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U.S. GDP grew at a 4.9% annual pace in the third quarter, better than expected
- seydor 3y agoI call for the regulators to stop the US economy because it's making us in europe jealous.
- kkzz99 3y agoThe US is just printing money like there is no tomorrow. Just look at their deficit its now approaching 2 TRILLION USD. No wonder their GDP "grew".
- alexb_ 3y agoThis is inflation adjusted.
- kkzz99 3y agoBut deficit doesn't mean inflation.
- flybrand 3y agoInflation metrics are gamed, it no longer includes major categories.
- criddell 3y agoThere are a lot of price indexes that all include different things. Have there been changes to what goes into particular indices?
- gruez 3y agoIt does though. Which "major categories" are you talking about?
- xnx 3y agoEven inflation "truthers" truflation.com had to stop showing their chart of "true" inflation because it had dropped so much. Prices now are higher than they were 3 years ago, but continued inflation is not currently a problem.
- mrguyorama 3y agoAin't it funny how the raw potatoes dug out of the ground are just as cheap as they were 5 years ago here in my state, while potato chips have doubled in price? Even the supermarket brand chips are still only a couple dollars. That sound like "Inflation" to you? Steak is still $8/lb but my sugar free soda is suddenly twice as expensive
- rory 3y agoAppreciate you fighting the good fight here, but this one is actually a valid point. If real GDP growth is at 4.9% while the government deficit is at 5.3% of GDP, (in most cases) GDP isn't actually growing organically. https://fred.stlouisfed.org/series/FYFSGDA188S https://fred.stlouisfed.org/series/FYFSGDA188S
- justrealist 3y agoThat's not really how it works. US deficit spending isn't producing goods or services. It can motive the production thereof, but it doesn't change the fact that actual things were produced and then purchased using that money. If people took 100% of the government deficit spending and left it in a savings account, it wouldn't count towards GDP. But clearly that's not happening.
- rory 3y agoNo, it is really how it works, (as I caveated) most of the time. I don't understand what you're arguing here. Is your claim that most of that government deficit was not spent in the domestic economy (therefore stimulating GDP growth)?
- roflyear 3y agoIt's not true that we're printing money like there is no tomorrow. Look: https://fred.stlouisfed.org/series/FYFSGDA188S https://fred.stlouisfed.org/series/FYFSGDA188S This is as % of GDP, but it's a good stand-in for inflation. Deficits are going down since 2020.
- epistasis 3y agoThey are trying their hardest, but it's not working. Perhaps if they can make housing an even bigger drag, it will pull everything back in the next few quarters. But we are not there quite yet.
- miroljub 3y ago[flagged]
- kkzz99 3y agoYou forgot the two most important ones. Stop buying US treasuries/bonds and stop using USD for international transactions.
- melling 3y agoPerhaps a little causation could be added to each point. How does kicking out the US army improve GDP? Which sanctions are causing the problem? Which US wars are impeding growth? The economy seems to be a black box. Understanding how to turn the knobs is so much guesswork. At least it appears that way.
- kkzz99 3y ago> Which sanctions are causing the problem? Sanctions on Russia and the US refusal to allow Europe to buy cheap energy from Russia. > Which US wars are impeding growth? The US proxy war in Ukraine. The upcoming proxy war in Taiwan.
- alexb_ 3y agoDefending free Ukranian land from Russian invasion is important to keep American influence across the globe. Your comment about Taiwan is just a complete conjecture, but we would absolutely respond the same way w/ Taiwan as we are with Ukraine. More USA influence over the world = a freer, richer, more democratic, happier world. Of course you should want as much of it as possible.
- mwbajor 3y agoThe US economy is not growing through innovation which is what is always implied. Its "growing" because we are 1) printing more money 2) replacing American workers with wage slaves from poor countries to work for peanuts and pocketing the difference.
- epistasis 3y agoDo you have any pointers or read about either of these? Because to the best of my understanding neither of these can explain a GDP growth as high as this.
- jonhohle 3y agoNothing can explain GDP as high as this and it will quietly be revised downward at a later date after politicians have long since finished their victory laps.
- epistasis 3y agoThat seems like a political belief, and not one based on any numbers... GDP growth was expected to be high. There are plenty of economists that can explain all the current phenomenon, they just get called "heterodox"
- mwbajor 3y agoSo a 'more efficient' workforce that does the same amount of work but for a fraction of the pay won't increase GDP?
- epistasis 3y agoIf you are talking about "slave wages" then I am asking for some pointers to numbers that show that the US is relying on imports more, rather than less.
- kevmo 3y agoThe majority of Americans are really struggling. Don't be too jealous.
- ngngngng 3y agoThe majority of Americans are the richest most privileged people on the planet.
- thelastgallon 3y ago>it's making us in europe jealous. I don't think there is any growth in US that Europeans have to be jealous of. Any "growth" is just more wealth for billionaires, at a high cost to individuals. Health spending accounts for nearly one-fifth of the U.S. economy [1]. Between 2000 to 2020 health expenditure tripled from 1.4 trillion to 4 trillion, at a 4.2% annual growth rate. This is projected to accelerate, grow at 5.3% and reach 6.8 trillion by 2030. [3] It is mostly health-care, which grows faster than the economy. Then higher rents, high cost of food, the numbers go up! Almost all sectors are monopolies/oligopolies with pricing power, they can extract more and more. Of course, the numbers will go up. But I doubt anybody is happier. Family health insurance through work now costs $24,000 a year (note: this is just insurance, not the total cost!). Job-based health insurance are up 7% from last year: https://www.foxbusiness.com/healthcare/family-health-insurance-work-now-costs-24000-year https://www.foxbusiness.com/healthcare/family-health-insuran... A lot of new construction is hospitals. I have two new hospitals coming up where I live, in a one mile radius. [1] https://www.healthsystemtracker.org/chart-collection/u-s-spending-healthcare-changed-time/ https://www.healthsystemtracker.org/chart-collection/u-s-spe... [2] https://www.oecd.org/health/health-spending-set-to-outpace-gdp-growth-to-2030.htm https://www.oecd.org/health/health-spending-set-to-outpace-g... [3] https://www.cms.gov/files/document/nhe-projections-forecast-summary.pdf https://www.cms.gov/files/document/nhe-projections-forecast-...
- jeffbee 3y agoGDP is the worst metric ever devised. Even the guy who came up with it said not to look at it. If we ever fix healthcare the GDP is going to plummet, and everything other than GDP is going to be way better.
- vasdae 3y agoIt's not much different in Europe. Here in Spain health spending is so high that you have to pray to the gods to see a GP. Usually you end up having to go to the ER for any kind of problem because there are no appointments available for weeks. Food and rent have skyrocketed these years. The official inflation numbers are a joke, they are like... 5%? When food has gone up in average by at least 50%. Not sure about insurance.
- mrtksn 3y agoEuropeans can boost the GDP significantly by embracing American style healthcare. For example, having an appendicitis in US increases the GDP by $10K but in most of Europe it barely moves the needle, thus Europeans lag in GDP metrics for the same healthcare. Fresh, healthy produce as standart? Maybe good for people but destroys the GDP statistics. If Europeans embraced the idea that healthy stuff is for the rich and charge for it accordingly, they too can extract much more numbers from the tomatoes and have nicer GDP.
- therealdrag0 3y agoDoesn’t PPP account for this? Comparing nominal vs PPP doesn’t really change the USA rankings.
- mrtksn 3y ago>Comparing nominal vs PPP doesn’t really change the USA rankings It changes substantially, when PPP is used China surpasses the US with a significant margin.
- therealdrag0 3y agoI was comparing per-capita GDP PPP. On the table on Wikipedia, China is 73rd, but USA is 9th.
- deleted 3y ago[deleted]
- scythe 3y agoI'm sure there is more adjustment than in your caricature, but it is interesting to wonder how exactly a medical procedure contributes to GDP when every patient gets a different price and a significant fraction skip the bill (7% of people currently have significant unpaid medical debts).
- mrtksn 3y agoEvery patient getting a different price should not be an issue, nothing is priced the same everywhere and there's plenty of stuff priced per client. So the situation with the US is that, their spendings on healthcare is gigantic percentage of their GDP and Germany is a distant second with the rest of the Europe and the world trailing behind. US also doesn't have much to show for that spending, all the health and longevity metrics are worse than Europe. The defence is usually that Americans are paying for R&D and UK, Europe and the 3rd world are freeloaders. The counterargument is that, US relies heavily on immigrant researches that were trained in those countries those they foot some of the bill for the R&D and non-trivial costs of the healthcare in US is in administrative costs and not drug or machinery that was R&D'ed in US. So we can argue over the issue all they long but the fact remains that there's lots of accounting differences so it's not possible to compare GDP number to GDP number and if you compare other metrics about the output of that GDP, the USA lags quite a bit behind countries with much lower GDP or GDP per capita. US of course has it's own unique strengths, making it the dominant country of the world.
- nemo44x 3y agoThe biggest problem is there isn’t a critical mass of dynamic, global companies that can move the needle. This creates a feedback loop for the economy in general. There’s only so many luxury bags and apparel that can be sold. Europe needs to come to grips with their risk adverse investing culture because there’s a great pool of talent there. But it isn’t being utilized well.
- thiago_fm 3y agoWe can also increase government spending by $1 trillion and therefore increase our GDP by $1 trillion. The US government is running a deficit that is equivalent of the GDP of Spain, while Americans life expectation is similar to third world countries. I don't see this as wealth generation. The US choses to have too many suburbs which incurs a huge cost to maintain so many streets, and typical US states are completely brankrupt, so federal government needs to constantly save and help (like Biden's Build Back Better campaign and infrastructure package). Because of this, US will always have a huge GDP that will just keep growing, but whether this is really better for the citizens, I have my own fair of questions. It's very cheap to get some running shoes and go running and stay healthy, but some countries think they need protein powers, gatorade and Crossfit gyms in order to maintain a "healthy" lifestyle, maybe even take some testosterone, that all become GDP numbers, that's why GDP is a useless metric when comparing countries.
- deleted 3y ago[deleted]
- BurningFrog 3y agoUS regulators are working tirelessly on that very task.
- coliveira 3y agoA lot of the US supposed growth is over the death of European economy. Just look at how many German companies are moving to the US and how much the Europeans are paying for US natural gas. The US won't ever say no to Saudi Arabia even as it commits war crimes in Yemen, but Europe is supposed to say no to Russia's raw materials.
- trynumber9 3y agoThe US doesn't import much from Saudi Arabia. It is mainly for East Asia and Europe. Even tiny, little Belgium imports as much oil and gas from Saudi Arabia as the US does. And the Yemen conflict is nearing a negotiated end. Soon you can stop worrying about Belgian economic support for Saudi war crimes.
- coliveira 3y agoIt seems that Russia is also close to a negotiated end, so US can stop worrying about it.
- deleted 3y ago[deleted]
- trynumber9 3y agoNot even close. There are no negotiations underway for peace in the east. Between Russia and Ukraine about 3000 soldiers are estimated killed in the last week alone. Meanwhile in Yemen the UN says fighting has subsided[0] and Iran and Saudi Arabia have begun rehabilitation of relations[1]. Comparing a frozen conflict in its negotiated end stages to an active war with thousands of casualties a week and hundreds of missile strikes on cities each month screams complete ignorance of the war you pretend to care about. [0] https://press.un.org/en/2023/sc15347.doc.htm https://press.un.org/en/2023/sc15347.doc.htm [1] https://apnews.com/article/saudi-arabia-yemen-war-peace-talks-d2a9ad9efe1ab0b4f5d51597098f46a2 https://apnews.com/article/saudi-arabia-yemen-war-peace-talk...
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- ngngngng 3y agoSkill issue
- willcipriano 3y agoThe GDP deflator (inflation adjustor) is lower than CPI. I believe CPI is considerably lower than inflation, so much of this rise is inflation.
- epistasis 3y agoGDP numbers like this are adjusted both for CPI and for seasonal savings. So by any metric that is agreed upon by economists, yes it is growing at a great clip. I'm curious what aspects of inflation you think are not covered by CPI. I see lots of pessimism from people that is not because of their own experience or any numbers that they can point to, and I'm always curious why. For me, it's housing. I want to move to a bigger house but there's almost nothing on the market, and the very few houses in the market at absolutely astronomical prices relative to mortgage cost.
- IggleSniggle 3y agoAre you referring to home sticker-price or life-of-mortgage price? Increasing mortgage costs are a direct consequence of Fed inflation-fighting policy. I personally benefited from the Greater Fool, selling and purchasing my home just when the buying frenzy was near its peak, making a tidy profit on my old home and locking in a 2.5% interest rate on the new one. But it was a frenzy. There's no good way to force down housing costs without signaling to sellers that the prices are simply too high (because no one can afford the mortgage). There are costs associated with making it more difficult to move, of course, but the pessimism about being unable to afford loans is the very thing driving down inflation; so I actually consider that mood on the ground to be a positive signal for the economy.
- willcipriano 3y ago> There's no good way to force down housing costs without signaling to sellers that the prices are simply too high The prices aren't too high the dollars are worth too little beacuse there are too many of them. Stop making more and prices will stabilize.
- mistrial9 3y agoUS GDP apparently includes capital gains. A bell-curve of income expanding on the upper-right half?
- gruez 3y ago>US GDP apparently includes capital gains. 1. Source? A quick search suggests not. https://www.ons.gov.uk/aboutus/transparencyandgovernance/freedomofinformationfoi/capitalgainscontributiontogrossdomesticproduct#:~:text=Capital%20gains%20are%20not%20the,these%20are%20not%20capital%20gains https://www.ons.gov.uk/aboutus/transparencyandgovernance/fre.... https://www.quora.com/Why-are-capital-gains-not-included-in-GDP https://www.quora.com/Why-are-capital-gains-not-included-in-... 2. If this were true, shouldn't we be seeing meteoric rise and fall in gdp during the pandemic, when the s&p 500 grew 40% within the span of less than 2 years?
- zeroonetwothree 3y agoI love how people are so confident with their completely incorrect statements that could be disproven in 30 seconds on Google. HN is basically reddit now.
- mistrial9 3y agook ok. apparently via other comments it is US Federal deficit spending that adds so much to GDP, and not the capital gains at all.. gotcha
- ren_engineer 3y agodoes this account for government deficit spending? Because we are adding nearly 2 trillion to the deficit this year alone, around 8% of GDP. The numbers I see coming out about the state of the economy just seem more and more out of sync with reality on the ground. Legit 5% GDP growth should mean a booming economy with people feeling good, yet people are struggling to cover their basic needs and pessimism seems high. I work remote so I see this in both the bubble of the tech world and in the "real world" outside of tech
- elicash 3y agoGDP measures the value of goods and services produced in the country. For the question you're interested in, you'd want to look at other measures like the deficit as a share of GDP. Which is trending badly in large part due to lower revenues (variety of non-ideological reasons).
- brookst 3y agoYes, GDP by definition includes government spending. I agree that GDP is a poor measure of “on the ground” experience, but not sure what that has to do with deficit spending.
- ren_engineer 3y agobasically, I'm wondering if we'd go into a recession immediately if the government was forced to cut spending to sustainable levels. The debt is finally hitting a point of no return where we have to cut, next year we'll spend more on debt interest payments than our military the main argument that the economy is doing well is that "the labor market is strong" and unemployment is low, but how many jobs are tied to government deficit spending via contracts or direct employment? If that spending is cut back, I'd imagine the jobs numbers will quickly start to decline
- mwbajor 3y agoImagine how much it will "grow" when we get involved in 2+ simultaneous wars.
- flybrand 3y agothis will get revised down; all the stats are optimistically released, then rounded down, then changed if still not good enough
- elicash 3y agoCan you show some evidence that GDP is more frequently revised downwards than upwards in the United States? Coming out of an uncertain economic time, my understanding is that estimates tend to be more conservative.
- mdorazio 3y agohttps://www.bea.gov/gdp-revision-information https://www.bea.gov/gdp-revision-information A quick look through the last 8 quarters shows it's slightly biased in favor of revising upward (comparing advanced vs. second estimates).
- SamoyedFurFluff 3y agoDoes anyone have comparisons for affordability of basic foods, housing, etc?
- matthewfelgate 3y agoMaybe Human Development Index?
- gruez 3y agoCPI. BLS publishes that as well
- micromacrofoot 3y agoThe benefits of this feel more one-sided than ever. Where's the trickle down?
- roflyear 3y agoPlaying devils advocate, not really. Markets are reacting awfully to the positive economic news, and most rich people are pretty nervous right now.
- riskable 3y agoThey're not nervous enough. Things are getting worse and worse for the non-rich every month due to housing costs/rents and medical expenses growing faster than inflation which is already not great (3.7%, officially). They shouldn't be worried about losing some % of net worth in the stock market and/or increased union activity. They should be worried about civil unrest. There's no free bread and the commoners are getting fed up with the circus.
- deleted 3y ago[deleted]
- micromacrofoot 3y agoIn my experience rich "nervousness" is like yuppie "busy-ness" — it's kind of a glorified exaggeration that serves as some kind of coping mechanism. What specifically are the rich nervous about? Outside of complete economic collapse they've got far less to worry about than everyone else. If they're worried about economic collapse they're essentially worried about becoming like the rest of us... not anything worth advocating for here.
- trgn 3y agolol the news made every analyst bump the value of the expected interest-rate cell in their spreadsheets. gdp-numbers are basically just mirroring inflation. It is not growth if it decimates companies market caps.
- freeone3000 3y agoRich get richer, poor get more in debt, GDP grows from both.
- MuffinFlavored 3y ago> Rich get richer I don't know. If you assume rich people hold assets that are vulnerable performance wise to the exposure of equities, rich people are currently taking a bath given that the S&P is basically flat (except for dividend reinvestment) past 30 months (SPY was $411.49 on Apr 9, 2021, today it is $412.55)
- cyberlurker 3y agoSure, but they can rebalance equities and carry those losses forward for years, reducing their taxable gains. They aren’t playing the same game as most of us. Having cash and taking advantage of treasuries and other loans is providing pretty solid returns as well. The rich people’s accountants have this covered for the most part, I think they will be fine.
- codegeek 3y agoI know US has lot of problems. However, I was just thinking this earlier that if you are a US Citizen, you already have so many advantages and opportunities that many don't just because of that Passport. It is a great privilege especially as an Immigrant who became US citizens years ago. Not saying we are perfect obviously and just had a mass shooting earlier this AM (an unfortunate normal now) but if I had to choose a country to get ahead in life with the most opportunities possible as an immigrant, US is still the country to be at. Especially if you are entrepreneurial and want to control how you live your life.
- Slava_Propanei 3y ago[dead]
- ajaynv31 3y agoAnother immigrant chiming in - I love love love this country … my wife and I went from lower middle class in india to being in the 98th percentile of household income here .. and that has literally extended the lives of our loved ones back home .. my wife’s father was diagnosed with cardio vascular issues sometime ago but he decided to ignore them because he simply couldn’t afford the treatment. So when my wife and I started working in the USA , we made enough to get him treated for his issues at some of the best hospitals in India. Unsurprisingly , my wife’s love for USA knows no bounds - she’s one of the most patriotic immigrants you’ll ever meet
- jankyxenon 3y agoAgreed. As an immigrant myself - I think this gets lots on both sides of politics. Everyone talks about how the country is being ruined - when really its got the most advantages relative to the rest of the world.
- MattGaiser 3y agoPeople have to be kept into ruined places. That is certainly not the USA.
- pokstad 3y ago
- sproketboy 3y ago[dead]
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- wnevets 3y agoI'm still waiting for that massive recession to hit that all of the experts we're predicting.
- x86x87 3y agoI predict that things are going to be very rosy next year since 2024 is an election year. The propaganda that the economy is doing great is going to flourish (even this 5% gdp increase is artificial if you consider the amount of debt that was taken on). After elections we will all of a sudden have troubles and talk of recessions will be back on the table.
- draw_down 3y ago[dead]
- nofinator 3y agoI don't want to be the "did you even read the article?" guy, but I do recommend you all read the article or get more context about this first before posting what could be considered a economic/political "hot take". It's really a mix of optimism (like some relief from recession fears, for now) and concern (like lower personal savings rates). Don't extrapolate too much based on a single quarter metric (albeit an important one). That's the HN way.
- karaterobot 3y agoI look for this sort of comment bobbing in the middle of a sea of hot takes by commenters who almost certainly have not read the article, but are compelled to weigh in on what they assume it is about. "Tomorrow, these GDP numbers will be out of date, but my hot takes about the U.S. are immortal!"
- smileysteve 3y ago> Don't extrapolate too much based on a single quarter metric What if we extrapolate based on the last 3 quarters? Though we should account for a likely re-evaluation down 10% based on other recent quarters.
- screye 3y agoThe US has 3 unsurmountable advantages over everyone. 1. Natural resources 2. The American dream of entrepreneurship and immigrant success. 3. The work-is-sacred American professional-managerial class. Stable countries decay due to 3 things. First, import pressure can ruin a nation as all its productivity gets extorted out of it by a pseudo-colonial exporter. Natural resources solve this. Second, general lethargy causes productivity to die. But the secularozed protestant work ethic keeps the gears running. Lastly, productive nations can still lose if they miss technological revolution, which can often happen overnight. But the American dream ensures that no one tries to disrupt like Americans, and the most disruptive foreigners are drawn in such that their aha-moment still occurs here. It's honestly, perfect. But, don't let that distract you from freeloaders who ride this wave of American productivity. The housing industry, cartelized middle men, lobbyists & bloated executives might still be net negative. The US isn't just productive. It is productive beyond the wildest imagination of the rest of world. But, that tends to not show up in the numbers or in practice, because a just as large industry of grifters keeps it from cashing it its productivity. The US wins, not by being more efficient or effective. But by sheer brute force.
- MattGaiser 3y ago> But, that tends to not show up in the numbers or in practice Oh yes it does. https://www.economist.com/briefing/2023/04/13/from-strength-to-strength https://www.economist.com/briefing/2023/04/13/from-strength-... People just ignore the numbers.
- sbt 3y ago> The US isn't just productive. It is productive beyond the wildest imagination of the rest of world. Productivity has a specific meaning in economics, i.e. labor productivity (GDP per hours worked). What I think you are referring to here is output, i.e. GDP. You can learn more about this here and see the latest country data: https://data.oecd.org/lprdty/gdp-per-hour-worked.htm https://data.oecd.org/lprdty/gdp-per-hour-worked.htm
- relaxing 3y agoSo the most productive workers in the world are.. those in Ireland? I’d love to read a deep dive on how those numbers came to be.
- yogthos 3y agoburied half way down the article “Going forward, the consumer’s not going to spend at the same rate, the government is not going to spend at the same rate, and businesses seem to be slowing down their spending as well,” Arone said. “This suggests this might be the peak GDP figure, at least in the next few quarters.” These figures are from before things like student loan repayments kicked in.
- DebtDeflation 3y agoIf you read beyond the headline you see: consumer spending accounted for 2.7 percentage points (55.1%) of that growth, the personal savings rate plunged from 5.2% to 3.8%, credit card debt is at the highest amount ever in history and auto loans are experiencing the highest delinquency rate in 30 years.
- onlyrealcuzzo 3y ago> the personal savings rate plunged from 5.2% to 3.8% Americans don't save - haven't for 30 years - this isn't anything new. The savings rate was only 5.2% because people were getting handed free private money as the public debt swelled. > credit card debt is at the highest amount ever in history It should be. Dollars are down 30% from pre-pandemic. It'll likely go much higher. > and auto loans are experiencing the highest delinquency rate in 30 years. Not surprised. Car prices led inflation during the pandemic, and despite that, sales went through the roof. Americans don't plan for a rainy day. Student loan payments resumed, incomes are down (mostly because government transfers are down, not wages). Something's got to give. Looks like car payments were the first to go. Will they be the only thing? Who knows! Stay tuned.
- tenacious_tuna 3y ago> Americans don't plan for a rainy day. This sentiment scares the crap out of me, and explains a lot of frustrations I felt through the pandemic. I've complained [0] before about feeling like I was getting screwed by making "reasonable" or even fiscally conservative choices throughout the pandemic and it's recovery. It's a topic I have complicated feelings on: I don't want my fellow citizens to be "punished" for being reckless, both because I don't like the idea of punitive reformation and because punishing basically everyone would do Bad Things to the economy, but the feeling of "something's got to give" has been hanging over me for years. Everyone seems over-extended, but anyone who "plays it safe" just gets taken advantage of by everyone else. It feels like a microcosm of peoples' reaction to climate change in a lot of ways; we see older generations reveling in the spoils of just not caring and know that if we're going to do anything about it _we_ will have to give up luxuries they've enjoyed for years--and that there will be plenty of others who will just take up the "slack" we're creating by cutting our emissions. Maybe I'm just projecting my own FOMO, but I see a _lot_ of the sentiment of "they got theirs, why shouldn't I get mine?" when it comes to saving money or climate change or even just post-COVID travel. There's no sense of communal responsibility or "we're all in this together." [0]: https://news.ycombinator.com/item?id=35265201 https://news.ycombinator.com/item?id=35265201
- renewiltord 3y agoLife in the US is very good. Rich country. But obviously on the decline. State capacity is low mostly because local populace is attempting to return to a world that was always fictional by stalling all development. Decline will not be arrested because local population will constantly blame billionaires and so on for failures caused by local popular policy. SF is the bellwether: prop C and friends chased many big companies away and the tax base was beginning to erode but locals (who greatly desire the exodus of the "Bridge and Tunnel" folks continues to find new villains). Ultimately, if you stagnate you die. And the old love to stagnate, and Americans have the curse of deifying the old while having elderly who are hopelessly selfish.
- lotsofpulp 3y agohttps://kenaninstitute.unc.edu/commentary/mid-year-regional-economic-growth-estimates-emas-performing-better-than-expected-but-large-disparities-remain/ https://kenaninstitute.unc.edu/commentary/mid-year-regional-... SF is not stagnating by any measure.
- renewiltord 3y agoHaha, come now. The obvious trick of packaging a failing product with a growing product and then reporting the aggregate?
- Der_Einzige 3y agoNo one want to admit this yet, but at least 1% of that GDP growth is due to the rise of Generative AI.
- nojvek 3y agoSource?
- Animats 3y agoIs this inflation-adjusted?
- tonycoco 3y agoTreasury issued $600B in debt in one month to accomplish this. Congrats. Can't wait for their "revision" in ~2 months.
- raincom 3y agoExpect more interest rate hikes, because of this.
- spatalo 3y agoand still the tech companies are laying off people...