this post was submitted on 11 Jun 2024
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politics

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-32
The great American boom is finally running out of steam, leaving mountains of debt (www.telegraph.co.uk)
submitted 3 months ago by anticolonialist@lemmy.world to c/politics@lemmy.world
36 comments fedilink hide all child comments
 

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Americans have depleted their excess savings and are now depleting their credit lines as well. The percentage with delinquent credit card debt is approaching the peak at the end of the dotcom bubble.

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[–] SatansMaggotyCumFart@lemmy.world 23 points 3 months ago (2 children)

Yeah, I can’t believe Biden caused the dot com bubble and now he’s causing global inflation.

Even here in Germany my cost of living is higher now, thanks to Biden.

[–] voracitude@lemmy.world 12 points 3 months ago (1 children)

So is it Germany, or Iceland?

https://lemmy.world/comment/10566048

[–] dogsnest@lemmy.world 5 points 3 months ago

Yes.

[–] jordanlund@lemmy.world 8 points 3 months ago (2 children)

"Citigroup has become the first big American bank to warn that the US has already tipped into a recession."

A recession is commonly defined as "two consecutive quarters of decline in a country’s real (inflation-adjusted) gross domestic product (GDP)".

https://www.bea.gov/data/gdp/gross-domestic-product

Q4 2023 - +3.4%
Q1 2024 (2nd) - +1.3%

Next announcement is 6/27.

So, no, we aren't in a recession YET. Even if the 2nd quarter is a decline, we'd need a decline in the 3rd quarter as well to officially call it.

[–] eran_morad@lemmy.world 5 points 3 months ago* (last edited 3 months ago) (1 children)

Okay, but what you’re presenting here still shows growth in GDP in Q1 ‘24. It’s decelerated, but it’s still growth. It’s not a decline.

[–] jordanlund@lemmy.world 4 points 3 months ago (1 children)

Correct, which is why I'm saying we aren't in a recession YET.

Even if they announce a decline in the 2nd quarter on June 27th, we would still need a decline in the 3rd quarter to be a recession.

[–] cabron_offsets@lemmy.world 3 points 3 months ago (1 children)

Positive growth is not a decline. The decline is in the 2nd derivative, not in the velocity. You need 2 consecutive Q of NEGATIVE numbers. Not decreasing positive numbers.

[–] jordanlund@lemmy.world 3 points 3 months ago

Correct, which is why we aren't in a recession YET.

Even if the Q2 numbers go negative when they're announced later this month, we STILL aren't in a recession unless the Q3 numbers are also negative.

[–] ryathal@sh.itjust.works 4 points 3 months ago

Recession has no real definition until after the fact.