.

I do not know of anyone who thinks inflation last year was only 7% with the possible exception of you.

 

Yes, they do. Read the article I linked you to. It is broken up by industry.

They take into account actual increases. Not theoretical anecdotes.

Because you are operating entirely based on feelings and anecdotes and not facts. I know of no economist who has actually researched this and agrees with your emotional assessment.

 

Included are the costs of HOMES both to buy and rent which are through the roof, automobiles new and used which are also through the roof and anything which is imported also through the roof due to excessive shipping charges. We owe all or much of this due to capitalist greed which has occurred over the past 40 plus years as American manufacturers shut down and moved their products to manufacturing by cheaper Asian labor. So now we consumer are paying for their 40 plus years of profiteering.