Thursday, Mar 23, 2023

U.S. Treasury sees economy still expanding in 2022 despite Q1 GDP drop

U.S. Treasury sees economy still expanding in 2022 despite Q1 GDP drop

The U.S. economy is expected to continue its expansion this year despite a surprise contraction in the first quarter, the U.S. Treasury's chief economist said on Monday, adding that inflation may be peaking.
Benjamin Harris, assistant secretary for economic policy, said in a statement to the Treasury Borrowing Advisory Committee that there may be downward revisions to private GDP forecasts for 2.3% growth on a fourth-quarter comparison after the 1.4% first quarter decline in real GDP.

"Although this estimate may be revised down — and downside risks remain to the outlook — the U.S. economy is expected to continue its expansion this year," Harris said. "Waning fiscal and monetary stimulus along with recovering labor supply should help balance labor markets and relieve some inflationary pressures."

The statement was issued as part of the Treasury's May quarterly refunding process. The Treasury said on Monday that it expects to pay down $26 billion of debt in the second quarter, compared to a January estimate of $66 billion in net borrowing, primarily due to an increase in receipts.

Harris said that while lower exports, higher imports and low inventory investment caused the decline, private consumption and fixed investment remained strong.

He said that supply-demand mismatches have driven headline and core inflation higher so far in 2022, with further increases in headline inflation driven by higher energy and grain prices due to Russia's invasion of Ukraine.

"Still, core inflation may have peaked in spring 2022 and started to ebb, given a further waning of the pandemic, government efforts to contain energy prices, and an easing of supply bottlenecks in some markets," Harris said.

Oh ya 324 days ago
Oh they are going to pay down 26 billion. They state that because they know that big number will impress you. What they do not say is they owe 31 TRILLION. so their 26 billion is just a drop in the bucket as there is 1000 billion in a trillion and they owe 31 trillion. If there was a billion dollar bill they would owe 31000 bills to someone and they are going to pay off 26 of that 31000. This nothing more than a lie from the government as inflation is goingvto get much worse. Heat wave in the west and too much rain in the east. About 9 food processing plant fires in the last 2 months. Like bill the devil gates said they plan to kill you. Clot shots if possible or starve you if need be.


Related Articles

Donald Trump arrested – Twitter goes wild with doctored pictures
NYPD is setting up barricades outside Manhattan Criminal Court ahead of Trump arrest.
Credit Suisse's Scandalous History Resulted in an Obvious Collapse - It's time for regulators who fail to do their job to be held accountable and serve as an example by being behind bars.
Paris Rioting vs Macron anti democratic law
'Sexual Fantasy' Assignment At US School Outrages Parents
The US government has charged Chinese businessman Guo Wengui with leading a $1 billion fraud scheme that cheated thousands of followers out of their money.
Credit Suisse to borrow $54 billion from Swiss central bank
Russian Hackers Preparing New Cyber Assault Against Ukraine
"Will Fly Wherever International Law Allows": US Warns Russia After Drone Incident
If this was in Tehran, Moscow or Hong Kong
TRUMP: "Standing before you today, I am the only candidate who can make this promise: I will prevent World War III."
Drew Barrymore
China is calling out the US, UK, and Australia on their submarine pact, claiming they are going further down a dangerous road
A brief banking situation report
Lady bites police officer and gets instantly reaction
We are witnessing widespread bank fails and the president just gave a 5 min speech then walked off camera.
Donald Trump's asked by Tucker Carlson question on if the U.S. should support regime change in Russia?.
Silicon Valley Bank exec was Lehman Brothers CFO
Elon Musk Is Planning To Build A Town In Texas For His Employees
The Silicon Valley Bank’s collapse effect is spreading around the world, affecting startup companies across the globe
City officials in Berlin announced on Thursday that all swimmers at public pools will soon be allowed to swim topless
Fitness scam
Market Chaos as USDC Loses Peg to USD after $3.3 Billion Reserves Held by Silicon Valley Bank Closed.
Senator Tom Cotton: If the Mexican Government Won’t Stop Cartels from Killing Americans, Then U.S. Government Should
Banking regulators close SVB, the largest bank failure since the financial crisis
Silicon Valley Bank: Struggles Threaten Tech Startup Ecosystem"
Man’s penis amputated by mistake after he’s wrongly diagnosed with a tumour
In a major snub to Downing Street's Silicon Valley dreams, UK chip giant Arm has dealt a serious blow to the government's economic strategy by opting for a US listing
It's the question on everyone's lips: could a four-day workweek be the future of employment?
Is Gold the Ultimate Safe Haven Asset in Times of Uncertainty?
Spain officials quit over trains that were too wide for tunnels...
Corruption and Influence Buying Uncovered in International Mainstream Media: Investigation Reveals Growing Disinformation Mercenaries
Givenchy Store in New York Robbed of $50,000 in Merchandise
European MP Clare Daly condemns US attack on Nord Stream
Former U.S. President Carter will spend his remaining time at home and receive hospice care instead of medication
Tucker Carlson called Trump a 'demonic force'
Kamala Harris: "The United States has formally determined that Russia has committed crimes against humanity."
US Joins 15 NATO Nations in Largest Space Data Collection Initiative in History
White House: No ETs over the United States
U.S. Jet Shoots Down Flying Object Over Canada
Nord Stream terror attack: David Sacks breaks down Sy Hersh's story
Being a Tiktoker might be expensive…
Miracle: El Salvador Search and Rescue teams, with the support of Turkish teams, rescued a woman and a child from the rubble 150 hours after the earthquake
SpaceX, the private space exploration company, made a significant breakthrough in their mission to reach space.
China's top tech firms, including Alibaba, Tencent, Baidu, NetEase, and, are developing their own versions of Open AI's AI-powered chatbot, ChatGPT
This shocking picture, showing how terrible is the results of the earthquake in Turkey
President Joe Biden delivered the 2023 State of the Union Address , in order to help Americans that missed the 2022 speech, do not have internet, and suffer from short memory.
The desk of King Carlos Alberto of Sardinia has many secret compartments
Today's news from Britain - 9th February 2023
China has declined the US's request for Defense Secretary Lloyd Austin to speak with Chinese Defense Minister Wei Fenghe after the US Air Force shot down a suspected Chinese spy balloon, according to the Pentagon