The reason there is a far more severe change in the economy globally is because the changes occurring is happening in a contracted time line. The contraction of the economy is due to transition in a very difficult time on a global scale.
Americans decided to find a better paying job at the onset of the pandemic while the world was not "normal." Those educational goals are still playing out.
But, there is a greater dynamic. Life before the generous funding from the USA Congress at the onset of the pandemic many Americans believed the Working Poor was their life for the rest of their lives. They found out there is a better way for them and their families. I don't care what the conservatives say about the monies for the pandemic they BELIEVE caused a so called inflation, it was very, very worth it when defined as quality of life for generations to come.
Additionally, the First World is finally taking responsibility for the climate crisis. Their economies are transitioning. It is interesting to realize how a stupid Russia in Moscow is opening wounds that serve the future the best. Putin thinks he is hurting the world, what he is doing is not disturbing so much as enlightening and pushing the global community in different decisions.
Just think about it a minute.
Germany is probably the most challenged of NATO when it comes to securing energy. There are now paradigm changes occurring that should have occurred two decades ago. There is power in money and it has held the world hostage to an economy that was killing the very planet we have as a home. That can't happen anymore.
The global community is preparing for the future and there absolutely is contraction of the old world to make room for the future. Our children and young people more than deserve that and NEED it to secure tomorrow for them and their children. There can no longer be the indulgence of the petroleum industry. Look, Saudi Arabia have changed everything in preparing for the future of a no carbon emission economy. The Saudis know that their wealth of oil is not the future. The rest of the world needs to see the future as the Saudis already do.
Get over this idea that bad economic news based in the old world is horrible when it is actually good news.
July 28, 2022By Jeff Cox
The U.S. economy (click here) contracted for the second straight quarter from April to June, hitting a widely accepted rule of thumb for a recession, the Bureau of Economic Analysis reported Thursday.
Gross domestic product fell 0.9% at an annualized pace for the period, according to the advance estimate. That follows a 1.6% decline in the first quarter and was worse than the Dow Jones estimate for a gain of 0.3%.
Officially, the National Bureau of Economic Research declares recessions and expansions, and likely won’t make a judgment on the period in question for months if not longer.
But a second straight negative GDP reading meets a long-held basic view of recession, despite the unusual circumstances of the decline and regardless of what the NBER decides. GDP is the broadest measure of the economy and encompasses the total level of goods and services produced during the period....
