American media:in less than a year and a half, he dragged the United States back to the 1970s
Reference News reported on July 31 that the United States《Wall Street Journal》On July 28, the website published an article entitled”Biden stagflation is coming”, and the full text is excerpted as follows:
Call it recession, stagflation, economic slowdown, temporary deviation, or even Ethel or Fred – no matter what you call it, the second quarter of the United States released on ThursdayGDPThe U.S. economy described in the report is struggling. This is distressing for American families and businesses living in it, and a political burden for Democrats in charge of the economy. No wonder they want to pretend that none of this has happened.
Consumer spending is at its slowest growth rate since the outbreak.Wal-MartAnd other retailers’ recent income shows that this is because inflation is devouring household income. Thursday’s data showed this problem:in the first two quarters, based on the price index of personal consumption expenditure（Federal ReservePreferred measure) the inflation rate reached 7.1%, and compared with the decline in consumer spending, the price of consumer goods showed an upward trend.
real wagesIn the decline, the real disposable income fell by 0.5%in this quarter, which is the fifth consecutive quarter of decline.
Private investment is also decreasing, with total private investment falling by 13.5%in the quarter. Fixed investment fell by 3.9%, and residential investment fell by 14%as the housing market cooled.
Well, blame everything. The decrease in inventory investment is a sign that enterprises are ready for a slowdown in demand. generalinflationCause serious damage to enterprise costs and investment plans. Another culprit is the refusal of the Biden administration and Democrats in Congress to abandon tax increases or costly regulatory provisions.
international tradeIs the biggest bright spot. If there is no 18%export growth, the quarterly contraction will be even greater. However, in the context of the energy crisis, Europe is in recession and other factors will exert greater pressure on the overseas markets of the United States.
Only when the National Economic Research Institute says that the economy is in recession (it won’t say it until a year or more after the situation has occurred) and the employment rate is declining (with investment and confidence plummeting, perhaps it’s only a matter of time), will Biden administration officials and their allies admit that they are in recession. Their idea is to pretend that the bad news did not happen, but the political risk is,Biden The president appeared unrealistic. As he said on Thursday, he said the negative growth in the second quarter showed”signs of economic progress”.
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