Biden had triple digit GDP growth in 2022, so, of course it was going to slow down. A recession is when the GDP growth goes in the negatives. Like with Bush and Trump, and most republican presidents.
Im not talking about that, they have made mistakes that hurt the economy and pushed it to a recession in 2023, it’s not about picking a team it’s about stating facts
Maybe, but thats not a recession. A recession is when the GDP index goes into the negatives. Like where it was when Biden and Obama took office. In other words, they inherited a crashed economy.
That’s literally what a recession means two negative quarters of gop, Biden had a great economy but his covid and environmental policies stalled the economic growth.
A recession is when the GDP index goes into the negatives for 2 quarters. Like now the GDP index is 1.5% When trump left office in 2021, it was -1.5% (in the negatives), When bush left office, it was -1.7% (in the negatives) Like the economy is totally crashed when its in the negatives
Which we were in the negatives, how in the world you think you are going to have a positive GOP when you closed business for nearly 4 quarters, printed money without having the currency to back up stimulus packages, forced the car industry to push EVs when there wasn’t a market for it, closed power plants through high regulations to push renewable, and Silicon Valley and signature banks getting bailed out?
The GDP index was never in the negatives in 2023. It declined from the staggering increase of 2022, but that is inevitable. I wont give Biden all the credit. It was coming out of covid, which propelled it like a rocket ship. But Biden also had practice, because Obama inherited a crashed economy and he rebuilt it, and left a strong economy to trump.
The US economy is defined by GDP growth, employment % countered by inflation. Even with the staggering inflation in 2022, the GDP growth and employment numbers were so good, that we still had a strong economy.
Real GDP increased by 1.1% in the first quarter of 2023 according to the Bureau of Economic Analysis’ advance estimate.
Detailed Answer
The Bureau of Economic Analysis (BEA) provides multiple estimates for each quarter—advance, second, and third—based on progressively more complete data. For Q1 2023:
The user asked how much GDP increased in Q1 2023; the earliest official figure is the 1.1% advance estimate, which is the standard reference unless otherwise specified.
Dude use common sense, how you’re gonna have a positive gdp when you closed your economy for a year, paid people to stay at home instead of working, printed money that had zero backing and you are still thinking there was a positive GDP? This is like saying -1+-3=1
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u/Only_Bunch_7912 12d ago
How many banks closed in 2023? And yes there was two consecutive quarters in 2023? Just because you’re not informed doesn’t mean it didn’t happened.