GDP falls 1.4% for the quarter.

Since you don't seem to understand the HUGE difference between money and currency---I'm dubious about your claim to be educated. Whatever "professional license" you have--is it monster truck rally driver?--I would have expected that achieving it would require the ability to think critically. Do you really lack that as much as your posts here seem to indicate?

You're asking some pretty elementary questions, so I'll try not to use too many big words in answering them.

When was so much wealth destroyed? When businesses shut down, their assets shrank in value--to nothing, in many cases, especially if they never reopened. When workers became unemployed, their value--aka personal capital--shrank, and many never returned to their jobs, retired, or they took on other, less productive jobs. When people died or became permanently ill/disabled, their value--part of the nation's wealth--was destroyed. When individuals and businesses defaulted on loans, the wealth represented by those loans was destroyed. Do I really need to go on?

Wealth is being created now as it always has been--through economic activity. And increasing economic activity is creating increased economic wealth. That's how it all works. Economic activity takes existing wealth, aka capital, and adds value to it.

(Oh and while this may be tangential, I can't resist adding that immigrants add to the total store of human capital available for growth and wealth creation. Even if they flood across the border by the trillions and all open up taco trucks.)

The PPP program kept some businesses from going under and some people from going broke. How many and to what extent, I have no idea. But I don't think those people and businesses would describe it as a "total sham," nor would all the other businesses and people that benefited from their continued survival.

You see, Jerry, there's this thing called the economic multiplier effect. It's a major reason why government assistance during an economic crisis is so effective--and so vital. If the government sits back with its arms folded--the economic multiplier effect works in reverse. One business that employs five people fails, three other businesses that employ ten people may fail as a result, etc. etc. etc.

Almost all scholars agree that the Great Depression could have been made much less severe and much shorter if the government had intervened sooner and more forcefully. But too many people then thought the same way you do now--that government spending is inherently wasteful.

And this is what you get now Kevin.  A permanent erosion of buying power.  We are in a recession......do you admit that or not?  If the answer is no, then there is no point and discussing anymore.  

People are losing their net worth as the stock market tanks.  Probably not teachers because they have no $ but most of America does actually save and invest.  The rest of us can't rely on big fat Govt pensions and SS.  (Is that why you love big Govt so much btw?)    

How easy is it going to be now for these businesses to go get cash infusions and loans?  Is that going to cost anymore?  You somehow think things are going well.  When I blame Biden it is more a loose term for blaming all the radicals behind the scenes actually running things.  We all know he is not responsible for anything.  It is also blaming 80M people that voted for a senile old man that would just be used as a puppet.  

And PS, I know big wig bankers at Citibank and they put out as many PPP loans as anybody.  Complete sham and that is coming from their mouths.  There are always a few credible companies that really needed it.  But many many did not and it was easy $ for them to get it forgiven.  But why wouldn't it be; our Govt was in charge of the compliance.  

Ok, all the ones he didn't repeal like he did on day 1 with the pipeline here.  I know when they were signed in and I also know when most of the $ was doled out under them which was with Biden's handlers running the show.  I ripped Trump for his garbage as well but your old guy memory won't remember that I'm sure.  

I'll go by the standard definition of a recession, so, no, not even close. A fall in GDP would have to have been happening for two consecutive quarters. Plus, there was a huge surge in GDP during 2021, so it's a bit of a distortion to call a cooling-off period a recession. Furthermore, the omicron surge late last year was a unique causal event. And I suppose you don't think the Ukraine war has anything to do with current economic conditions?

The stock market is going down. It goes up. It goes down. It will go up again. The only real losers will be those who freak out and sell sell sell. And BTW asshole, I do own stocks. I do have a pension, as many retired people do. What of it? Asshole. And fuck you for your repeated snide remarks about teachers. Only conservitard clowns disparage our profession. Fuck you.

You're not exactly the first person to blame everything that they don't like on some secret shadow government, a cabal of ghostly figures who is a'really a'runnin' everythang. Grow up! That's a tired and stupid old trope, and not remotely original. As is calling the other side "radical." Gee, you forgot to say they have an "agenda." Don't forget to hit all the required conservitard talking points if you want to be a good Mother Tucker lackey--speaking of being a "puppet"! (If only the gol-dang gummint wasn't spendin' so much money on them Jewish space lasers!)

So your so-called "big wig" buddies at Citibank made fraudulent PPP loans? Well, that's fitting, since the PPP program was created by the Trump administration!

Bitching bitching bitching can be fun, but it's not constructive. Blaming everything that's wrong in the world on the US administration is just plain stupid. We live on a PLANET, and our country has about 4% of its population and 5% of its economy. Only a complete fucktard moron would think that the world economy is driven, much less dictated, by what the US does.

My big wig buddies just processed the stupid loans at the terms put out there.  But they said the whole thing was a big farce.  Why didn't smart Biden and team repeal the PPP or all the extra stimulus garbage?  Why did he continue to extend the Federal extra incentive to states for U/C?  Those are all give-aways buddy.  

I hope you are right and this is just a cooling off period.  A week ago you told us all the economy was booming.  

And if you think Biden is actually in charge of anything, you are very naive.  HE DOESNT EVEN KNOW WHERE HE IS most days.  Have you seen him?