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Lockdowns Shave Off $1.8 Trillion From US GDP in Q2, Despite Biggest-Ever $2.3 Trillion Fed Stimulus

Even the new money printing is not able to inflate the numbers fast enough

Economic output fell at its fastest pace on record last spring as the [insane response to the] coronavirus pandemic forced businesses across the United States to close their doors and kept millions of Americans shut in their homes for weeks.

Gross domestic product — the broadest measure of goods and services produced — fell 9.5 percent in the second quarter of the year, the Commerce Department said Thursday.

On an annualized basis, the standard way of reporting quarterly economic data, G.D.P. fell at a rate of 32.9 percent.

The collapse was unprecedented in its speed and breathtaking in its severity. The only possible comparisons in modern American history came during the Great Depression and the demobilization after World War II, both of which occurred before the advent of modern economic statistics.

Unlike past recessions, this one was a result of a conscious decision to suspend economic activity to slow the spread of the virus. Congress pumped trillions of dollars into the economy to [protect and further enrich the politically-connected] sustain households and businesses, limit long-term damage and allow for a rapid rebound.

The plan worked at first. In recent weeks, however, cases have surged in much of the country. Data from public and private sources indicate a pullback in economic activity, reflecting consumer unease and renewed shutdowns.

“In another world, a sharp drop in activity would have been just a good, necessary blip while we addressed the virus,” said Heather Boushey, president of the Washington Center for Equitable Growth, a progressive think tank. “From where we sit in July, we know that this wasn’t just a short-term blip.”

Source: The New York  Times

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Saint Jimmy (Russian American)
Saint Jimmy (Russian American)
8 months ago

Hahaha! The Most Essential Nation commits suicide. Yeah, I’m an American, too, but I don’t recognize or like the $hit hole my country has become. Let it burn.

Raptar Driver
Raptar Driver
8 months ago

Yes until it burns, we cannot rebuild.

V4V
V4V
8 months ago

Many on this site claim the COVID-19 is a “hoax.” Please explain how diminishing the economy and the profits that come from it help the PTB. Aren’t the PTB just shooting themselves in the foot if it’s really just a “hoax” that has killed 150,000 people in a matter of months?

Raptar Driver
Raptar Driver
8 months ago
Reply to  V4V

If you would do some research you would see that the statistics Are over inflated and that there are many corona viruses, All of which causes either the cold or the flu. This is no different it has not even been isolated.

V4V
V4V
8 months ago
Reply to  Raptar Driver

Okay, so it’s a conspiracy. What is gained by the conspiracy?

V4V
V4V
8 months ago
Reply to  Marz Marzen

So, the PTB hatched a conspiracy to crash the economy in order to profit Big Pharma. Good one! 😀

stevek9
stevek9
8 months ago
Reply to  V4V

It’s to get rid of Trump. It’s not a hoax, just grossly exaggerated, with a response that was idiotic and insane. The product of mass hysteria, which apparently in the age of the Internet, can be global. They quickly realized it allowed a level of control, that was undreamed of.

newestbeginning
8 months ago
Reply to  stevek9

Weird that people dying around the world, doctors and hospitals, morgues and governments around the world are all in on the hoax to get Trump.

Was Herman Cain part of the hoax too? Gosh won’t his family be surprised to learn his death was just a hoax to get Trump!

Collectivist
Collectivist
8 months ago

Nice.

V4V
V4V
8 months ago
Reply to  stevek9

Okay, so it’s to get rid of Trump. So why have other nations fallen for a greatly exaggerated response if it’s about Trump?

Robert Bruce
Robert Bruce
8 months ago
Reply to  V4V

The death toll equals that of the common flu that we experience every year in this country. Why the mass hysteria?

V4V
V4V
8 months ago
Reply to  Robert Bruce

Is the coronavirus disease more severe than the flu?
COVID-19 causes more severe disease than seasonal influenza.

While many people globally have built up immunity to seasonal flu strains, COVID-19 is a new virus to which no one has immunity. That means more people are susceptible to infection, and some will suffer severe disease.

Globally, about 3.4% of reported COVID-19 cases have died. By comparison, seasonal flu generally kills far fewer than 1% of those infected.

Marz Marzen
Marz Marzen
8 months ago
Reply to  V4V

Someone I know got really really sick in February this year. He thought he was gonna die. So he got himself tested for corona, but it came out negative. He probably had one or more other viruses that no one mentions. (He’s only about 45 years old).

V4V
V4V
8 months ago
Reply to  Marz Marzen

Someone I know knows of a 7 year old girl who died of the coronavirus.

Anti-Empire