Estimate was for 8.5%, a huge miss.
Not a political statement, but it's remarkable how often our 'experts', particularly economists, are so often very wrong.
Now please commence with the usual right - left bickering.....
I'm happy to see that a quick trip to the Open proved useful.
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Yes, the expectations were missed...however, there are reasons listed in the article that make sense...i.e. supply chain bottlenecks that haven't cleared yet, thus impeding economic progress. Case in point...I ordered some golf equipment from my pro shop a month or so ago...checked last week on delivery estimate and was told it's now "November"!?.
This economic roller coaster we're on is IMHO all about COVID...and with the Delta variant...poor vaccination 'compliance', etc...we're not moving ahead as fast as we could or should...just another reason for everyone to get their shots...it's in everyone's self interest.
One other observation...complaining about 6.5% GDP growth vs. 8.6% looks a little like booing a hitter for coming out of a slump with only a .378 avg. instead of .500...;-).
Edit: Typing "Gremlins" (can anything be done about uncontrolled cursor movements?)...is everyone having that problem, or just me and my setup?
Link: https://www.businessinsider.com/us-gdp-q2-economic-output-complete-recovery-vaccination-reopening-infrastructure-2021-7
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My post was exclusively related to how our 'experts' are so often wrong - period. There was zero mention of whether the numbers are good/bad or what caused them.
And stop using those gay emoticons. They're just....gay.
objective in posting about this?...are you suggesting that we all stop believing in people and institutions that are educated and specialized in particular fields?...are you recommending that we view ourselves as 'expert enough' to make our own predictions?...with your background, I don't for a minute believe that...so, what is it you want the board to learn from your post?
BTW, the 'smiley face' was put there to convey that the 'rebuke' I added wasn't intended to be personal...just a friendly nudge...looks like I may have wasted my time...hope not.
Remember when only the “conspiracy theorists” said that the real goal was a passport and eventually a China-style social credit score?
At this point, anything is possible. The Biden administration can’t even bring itself to lift Trump-era restrictions on flights from Europe, even though every strain circulating there has long been circulating here. The default motive of exposure avoidance has completely spun out of control, holding even basic freedoms in the balance. Today your human rights are wholly contingent on what the pandemic planners desire, whether it is stay-at-home orders, school closures, mask mandates, or compulsory jabs.
What ultimately may be our saving grace here are the furious parents who have just been told that they must once again strap a cloth on the kids’ faces this fall.
These poor kids have been messed with enough as it is.
Maybe this will be the last straw, the final discrediting of the CDC, and the moment at which the American people will demand that enough is way more than enough.
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What they don't tell you is that it is also almost impossible to report the correct numbers. Revisions are gigantic on almost all numbers. I'm sure the story on the current quarter will be revised to something very different by year end, but nobody even bothers reporting the revisions.
One of the Austrian school economists (Mises?) Once went off on the tendency to think the data we can somewhat measure is actually important.
It was Hayek, not Mises. The speech he gave on receiving Nobel is a classic.
Link: https://www.nobelprize.org/prizes/economic-sciences/1974/hayek/lecture/
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A great deal of what we see and hear in media is born of the frantic realization by these folks that fewer and fewer people are taking them seriously.