GDP 'Nowhere Near' 4.3%: Rosenberg Dismisses Q3 Report As 'Fugazi,' Pegs Real Growth At 0.8%
finance.yahoo.com
While the U.S. Bureau of Economic Analysis (BEA) reported a robust 4.3% annual increase in third-quarter real gross domestic product (GDP) on Tuesday, economist David Rosenberg is calling the headline number a “fugazi.” The ‘Fugazi’ Factor The president of Rosenberg Research argues that underlying economic weakness is being masked by government spending and depleted savings, calculating “true” growth at a meager 0.8%. The official BEA release shows widespread gains, with real GDP accelerating fr
  • queermunist she/her@lemmy.mlEnglish
    62·
    5 days ago

    NVIDIA gives $100 billion to OpenAI, OpenAI gives $100 billion to Oracle, Oracle gives $100 billion to NVIDIA, and so the economy grew by $300 billion! This is a rational and well designed economic system and it isn’t at all extremely stupid.

  • LeeeroooyJeeenkiiins [none/use name]@hexbear.netEnglish
    36·
    5 days ago

    Yeah there’s no way 4.3% gdp growth makes sense unless they’re really fudging the numbers with like data center construction or AI “productivity gains” or some shit. There’s just literally no way. Something is being literally triple or quadruple counted here

  • GrouchyGrouse [he/him]@hexbear.netEnglish
    23·
    5 days ago

    “The bottom isn’t falling out, the rising tide is lifting all the boats. It’s complicated. Here’s a new word instead of explaining things.”

    These guys rule

  • plinky [he/him]@hexbear.netEnglish
    13·
    5 days ago

    vibes based analysis, drop out imports with maintained consumption (whatever that means) is perfectly good indicator of “le growth”. Now if inventories suddenly runs out and inflation return that would be another matter, but that would influence nominal vs real distinction, not growth.

    • anotherspinelessdem@lemmy.mlEnglish
      10·
      5 days ago

      Upvotes are a count of how many hexbearians have never met an Italian American 😁

      ‘Fugazi’ is functionally equivalent to ‘bullshit’ in usage.

  • DasRav [any, any]@hexbear.netEnglish
    4·
    5 days ago

    Let me sum this up: Number no go up enuff. Ecobomy sadg. Giev moar stuff pls ok thx.

    For real, who fucking cares. We all know shit is fucked and should give zero fucks about the libs fighting over the exact numbers. Growth could be 20% year over year at this point and none of us would be meaningfully affected, the money is all going right to the top. And it’s also just digital numbers that represent no real value anyway. The less real your work is, the more it is rewarded in the system, because the people at the top don’t fucking know any more what productive work even is. Layers upon layers of bullshittery and delusion that are somehow more important then billions of people’s lives. Fuck. I hate it here.