Bidenomics
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The U.S. economy grew faster than initially thought in the second quarter amid strong consumer spending, while corporate profits rebounded, which should help to sustain the expansion.
Gross domestic product increased at a 3.0% annualized rate last quarter, the Commerce Department's Bureau of Economic Analysis said in its second estimate of second-quarter GDP on Thursday. That was an upward revision from the 2.8% rate reported last month.
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401(k) and IRA millionaires club rapidly expanded:
https://www.washingtonpost.com/business/2024/08/30/401k-millionaires-secret/
The number of 401(k) accounts with $1 million or more increased 31 percent, to 497,000 in the second quarter compared with the same period a year earlier, according to Fidelity Investments, one of the largest administrators of workplace retirement plans. The number of IRA millionaires hit a record 398,594, up 14 percent.
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Inflation.
Did you know that less than $800/month in the Weimar Republic would buy you a multi-bedroom apartment, a live-in butler/cook, all other living expenses and a full-time mistress? OTOH, you couldn't even pay the apartment rent with a wheelbarrow load of marks.
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Nope. YoY inflation as of this month was 2.9%. The change in the S&P was 20.34%.
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https://www.foxbusiness.com/economy/cpi-inflation-august-2024
The Labor Department on Wednesday said the consumer price index (CPI) — a broad measure of how much everyday goods like gasoline, groceries and rent cost — rose 0.2% in August from the prior month, in line with the expectations of economists polled by LSEG.
Prices climbed 2.5% in August from the same time last year, slightly less than LSEG estimates and down from 2.9% in July.
Overall, the report indicates that inflationary pressures in the U.S. economy are continuing to ease, though prices remain above the Federal Reserve's 2% target.
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Pretty much locks in a rate cut too. Nice.
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Another quarter of solid economic growth.
https://www.axios.com/2024/10/30/gdp-report-q3-release-economy-inflation
U.S. economy grew at 2.8% rate in the third quarter
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King cotton, baby!
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"Now look here, you Baltic gas passer... " - Mik, 6/14/08
The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.
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If there's one thing the Harris campaign has taught us all, in this precious learning moment, it's that jokes don't exist, and humor is deeply unsettling. So, I really don't know if anybody is trying to make "jokes" in this "forum", but if you are, I suggest you stop. Our democracy is on the brink. I, for one, am not laughing.
